New in Canada? Complete guide on how to own a house

Short term stay

Once you arrive in Canada, you must find short-term residence before you can rent or buy a home. Staying in a hotel or hostel is an option. Most hotels and hostels have websites with information on prices, locations, facilities and pictures. Reviews from forums, travel resources, and other sites are also available.

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You can also contact an immigration organization in the city where you intend to settle. Ask if there is temporary accommodation for newcomers and how much it costs.

Looking for a house

Knowing how much you have to spend is important when you start looking for a home. You should create a budget in advance for all costs associated with home ownership. Significant expenses, in addition to the cost of buying the home, include heating, property taxes, house maintenance and any necessary renovations.

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There are different methods to find a house to buy. You can let your family, close friends and co-workers know that you are looking for a home. You can visit real estate websites for details and pictures on a variety of homes. In addition, you can read real estate magazines or newspaper sections about new homes, look for “For Sale” signs when driving through an area that appeals to you, or stop by new homes.

financing your home

To obtain loans to finance their home, the majority of homebuyers turn to financial institutions such as banks, credit unions, caisses populaires, pension funds and insurance companies. Mortgage debt must be paid off through regular payments over a period of time, often 25 years.

In order to lend you this money, lenders charge interest fees. Since you may not have a long credit history as a newcomer to Canada, you may find it difficult to finance a property purchase.

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Building a new credit history as soon as possible is crucial if you want to buy a home. You can contact your bank’s customer service. They can help you create a borrowing strategy that will enable you to purchase a property.

You can get advice from mortgage brokers who will not lend you the money but will give you mortgage advice, help you choose a lender and negotiate the best mortgage terms on your behalf.

What happens if your offer is accepted?

It is best to arrange a professional inspection of the house before you buy, after your offer has been accepted and your financing is in place. An inspector will conduct a thorough inspection of the property for a fee often $300 or more. You and your real estate agent need to discuss how agreed sales price adjustments may affect necessary repairs once you receive the home inspection report.

get key

On this day you will receive your keys. Your solicitor will arrange for the money to be recovered along with any other amounts the seller may have paid in advance for the property such as B. heating costs or property taxes, is handed over to the seller.

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The notary or solicitor is usually paid at this point. Be sure to include any closing fees in your initial home buying budget. These costs, which include notary and legal fees as well as property transfer taxes, can range from 1.5% to 4% of the sale price of the property.