Buying your first home marks an important milestone in your journey to Canadian citizenship. It gives you the confidence and sense of commitment to process your citizenship process. But owning a house is a big deal and you need to understand your finances and lifestyle before proceeding.
As a permanent resident in Canada, always ask yourself these questions before buying your first home.
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As of January 2023, the Canadian government has banned non-Canadians from buying residential property in the country. The rule exempts permanent residents and international students.
If you have arrived in the country after obtaining your permanent residence from abroad, you shouldn’t be affected by this rule. At the same time, you are also allowed to buy a property in Canada if you have arrived as a protected person.
Note that only PR opens the route for naturalization after you have spent certain time in the country, allowing you to take the Canadian citizenship test and confirm your loyalty to Canada. Student visas don’t offer such a feature.
You can always purchase your home on loan in Canada if you can pay a minimum of 5% in down payment and commit to monthly mortgage payments. Experts recommend keeping the down payment larger to avoid the interest payment on the remaining loan.
Down payment appears to be the biggest hurdle in purchasing your home. But you shouldn’t forget that monthly mortgage payments will also be high so you need to check your monthly income to match with these payments.
Have you settled in a city? Or are you searching for a job in your industry or career? If you are looking for a better job that matches your qualifications, you should remain flexible in your dwelling arrangements.
Take your time to settle down in the career and know your income potential before taking the plunge. This will allow you to enjoy the fruits of your decision for years without worrying about moving again in a few months when you get a better job opportunity in another city.
Family becomes an essential concern for parents with school-aged children. You want your children to attend quality schools and also parks and sports activities should be close to your home for the ease of your children.
Usually, those localities that are filled with child-friendly activities attract child-bearing families. So, choosing to live in these neighborhoods allows you to mingle with the right social circle of parents at the same stage of life as you. This will allow you to keep children and family nourishment at the forefront of your lifestyle.
Buying a home is more than understanding your finances. You also need to take into account your stage of career, your lifestyle choices, and the legal issues involved in the investment. At the same time, you should understand the local culture and lifestyle before committing to live in a place for the long term.
Take your time to live as a tenant for some months and search for your dream property without rushing. Also, don’t forget to learn about mortgage options and choose the cheapest and risk-averse option.
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