These are the 6 important things you need to know when applying for a mortgage loan to buy a home in Canada as a new immigrant (Permanent Resident or Working Visa):
1.) For owner occupied purchase: 1-2 units with a minimum of 5% down payment.
2.) Qualified home buyers may use traditional down payment sources including personal savings, a non-repayable gift from immediate family member(s), proceeds from sale of property; subject to the LTV outlined below:
- The first 5% down payment must be from own resources
- Any additional down payment may be gifted from an immediate family member
3.) 3 months minimum full-time employment in Canada.
4.) Must have a valid work permit or obtained permanent residency.
5.) Foreign Diplomats or any other foreign politically appointed individuals who do not pay income tax in Canada are ineligible for this program.
6.) All debts held outside of the country must be included in the total debt servicing ratio (Rental income earned outside of Canada is to be excluded from the GDS &TDS calculation).
Watch the Tiktok video I made about the New To Canada Insured mortgage program.
FEBRUARY TORONTO REAL ESTATE MARKET UPDATE *
TORONTO: The average sale price for homes sold in Toronto in Jan 2023 was $986,055, down 8.3% over the same month last year. 1,146 homes sold in Toronto in Jan 2023, a 50.5% decrease over the same month last year. Homes were on the market for an average of 31 days and 21% of the homes sold for over the asking price. There were 3,123 homes in Toronto during Jan 2023, a 3.2% decrease over the previous year. At the end of the month, there were 4,109 homes available for sale, a 98.7% increase over the previous year.
*data from Move Smartly.
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