Each year approximately 350,000 new immigrants legally come to Canada looking for a better life. Not to mention all the people who over extend their visas, get married, and file for asylum. These new Canadians need a place to live. Many of them are highly educated, highly motivated, and they don’t waste anytime. Families are coming together to establish and secure themselves financially through real estate.
With so many new Canadians yearly, majority of them settle in the Greater Toronto Area and in Vancouver. Statistics Canada has predicted the Ontario Golden Horseshoe region from Niagara to past Pickering and up north to double in population within 15 years. That is approximately 25 million people. This population growth will continue to fuel real estate growth, development and price growth in Canada. The Canadian economy has weathered the recession fairly well, with home prices rising year over year. This will attract a lot foreign investors as well.
The great country of Canada has a very diverse population with amazing communities. This makes it a great place to settle. Many business and lenders realize the market potential for these customers and their needs. New Immigrant lending programs have been established to help new comers realize the dream of owning a home. With as little as 5% down payment. A family with steady income and a few months of permanent residency can buy a property. In some areas 5% is as little as $6,000 dollars. Outside the GTA, property is cheaper and more affordable for starting families. Areas like Cambridge, Kitchener, and Waterloo, offer numerous properties for sale.
Meeting with a mortgage professional will help put you on a course to home ownership. A personal review of your income and spending can show you how to save money and put away some funds. Even if you are not saving for a home, you should be saving for something. Money makes money, and the more you have, the more it makes for you. Start your time in Canada on the right foot by setting goals and pursuing them.
But I don’t have a credit report rating yet? You don’t need one. We realize it takes time to building a stable credit history, so other factors are considered. Have you been employed full-time and on a consistent basis, have you paid your cell phone, home phone, cable, internet, and rent on time? Those are things we will look at. If your former home country had a credit reporting system, we can use that as well. Letters from bank officers at your local branch are also considered.
So what are you waiting for? For every year you rent, you are paying someone else. Build your equity and net worth as soon as you can. Remember if you are not going forward you are falling behind. Getting the right guidance from the start is crucial. Setting up a savings and a financial plan will help put your mind at ease. Educate yourself by learning as much as you can, and take advantage of the amazing services offered for you. No matter where you are coming from, there is someone here who speaks your language and can help you realize your dreams. Think big and go after it, that’s what makes this country so great: OPPORTUNITY!!!!!
Not sure where to begin, contact me at 416 909 5044 to discuss your options.