Oh Canada; Our home and Native Land.
The land of opportunity.
You’ve arrived in a new country with hopes and dreams. If you’re an immigrant like me, one of these dreams is to own a home, and what better way to put down roots.
The first thing you want to do is open a bank account and start building credit as soon as possible with a credit card. Fortunately, there are also programs to help new Canadians purchase their first home and make it easier for your family to become established in Canada.
The new to Canada program will assist you with getting into home ownership sooner than you think.
Here is a list of documentation required:
• Valid work permit or verification of landed immigrant status
• Income Confirmation: You will need to provide proof that you have been working full time in Canada for at least three months. Proof of income through either an employment contract and pay stubs
• Proof of down payment: The total down payment will vary based on the final purchase price. The down payment can come from your own savings or it may be possible for your family to provide you with a gift. CMHC will insure newcomers with permanent resident status with as little as five per cent down, while non-permanent residents must have a 10 per cent down payment to purchase a home
• Purchase and Sale Agreement
A good credit history is important, however, as a newcomer, you may provide alternative credit supporting documentation.