https://www.livemint.com/news/world/new-in-canada-complete-guide-on-how-to-own-a-house-11665213174009.html

If you are a newcomer in Canada, the first thing you need to do is to find a roof over your head. This is especially true if you plan to stay in Canada for a longer time. Here’s a brief guide for newcomers on how to find a house in Canada.

Short-term stay

You’ll need to find a short-term residence once you arrive in Canada until you can rent or buy a house. Staying in a hotel or hostel is one choice. The majority of hotels and hostels have websites with information about their rates, locations, amenities, and pictures. Reviews from forums, travel resources, and other websites are also available.

You can also contact an immigrant-serving organisation in the city or town where you plan to settle. Ask if there is temporary housing for newcomers and how much it costs.

Looking for a house

Knowing how much you can spend is essential when you start looking for a home. You should make a budget in advance for all of the costs that come with home ownership. Significant costs, in addition to the cost of purchasing the home, will include heating, property taxes, home upkeep and any necessary renovations.

There are various methods for finding a house to purchase. You may inform your family, close friends and coworkers that you are looking for a home. You may visit real estate websites for details and images on a variety of homes. Additionally, you may read the real estate periodicals or newspaper sections about new construction, search for “For Sale” signs when driving through an area that appeals to you, or stop by new construction.

Financing your house

For loans to help them pay for their homes, the majority of homebuyers turn to financial organisations including banks, credit unions, caisses populaires, pension funds and insurance companies. Mortgage debt has to be paid off over a period of time, often 25 years, by making consistent payments.

To lend you this money, lenders will impose interest charges. Because you might not have a long credit history if you’re a newcomer to Canada, it might be challenging for you to finance the purchase of a property.

Building a new credit history as soon as feasible is crucial if you want to purchase a home. You may get in touch with your bank’s customer support staff. They will be able to assist you in creating a strategy for establishing credit that will enable you to purchase a property.

You can seek the guidance of mortgage brokers, who don’t lend you the money but do give you advice on mortgages, assist you in selecting a lender, and negotiate the best mortgage terms and conditions on your behalf.

What happens when your offer is accepted?

It’s a good idea to stipulate that you will have the house professionally inspected before making the purchase after your offer has been accepted and your financing is in place. An inspector will perform a thorough inspection of the property for a cost, often $300 or more. You and your real estate agent will need to talk about how any agreed-upon sale price adjustments may be impacted by any necessary repairs once you receive the house inspection report.

Getting the keys

You receive your keys on this day. Your attorney will see to it that the money is handed to the seller, together with any other sums the seller may have paid in advance for the property, such as heating costs or property taxes.

The notary or attorney is typically paid at this point. Ensure that you account for all closing fees in your initial home purchase budget. These expenses, which comprise notary and attorney fees, as well as land transfer taxes, could range from 1.5% to 4% of the selling price of the residence.