Whether you are a new immigrant or an old immigrant, housing will always be an important part of your financial decisions. According to Become A Canadian, navigating the Canadian real estate market might be daunting, especially if it differs significantly from that of your home country.
There are different types of housing properties in Canada. These include:
- Apartment
- Condominium
- Townhouse
- Detached House
- Semi-detached House
Canada also has different living arrangements, which include:
- Standard lease
- Month-to-month lease
- Purchasing a home
- Rent-to-own
Should you rent or buy your first home in Canada?
Here is a simple guide provided by Become A Canadian to help you make an informed decision on whether to buy or rent your first house in Canada.
To start with, you need to understand that your credit history and income range will determine whether you can buy a home in Canada, especially if you are a new immigrant.
Therefore, you need to put together a budget detailing your projected monthly expenses and research the average home prices in your area to understand how much of a mortgage you can afford in your current financial state.
When your budget indicates that you can afford to purchase a home in Canada, it is best that you reach out to a real estate agent. Real estate agents have the best housing options across different areas, and they can get you a house within your budget.
Become A Canadian also notes that some real estate agents can help you navigate the complexities of applying for a mortgage in Canada.
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