To buy a house in Canada, individuals must have legal status, like possessing a valid work permit.
In order to acquire property in Canada, it is necessary for the individual to be physically present within the country.
Work permit validity
The work permit status should be valid beyond the typical closing timeline for purchasing a property.
Work permitter should demonstrate the ability to afford mortgage payments, have a stable income, and maintain a good credit score.
The minimum down payment for a mortgage depends on the purchase price: 5% for the first $500k, 10% for amounts over $500k.
Consult with a mortgage lender to determine available options, which depend on work permit length, employment stability, credit history, and lender/mortgage insurer policies.
Immigration and documentation requirements
When buying a home, you need to provide valid identification documents, including a work permit and passport.
Proof of income and employment stability
Lenders typically require proof of income and employment stability, including employment letters, pay stubs, or tax documents.
Lender and insurer policies
It's essential to consult with mortgage professionals or financial institutions to understand their specific requirements and available options.
Real estate regulations and eligibility criteria can vary by province or territory in Canada.
Legal and professional advice
Consult experts like real estate professionals, mortgage brokers, or lawyers to ensure legal compliance and proper documentation.
Consider additional costs
Homeownership involves additional costs, such as property taxes, insurance, maintenance, and utility expenses.