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Buying Property - PR Holders

Discussion in 'Housing' started by Amy2Canada, Aug 22, 2015.

  1. Hello,

    I believe that one can buy a house after getting the PR card. Please correct me if I am wrong.

    After searching through internet for properties in and around cities like Toronto, Calgary, Vancouver & Montreal, I can see various options at price range $200,000 - $300,000 for a 2BHK house/apartment. However, often the age of the property was 15+ years. Is it ok to buy such property?

    Is this a realistic budget for a 2BHK house/apartment in a decent locality not far than 20-25 km from city center and public transport available to the city?

  2. Hi Amy I'm a Realtor working in the Toronto area for the past 12 years.
    To purchase a property you don't need to be a permanent resident Canada.
    $200k-$300k is good budget all depends where you want to live.For the GTA is good for an apartment or a small townhouse in the cities around Toronto.
    The age of a property is irrelevant what's important is in the conditions is kept there are properties 100 years old that are in better shape than a 5 year old.
    Is very important to know that before you buy a house or townhouse,you have a home inspection done,is part of a regular offer.
    The main point is that if you want to be close to downtown of any city you will pay for that.
  3. Many thanks for the info. I shall visit your website.

  4. No chance with your budget in Vancouver
  5. Yes.. However, I could see some options around Richmond and Surrey.. I absolutely have no idea about these areas and just figuring out the costings of various cities. Many thanks for the valuable inputs.

  6. Richmond is quite affluent, mainly Chinese population..Surrey is the fastest growing city within BC. Lots of problems lately, gang wars, shootings. There is a saying here: Better be safe than Surrey! Towards White Rock it is much better but also way more expensive.

    Burnaby is an alternative or Coquitlam..
  7. white rock is best
  8. No way. Even Port Moody or Belcarra is safer than White Rock.
  9. Hello,
    I recently for Permanent Resident status. Wondering if I can buy a house in Canada by showing my India salary? However, I am planning to work in India for sometime before I move to Canada.
    Need your view please.
    Thank you
  10. Banks have programs for newcomers: 35% downpayment + proof of previous income in your home country.
    Ask your bank but also contact multiple mortgage brokers who contract/work for big banks.
  11. You will likely have a hard time getting a mortgage. Would be safer to secure employment before buying a property. What f you move to Canada and find a job in another city. Having a property in Canada can also have tax implications for you.
  12. using a loan? with a loan, you need to have the money in the bank acc at least 4-6 months
  13. Well OP posted few years ago. Things have changed a lot and getting mortgage is even harder now. And with that budget, I don't think there is ANYTHING within 1 hour drive to Vancouver. $200 - $300K for a 2 bedroom is not even possible in Coquitlam older home.

    Anyway, there are some new comer's mortgage plan from some larger bank but you will need large portion of down payment.
  14. 3 months or gift from a family member. Some mortgage specialists told me it has to be a direct family member, but gift money from relatives in Canada worked for me.

    I was in a difficult situation (self-employed less than 2 years, low income), but I managed to get a mortgage at the end. I highly recommend try online brokers (e.g. intelli*******) first for the bigger rebate, but they may not be able to get you approved. I had to directly talk to multiple bank mortgage specialists and only 2 were able to get me approved. Find someone senior and experienced.
  15. I got my PR under PGP program in December2018.My wife is in Canada since then.I returned back to settle my 38 years job and household etc and returning in February 2020.I wish to buy a home probably in Barrie or Chattem are as my two daughters stay here.My question is can My mortgage also cover the Downpayment for the Newcomers?

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