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Buying Property - PR Holders

Amy2Canada

Star Member
Jun 14, 2015
60
0
Mumbai
Category........
NOC Code......
2173
Job Offer........
Pre-Assessed..
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?

Cheers,
Amy
 

ALRIVAS

Star Member
May 8, 2013
136
8
Toronto
Job Offer........
Pre-Assessed..
LANDED..........
10-12-1994
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.
 

Amy2Canada

Star Member
Jun 14, 2015
60
0
Mumbai
Category........
NOC Code......
2173
Job Offer........
Pre-Assessed..
Many thanks for the info. I shall visit your website.

Regards,
Amy
 

Amy2Canada

Star Member
Jun 14, 2015
60
0
Mumbai
Category........
NOC Code......
2173
Job Offer........
Pre-Assessed..
polara69 said:
No chance with your budget in Vancouver
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.

Cheers,
Amy
 

polara69

Hero Member
Mar 9, 2013
761
58
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..
 

mannual

Hero Member
Nov 24, 2011
682
17
Category........
Job Offer........
Pre-Assessed..
polara69 said:
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..
white rock is best
 

SIDVR

Newbie
Feb 17, 2017
5
0
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
 

archivist

Full Member
Jan 17, 2019
27
2
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
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.
 

canuck78

VIP Member
Jun 18, 2017
26,809
5,773
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
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.
 

Cassiano

Star Member
Dec 4, 2017
102
14
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?

Cheers,
Amy
using a loan? with a loan, you need to have the money in the bank acc at least 4-6 months
 

YVR123

Champion Member
Jul 27, 2017
1,676
486
using a loan? with a loan, you need to have the money in the bank acc at least 4-6 months
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.
 

archivist

Full Member
Jan 17, 2019
27
2
using a loan? with a loan, you need to have the money in the bank acc at least 4-6 months
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.
 

dadaum

Hero Member
Dec 16, 2012
430
40
INDIA
Category........
FAM
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New Delhi
App. Filed.......
04-01-2016
AOR Received.
16-05-2016
File Transfer...
07-07-2016
Med's Request
13-02-2017
Med's Done....
17-02-2017,18-05-2017
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?