Seven things to do before you arrive in Canada

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You’ve set out to live a new life in Canada, but have no idea where to start. Not to worry, we can help. Here’s a list of seven things you need to do before you arrive in Canada. 1. Learn English or French English and French are the official languages. English is the primary language, […]

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What New Canadians Need to Know About Homeownership

What New Canadians Need to Know About Homeownership

Navigating a real estate market in a new country can be overwhelming and can lead new Canadians to assume that homeownership in this country is out of reach. However, with a little planning and the right advice, it is actually very attainable, even with just five per cent down payment.

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Costs Associated with Closing a Home

Your mortgage isn’t your only expense when buying a home. In fact, there are several closing costs that you must pay before you can take possession of your house (to “take possession” means the home is now legally yours). Many of these costs are listed below. Appraisal fee: This is the cost for a professional to come […]

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Making an Offer

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Once you’ve found a property that you want, you’ll want to make an offer. An offer represents your desire to purchase the property, and the amount that you’re willing to pay for it.

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Homeownership Assistance Programs

There are some programs and policies in place that will help make buying a little easier. These are listed below. Energy-efficient housing program Home buyers purchasing an energy-efficient new home or refinancing an existing home to make energy-saving renovations with Genworth-insured mortgages are eligible to receive a 10 per cent refund on their mortgage insurance […]

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Your Credit History

Each time you pay a bill (for your credit card or for a monthly service such as your telephone or electricity), you are establishing a credit rating for yourself. A credit rating is a number or score that banks, mortgage companies, and other lending businesses use to assess your level of financial responsibility. Paying your […]

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How much can I afford?

Figuring out how much to spend on a property depends on many factors. First of all, your down payment will determine the amount of the loan you’ll need, and this will affect the size and duration of your mortgage payments. You should determine your current living and other expenses to help you figure out the […]

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Downpayment Requirements

For many people, the hardest part of buying a home is saving enough money for a down payment. The bigger the down payment, the smaller the amount of your mortgage loan. If you’ve arrived in Canada within the last 36 months or less, you may qualify for Genworth’s New To CanadaTM product, which allows you to buy […]

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Information on Mortgages

Banks, credit unions and mortgage companies lend money to home buyers. This loan is called a mortgage. Your lender will ask you to fill out a loan application form that includes information about your income, employment and debts, and will use this information to determine your eligibility for a mortgage. Once you’ve decided on the […]

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Types of Housing

There are various types of properties you can buy in Canada. In each case, you are responsible for making the mortgage payments as well as paying the bills for your specific unit (for example, property taxes and utilities such as electricity, gas, water, etc). Bylaws are local municipal rules and regulations that vary across Canada. […]

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Finding the Right Home

There’s no one “right way” to go about finding a home. But here are a few tips that may make the process a little easier and remove some of the anxiety associated with making what is, for most people, their largest single purchase in life. The first thing to do is determine how much you […]

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How to find a Builder or Realtor?

Builder or Realtor Often, when buying a new home, you’ll deal with a builder/contractor. If you’re buying a resale home, however, you’ll probably encounter a realtor. In the sections below, some tips and advice are provided for finding a reputable realtor or builder. How to Find a Builder Most homes in Canada are built by […]

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