Everything you need to know about buying a home for new immigrants to Canada
Most newcomers to Canada will consider buying a home in Canada after landing in Canada. What are the most important things to get prepared? Today, Simard & Associates will share with you some of the key points.
Key Things You Need to Know Before buying a home in Canada
- Before buying a home, it is important to be clear about what you want to buy and to pay attention on the budget for buying a home. This includes: your budget, management fees, miscellaneous items and taxes, etc.
- You should pay attention to the credit of the real estate agent, find out the reputation and character of the broker, their professionalism, and the familiarity of the broker with the market.
- When considering a house, please pay attention to the surrounding environment, facilities, transportation, humanities, school districts, etc.
- Before signing the contract, understand the content of the contract in detail, and sign it after confirming that there are no problems.
Other Considerations
In addition, after the negotiation is completed, extra attention should be paid to the inspection of the house. Check out the following considerations:
- A deposit of 5% of the total amount of the house is normally required within 24 hours after the offer is negotiated and will be listed in the contract.
- As soon as the offer is made, you need to apply for a loan at a bank in Canada and prepare the required documents, such as: information about the house, the offer to buy the house, house information, proof of employment income, proof of down payment, and ID card. If you are a new immigrant to Canada and have a down payment of 35% or more, you do not need to provide proof of employment income to apply for a loan.
- Scheduling a home inspection is a must when buying a home in Canada. Normally the agent will recommend 2-3 home inspectors who will tell you what to look for during the inspection to maintain the home.
- Hire a professional attorney who will help you with legal matters such as closing and transfer. The attorney will also need to prepare some information during the process, such as the offer to buy the house, information about the house, 1-2 identification documents, etc.
- Buying a house with mortgage in Canada is required to purchase home insurance.
- Always remember to visit the property before handing over the house, and pay attention to see if there are still some substantial quality problems with the property.
- Always check the agreed time when submitting down payment and other charges.
- The last thing is to go to your lawyer to get the key of the purchased house. You need to pay attention to the time of handover and moving.
These are some of the things you need to know about buying a home in Canada. Knowing more about living in Canada before you immigrate will help you in your future life as an immigrant. We help you make wise immigration decisions with our timely analysis of the overseas news market and guides.
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We bring together a team of professional and experienced immigration consultants and lawyers, who have completed various Canadian immigration program applications for countless families and applicants, and provide one-stop immigration consulting services, allowing you to enjoy new live in Canada.
