Advice for people new to Canada!
The Canadian real estate market has always been attractive to newcomers to Canada. The political stability, economic stability and the desired social landscape have made Canada one of the predominant destinations to many immigrating families. Mohammad Hafeez touches this point in a recent article featured in CondoLife magazine (July/August edition).
Here's an excerpt.
How can a newcomer buy a piece of Canada?
The government acknowledges the fact that immigration plays an important role in driving the economy and that the settlers' contributions to the Canadian society are enormous. This country's booming real estate market can largely be attributed to the constant influx of immigrants from around the world. Throughout the past decade, some 250,000 new immigrants have been arriving here annually, a good majority of them skilled workers. Recently, citizenship and immigration Canada observed a tapering off of immigrant arrivals. As a corrective measure, which too effect on May 1, it increased the number of skilled eligible occupations from 24 to 50 and also raised the yearly cap of 5,000 to 25,000 immigration applications for remained of the year.
Recognizing the importance and potential of this demographic, most Canadian banks have developed special services tailored to the needs of new immigrants including no-fee checking accounts, rebates on safety deposit boxes, secured and unsecured credit cards, reduced foreign remittance fees, and more. Some are also offering attractive products to temporary foreign workers including a wide variety of mortgage options. For anyone to attract favourable interest rates, the mortgage financing has to be 75 per cent less of the purchase price. To those with 35% down on a property, the bank would generally waiver income requirements.