When I stepped off the plane at Pearson Airport last year, all I had was a suitcase, a folder full of dreams, and a nervous smile. Like thousands of newcomers to Canada, I was excited—but overwhelmed. I had no idea that just 14 months later, I’d be unlocking the door to my very first home in Canada.
Let me take you through that journey—not as an expert, but as someone who’s been in your shoes.
The Beginning: A New Life, New Rules
I came to Canada in early 2024 with permanent residency, some savings, and a head full of questions. Rent was sky-high in Toronto, and after 6 months of paying over $2,200 for a basement apartment, I thought: Why not buy instead of rent? But the process seemed… impossible.
What I didn’t realize was that Canada’s real estate system is very newcomer-friendly—if you know how to navigate it.
Step 1: Understanding My Immigration Status
Your immigration status is key. Since I was a permanent resident, I was allowed to buy property without paying the foreign buyer tax. This tax doesn’t apply to PRs or Canadian citizens—but if you’re on a work or study permit, you’ll need to check the latest federal and provincial rules (they change).
Tip: If you’re here temporarily, look into the Federal Ban on Foreign Buyers (recently extended to 2027) and whether any exemptions apply to you.
Step 2: Saving and Mortgage Reality Check
In Canada, most newcomers don’t realize they can qualify for a mortgage, even without a long credit history. I was shocked when my mortgage broker said I was eligible for up to 85% financing through a Newcomer Mortgage Program.
Banks like Scotiabank, RBC, and TD offer tailored solutions. I provided:
- Proof of employment
- Immigration documents
- A decent down payment (I saved 15%)
And yes, my interest rate was slightly higher, but manageable.
Tip: Start building your credit the moment you land. Get a secured credit card. Pay bills on time. Every point helps.
Step 3: Learning the Market
I spent weeks scrolling through real estate apps, watching YouTube videos, and talking to local agents. I realized quickly that Toronto was out of reach, so I looked into Hamilton, just an hour away, where prices were more reasonable.
My realtor was patient, and more importantly—honest. We viewed 12 homes. I fell in love with house #9: a two-bedroom semi with a tiny garden and creaky stairs that reminded me of my childhood home.
Step 4: Making It Official
Making an offer was terrifying. What if I was making a mistake?
But with a pre-approval in hand, a good lawyer, and support from my agent, I made my first offer—and it was accepted.
Closing took 45 days. I used this time to:
- Get a home inspection
- Finalize mortgage paperwork
- Plan my move
Step 5: Settling into My New Home
Now, a year later, I’m still learning. I mow my own lawn. I shovel snow. I pay property taxes. But I also wake up every day with a sense of belonging.
Buying a home wasn’t just about real estate. It was about planting roots. It was about creating a space where I could finally exhale.
Final Thoughts for Newcomers
If you’re new to Canada and thinking about buying a home:
- Start planning early
- Talk to a mortgage advisor who understands immigrant needs
- Explore smaller or mid-sized cities
- Don’t rush—educate yourself
Most importantly, believe it’s possible. I did—and so can you.
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