Over half of Canada's new migrants buy homes within three years of landing on Canada's shores. This is a strong indicator of the financial health of the incoming migrants. There are sometimes difficulties to overcome, but the newcomer is likely to be willing to face whatever challenges are necessary to ensure home ownership, the true symbol of permanence.
One challenge most face is the fact that an migrant who has been in the country for only three years hasn't had the time or opportunity to build long-term credit history. Lack of practical home-buying information is often what holds migrants back, but the determination to own is there, as witnessed by the rapid rate of increasing home ownership amongst migrants. There are situations where extended good credit in the country of origin can sway the decision in favor of the mortgage applicant.
Canada is home to many mortgage institutions that understand the benefit of working with migrants to help overcome some of the roadblocks. They have specialists who can converse in many of the migrants' native languages, ensuring that the migrant fully understands the issues involved in buying a home and the details of the various transactions. The minimum standards for English or French required for immigration may assure communication on the job and in the community, but when it comes to something as intricate as home buying, it is often not sufficient.
The migrant in search of home ownership should investigate the various mortgage companies to see what each offers. Down payment requirements will vary depending not only on the company itself, but on the financial situation of the home buyer. The offerings of several mortgage companies should be compared so that the buyer can make an informed and sound decision.
The best place to start is with a real estate agent who knows the ropes and can get the buyer on the path to ownership. The buyer should be prepared to ask questions, and to continue asking until he understands what steps he will be going through with his purchase.
Qualifying for financing is a big step. The potential owner must know what his buying range is. When he has looked at the homes on the market that fall into his financial bracket and found one he would like to buy, he will make an offer. There will likely be a counter offer, and before long there will be a meeting of the minds. The papers will be drawn up and signed, and the immigrant will have put down roots for his family and their future generations as permanent residents of Canada.