I got a phone call this week from someone who has recently moved to Canada and wanted to buy a home. Because the processes are so different in every country (and sometimes in each province!) it’s so important for new residents to discover their options.
Since I’ve never bought a home in another country, I can’t possibly know all the differences from how it works in Ontario. What I do know is that if you’re thinking about buying a home, there are a few easy first steps to take to see what’s possible!
- Get pre-approved for a mortgage. There are some lenders who have specialized mortgages for new Canadians. Talking to a mortgage professional will help you understand the financial aspect of buying a home in a new country. There are so many intricacies that you may not be used to, so asking someone in the industry will help you decide how much you want to – or can – spend, and the different kinds of terms that different lenders can offer you. Again, you can talk to a few different mortgage agents to decide which one will best suit your needs and help you get on your way to being a homeowner!
- Find your own REALTOR to act as your agent. In some countries, when you buy a house, you buy directly from the agent who is selling the house – or the listing agent. In Ontario, you have the opportunity to meet and talk with several REALTORs before you choose the one who will represent your interests. Feel free to call a few in your area, or maybe ask a friend, neighbour, family member, or someone in your church or community group to recommend someone; if someone you know likes and trusts a real estate professional, that’s usually a good sign that you’ll get the same great treatment!
- Decide where you want to live. This will probably be determined by your job, but proximity to work may not be the deciding factor for you. Maybe you want to live near public parks, shopping, in the suburbs or downtown, or maybe even in the country! This is certainly something your REALTOR can help you with. As real estate professionals, we know the parts of the city that will best suit your needs. Barrie has so many different options for you depending on what you like to do in your spare time. Even if you work in Toronto, Barrie is close enough that many of our residents commute there! One of the bonuses about living in Barrie – even if you work in Toronto – is that the home prices are much more affordable than our neighbours to the south. If you’ve never been here, come check us out! You’ll probably like what you see 🙂
Buying a home can be stressful in the best of situations. For someone like you, who is new to Canada and Ontario, buying a home can seem almost impossible. Rest assured, real estate professionals in your area will help you prepare for the process. Even if you have to wait a year to become established here, at least you’ll have the best information possible. Keeping informed and educated in the real estate marketplace gives you peace of mind to help you buy that house!
Welcome to Canada, and best of luck in your future here!
