Canadian birth rates are in the dumps. Immigration could be Canada’s sole source of population growth by 2030, according to a Scotiabank report quoted in the Globe & Mail.
Other notes from the Globe story:
- According to the article, immigrants generally rent when they come to Canada.
(Editor: If you’re new to Canada don’t let this deter you from buying. Several new mortgage options have become available for immigrants in the last few years.)
- Immigrants typically buy homes after they have lived in Canada for at least 10 years
(Editor: If this is the case it is clearly based on past data.)
- Tens of thousands of immigrants are set to become first-time homeowners in the next few years
- The segment of Canadians aged 65 and older will skyrocket 65% in the next 10 years
- Senior citizens tend to prefer new construction and low-maintenance options, such as condominiums.
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Last modified: June 7, 2007
We bought six months after arriving. Despite a large downpayment etc there were significant roadblocks thrown in the way of our getting a mortgage. I’m convinced we only got one through a woman at the bank becoming my personal advocate in the bank. In my experience (and my social circle is a veritable united nations) most immigrants would buy as soon as possible.
We bought six months after arriving. Despite a large downpayment etc there were significant roadblocks thrown in the way of our getting a mortgage. I’m convinced we only got one through a woman at the bank becoming my personal advocate in the bank. In my experience (and my social circle is a veritable united nations) most immigrants would buy as soon as possible.
Hi Guinness,
Appreciate the insight.
I found the Globe’s statement about waiting 10 years a bit strange myself.
It’s definitely based on PAST circumstances because today’s mortgage options are significantly improved for recent immigrants with full-time employment in Canada.
We handle mortgages for new Canadians frequently so I know from experience that they WANT to buy, and that there ARE several mortgage products available.
Thanks for reading!
Melanie
Hi Guinness,
Appreciate the insight.
I found the Globe’s statement about waiting 10 years a bit strange myself.
It’s definitely based on PAST circumstances because today’s mortgage options are significantly improved for recent immigrants with full-time employment in Canada.
We handle mortgages for new Canadians frequently so I know from experience that they WANT to buy, and that there ARE several mortgage products available.
Thanks for reading!
Melanie