Mortgage Blog

New to Canada? Your Guide to Renting or Buying Your First Home

July 10, 2024 | Posted by: Angela Robinson

Navigating the Canadian real estate market as a new immigrant can feel daunting, but we're here to help! Whether you’re considering buying or renting, this guide will walk you through the basics.

???? Property Types:

• Detached House: A standalone home.
• Semi-Detached House: Shares one wall with another house.
• Townhouse: Multi-level home sharing walls with neighbors.
• Condominium: Owned unit within a larger building.
• Apartment: Rental unit in a larger building.

???? Living Arrangements:

• Standard Lease: Fixed-term rental agreement.
• Month-to-Month Lease: Flexible, short-term rental.
• Purchasing a Home: Long-term commitment with a mortgage.
• Rent-to-Own: Rent with the option to buy later.

???? Required Documentation for Renting:

• Passport, visa, or immigration documents.
• Proof of income (bank statements, pay stubs).
• References from previous landlords.
• Credit and background checks.

???? Key Expenses to Budget For:

• Rent/Security Deposit: Usually one month’s rent.
• Common Area Maintenance Fees: For shared spaces.
• Down Payment (for buying): Typically 20% of the home’s value.
• Mortgage Payments, Insurance, Property Taxes: For homeowners.

???? Foreign Homebuyers Ban:

• Exemptions: Permanent residents, international students, refugees, diplomats, and foreign work permit holders with 3 years of tax returns.

For further information get in touch with us at 780 701 3888 or marc@albertamortgagepros.ca

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