New to Canada, Temporary Resident, Non-Resident Mortgages

 

According to the census report in February, Canada’s population grew by 1.7 million between 2011 and 2016, two-thirds of that growth was due to immigration. What does all of this mean? There’s an increased demand for real estate.

There are programs available for those that are new to Canada to help them turn the dream of home ownership into reality. For applicants new to Canada, they can buy a home with as little as 5% of the purchase price. Borrowers must have full time employment. As for credit history, lenders will review 12-month history of rent and 2 regular obligations, such as hydro, utilities, cable or telephone bills.