Tips to buy house in canada

[Anpman]

Hi!!
We will be moving from USA to Canada in 2 months.we started hunting for houses on rent , and shocked to see high rent.Now we are thinking instead of paying money in rent, we should buy pay emi for our home in Canada..it’s better to buy home in Canada.Has anyone done the same thing?we are ready to make 15-20%down payment.
If anyone can suggest any area where we can get townhouse for 6-6.5 k cad in or around gta?

 

[scylla]

Hi!!
We will be moving from USA to Canada in 2 months.we started hunting for houses on rent , and shocked to see high rent.Now we are thinking instead of paying money in rent, we should buy pay emi for our home in Canada..it’s better to buy home in Canada.Has anyone done the same thing?we are ready to make 15-20%down payment.
If anyone can suggest any area where we can get townhouse for 6-6.5 k cad in or around gta?

Are you saying buy for 600K to 650K?

You can use the following website to see what's available for that price.

https://www.realtor.ca/map#ZoomLevel=10&Center=43.708087,-79.376385&LatitudeMax=43.92460&LongitudeMax=-78.65747&LatitudeMin=43.49079&LongitudeMin=-80.09530&Sort=6-D&PGeoIds=g30_dpz89rm7&GeoName=Toronto, ON&PropertyTypeGroupID=1&PropertySearchTypeId=1&TransactionTypeId=2&PriceMin=600000&PriceMax=650000&Currency=CAD

 

[canuck78]

Do you have a job in Canada? Employment will be a big factor when it comes to getting a mortgage.

 

[Anpman]

Do you have a job in Canada? Employment will be a big factor when it comes to getting a mortgage.

Yes ..my company is transferring me to Canada.so I have job

 

[harirajmohan]

Hi!!
We will be moving from USA to Canada in 2 months.we started hunting for houses on rent , and shocked to see high rent.Now we are thinking instead of paying money in rent, we should buy pay emi for our home in Canada..it’s better to buy home in Canada.Has anyone done the same thing?we are ready to make 15-20%down payment.
If anyone can suggest any area where we can get townhouse for 6-6.5 k cad in or around gta?

In windsor, i heard that the top bid goes up to 100k above the listed price. So plan on down payment and preapproval accordingly.

 

[ajithj]

Hi!!
We will be moving from USA to Canada in 2 months.we started hunting for houses on rent , and shocked to see high rent.Now we are thinking instead of paying money in rent, we should buy pay emi for our home in Canada..it’s better to buy home in Canada.Has anyone done the same thing?we are ready to make 15-20%down payment.
If anyone can suggest any area where we can get townhouse for 6-6.5 k cad in or around gta?

You are going to get a super shock. House prices are going absolutely crazy in Canada.

Is it 600,000 to 650,000? Check around Whitby/Ajax in GTA. You might find a townhome in that price range.

 

[red_rom]

Hi!!
We will be moving from USA to Canada in 2 months.we started hunting for houses on rent , and shocked to see high rent.Now we are thinking instead of paying money in rent, we should buy pay emi for our home in Canada..it’s better to buy home in Canada.Has anyone done the same thing?we are ready to make 15-20%down payment.
If anyone can suggest any area where we can get townhouse for 6-6.5 k cad in or around gta?

Definitely, if you are planning to pay rents close to 2000 CAD and also have 15%-20% down, it makes sense to go for it. Even we did the same, we stayed in Mississauga on rent for a span of 10 months and we bought a home once our lease got over. But, we later realized we should have done it much earlier given we were paying 2500 rent.

Keep in mind few things:

> GTA and the surrounding localities have gone crazy on the real estate, it is a hot seller's market now
> Your US credit history would be considered by some lenders
> You will have to prove to them that you have a full time salaried household with at least 105K of income given you are putting 20% down for a 650K home
> Coming to the areas - again depends on your needs and wants. But assuming you are fixed on 650K, I have seen towns selling at this price in Brampton, Milton, Burlington, Ajax, Oshawa etc. You may find one or two here and there in Mississauga, Oakville, Scarborough etc. they will be closed in a day or two.
> I would recommend go with the HBP and up your budget a little by 50K or so and see, you may get slightly better options. for 700K

Hope it helps

 

[ajk9056]

Any idea on apartments near Surrey area in Vancouver, BC? I wanted to get a 2b2b within 500k price?

 

[scylla]

Any idea on apartments near Surrey area in Vancouver, BC? I wanted to get a 2b2b within 500k price?

Check realtor.ca to get an idea of prices.

https://www.realtor.ca/map#ZoomLevel=10&Center=49.111721,-122.818480&LatitudeMax=49.30775&LongitudeMax=-122.09956&LatitudeMin=48.91491&LongitudeMin=-123.53740&Sort=6-D&PGeoIds=g30_c28xmewz&GeoName=Surrey, BC&PropertyTypeGroupID=1&PropertySearchTypeId=1&TransactionTypeId=2&PriceMax=500000&Currency=CAD

 

[Jancy]

Hi!!
We will be moving from USA to Canada in 2 months.we started hunting for houses on rent , and shocked to see high rent.Now we are thinking instead of paying money in rent, we should buy pay emi for our home in Canada..it’s better to buy home in Canada.Has anyone done the same thing?we are ready to make 15-20%down payment.
If anyone can suggest any area where we can get townhouse for 6-6.5 k cad in or around gta?

Will you work downtown? 650K doesnt get you a townhouse anymore in GTA. You can try buying a condo in Toronto. Check condos.ca. as soon as you are in Canada and after initial settlement, reach out to one of the big 5 banks . since you have employment history with the same employer and have US credit history , you will get a mortgage.

 

[swan0206]

In windsor, i heard that the top bid goes up to 100k above the listed price. So plan on down payment and preapproval accordingly.

Hi Hari,

As i have now moved to Canada, is it still ok to apply for a credit card in US(american express)? Because starting up with credit cards here seems to be a pain. i applied for a costco capital one but they rejected it. i want to get a master card for my costco purchases, which are very rare here. so gave it a shot. So once i get a american express card i want to move my credit history from Us to Canada, would they move it in the first month or they take time? do you have any idea.

Tried to search posts but couldn't find on this particular case. asking you if this is ok because we moved out of canada.

 

[harirajmohan]

Hi Hari,

As i have now moved to Canada, is it still ok to apply for a credit card in US(american express)? Because starting up with credit cards here seems to be a pain. i applied for a costco capital one but they rejected it. i want to get a master card for my costco purchases, which are very rare here. so gave it a shot. So once i get a american express card i want to move my credit history from Us to Canada, would they move it in the first month or they take time? do you have any idea.

Tried to search posts but couldn't find on this particular case. asking you if this is ok because we moved out of canada.

I dont think they would move the credit history. I am not sure about it.
I contacted my banks where i opened by checquing accounts. While opening they were ready to give a credit card with 1000$ credit limit if we can prove the income with US payslips. So thats how i built the credit history for a year here and then we can start applying for other needed cards.

Using US card is going to be headache unless the currency conversion fees are not charged like in capitalone US but it wont help build credit in Canada hence you should avoid it. We have to start with how we started in US.

Just approach the bank for the initial period to get a credit card with just even if its 500$ limit.

Initially i opened the bank with pc financial and he told me that i can get the credit card but did not apply at that time because we did not move at that time and no address. But later when we went, someone else was there and could not get a card.
Before landing i had opened rbc account and when i trasferred that account to that local branch, at that time we were told that they can provide a credit card and i applied at that time itself to get that approved as i am sure that they approve it without checking/worry about the history (as they too know that we are new and no history would be available to use). To get a card for my wife, we did the same - opened account with rbc and got a credit card on her name(even though she doesnt have income).

So if your bank doesnt give you one then call other banks and ask if they can offer(- call them to enquire about chequing account options and then at the end ask if they offer any lower limit credit cards to build your credit history). Go with the bank who says yes to credit card - i am sure one of them would agree.

 

[Nick1233]

Hi Hari,

As i have now moved to Canada, is it still ok to apply for a credit card in US(american express)? Because starting up with credit cards here seems to be a pain. i applied for a costco capital one but they rejected it. i want to get a master card for my costco purchases, which are very rare here. so gave it a shot. So once i get a american express card i want to move my credit history from Us to Canada, would they move it in the first month or they take time? do you have any idea.

Tried to search posts but couldn't find on this particular case. asking you if this is ok because we moved out of canada.

If you already had AMEX US credit card, AMEX has global transfer program. I had a longer history with them in US, they transferred same limit in CAD and points too. RBC gave a 2000 CAD credit card as a part of newcomer program, other banks might have similar promotion.

https://www.americanexpress.com/global-card-transfers/index.shtml

https://www.rbcroyalbank.com/dms/enterprise/newcomers/offers.html?utm_dc=ks_SEG_10232644713_103776008322_439830197946_kwd-645391296622_c&gclid=Cj0KCQiAmfmABhCHARIsACwPRABgWgozqrMKIdL3XBzRPPk6D1oLc3cwK2uozf8qNhqbUvdu9Uk0_8IaAvSgEALw_wcB.

Both didn't need credit history in Canada or proof of employment.

 

[swan0206]

If you already had AMEX US credit card, AMEX has global transfer program. I had a longer history with them in US, they transferred same limit in CAD and points too. RBC gave a 2000 CAD credit card as a part of newcomer program, other banks might have similar promotion.

https://www.americanexpress.com/global-card-transfers/index.shtml

https://www.rbcroyalbank.com/dms/enterprise/newcomers/offers.html?utm_dc=ks_SEG_10232644713_103776008322_439830197946_kwd-645391296622_c&gclid=Cj0KCQiAmfmABhCHARIsACwPRABgWgozqrMKIdL3XBzRPPk6D1oLc3cwK2uozf8qNhqbUvdu9Uk0_8IaAvSgEALw_wcB.

Both didn't need credit history in Canada or proof of employment.

@Nick1233 thanks for your response. Do you think applying AMEX US now there and transfer the points to Canada to get a credit card with good limit? or just apply for basic one here?

If i want to go for a Master card are there any new comer programs?

@harirajmohan : thanks hari for your response too.

 

[Nick1233]

@Nick1233 thanks for your response. Do you think applying AMEX US now there and transfer the points to Canada to get a credit card with good limit? or just apply for basic one here?

If i want to go for a Master card are there any new comer programs?

@harirajmohan : thanks hari for your response too.

Not sure, you may just want to call them and ask, but instead of the hassle just get a newcomer credit card, build a history and apply for Amex canada after a year or so. The one from RBC was master card.