Does the kingfisher heights have 3 bedroom homes
I was looking for 3 BR semi detached homes in and around hamilton. Does the kingfisher heights have a 3BR homes available at the moment ?
Last Updated:
2023-03-20
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What is the price for Woodstock Gardens in Paradise, NL?
If you're on the lookout for a new home sweet home in Paradise, NL, you might have heard about Woodstock Gardens. It's a charming community of single-family homes being built by Donovan Homes. They're working their magic at the corner of Sedgewick Street & Topsail Road, crafting a cozy neighborhood for families.
Now, you're probably wondering about the price tags attached to these homes. Well, worry not! Let's see this in detail:
## What is the price for Woodstock Gardens in Paradise, NL?
Woodstock Gardenshas price range from 300K - 400K and sizes range from 920 to 1660 square feet. So, here is the complete breakdown for you:
1. **2 Bedroom Bungalows (1 Bathroom):** These snug homes start at $324,900. A snug space to call your own, without breaking the bank.
2. **3 Bedroom Bungalows (1 Bathroom):** If you need a bit more space, these start at $329,900. A touch of extra room for you and yours.
3. **3 Bedroom Bungalows (2 Bathrooms):** These start at $350,900. A perfect mix of comfort and convenience.
4. **3 Bedroom Two-Story Homes (2 Bathrooms):** The cream of the crop starts at $372,900. Spread out and enjoy two stories of living.
Remember, these prices aren't set in stone. They might change as time goes on. And just to be clear, the listed prices only cover the homes themselves. Land, taxes, and closing costs are like the extra toppings on your sundae.
## Price of Woodstock Gardens in Paradise, NL
In a nutshell, Woodstock Gardens offers a variety of homes with prices that match the size and style. So, if you're dreaming of a fresh start in a new place, Woodstock Gardens could be your answer. So, what are you waiting for? Your dream house is waiting!
How much is the average rent in Toronto in Ontario, Canada?
Toronto residents lead an exhilarating, chance-filled lifestyle. It is one of the most culturally diverse cities in the world is Toronto, which is well known for its wide variety of cuisine, entertainment, and climatic conditions. Toronto is a city where people from all over the world come to call home because roughly half of its population was born abroad.
Due to the city's overabundance of luxury and convenience, Toronto has a high cost of living. Therefore, today we will see the average rent in Toronto, Ontario, Canada.
## How much is the average rent in Toronto in Ontario, Canada?
According to the rent report, among Canada's largest markets, Toronto has had the highest annual growth in rent over the past year. Although the Toronto housing market experienced a significant drop in prices of up to 6% from July to August, but prices have since started to rise once more and are about to reach an all-time high.
As of November 2022, the typical rent for a studio apartment in Toronto rose by 3% to $1,795 per month. The average rent for a 1-bedroom apartment increased by 5% to $2,295; the average rent for a 2-bedroom apartment increased by 7% to $2,940, and the average rent for a 3-bedroom apartment increased by 6.7% to $3,542.
## Average rent in Toronto in Ontario, Canada
The average rent in Ontario is still increasing at a startling rate as a result of rising interest rates and home demands. However, it's anticipated that these costs may decrease in 2023, making it appropriate for people looking for homes to live in.
Is Park Place in Castlegar, BC a good housing project to invest in?
Investing in a home is a significant decision that requires careful consideration. For those seeking a remarkable housing project in Castlegar, British Columbia, The Park Place emerges as a promising option. Developed by Nexus Development Group, this new condominium and townhouse community offers a combination of luxury, convenience, and thoughtful design. So, why to wait? let's explore the key factors that make Park Place a good housing project to invest in.
## What Makes Park Place in Castlegar, BC a good housing project to invest in?
Here are the factors that makes Park Place in Castlegar, BC a good housing project to invest in-
## 1. Prime Location for Unmatched Convenience and Accessibility
One of the standout features of The Park Place is its prime location at the corner of Columbia Avenue and 24th Street. Situated just minutes away from Castlegar's airport, esteemed schools, picturesque parks, vibrant shopping centers, exciting recreational facilities, and a diverse range of enticing restaurants, residents will find everything they need within arm's reach. Whether it's a quick commute, a leisurely stroll through nature, or indulging in local amenities, this coveted location ensures that every aspect of daily life is easily accessible.
## 2. Thoughtfully Designed Living Spaces
At The Park Place, every detail has been carefully considered to create comfortable and stylish living spaces. The open-concept floor plans provide a spacious and inviting atmosphere, ideal for both relaxation and entertaining. Luxurious finishes, such as vinyl plank flooring and quartz countertops, add a touch of elegance to the overall aesthetic appeal. Stainless steel appliances, built-in closet organizers, and in-suite laundry offer convenience and functionality. The attention to detail in the design ensures that residents can enjoy a higher level of comfort and satisfaction.
## 3. Array of Housing Options
The Park Place offers a range of housing options to cater to different needs and preferences. Whether you're a young professional, a growing family, or an entrepreneur looking for a live/work space, there is a perfect unit for you. With options including one-bedroom + den, two-bedroom + den, and live/work residences, The Park Place provides a variety of layouts and sizes to suit individual requirements. With 54 units available, ranging from 844 to 2207 square feet, prospective buyers have ample choice to find their dream home.
## 4. Exceptional Amenities for Enhanced Living
The Park Place goes above and beyond to ensure residents enjoy a high standard of living. The project offers a range of exceptional amenities designed to enhance comfort and convenience. Stainless steel appliances in the kitchens, inviting outdoor living spaces, and the convenience of underground parking with one stall per unit are just a few examples. These amenities not only elevate the quality of life but also enhance the value and desirability of the investment.
## Is Park Place in Castlegar, BC a good housing project to invest in?
Yes, the Park Place in Castlegar, BC, stands as a highly attractive housing project for prospective buyers seeking an investment opportunity. With its prime location, thoughtfully designed living spaces, array of housing options, and exceptional amenities, The Park Place offers a remarkable combination of luxury, convenience, and accessibility. Whether you are looking for a place to call home or an investment property, The Park Place provides a golden opportunity to be a part of this extraordinary community. Don't miss out on the chance to invest in a project that redefines urban living in Castlegar.
How much does Home Staging cost in Toronto, Ontario?
Home Staging turns out to be the most effective strategy for luring buyers. It is preferred across Canada by sellers, particularly in Toronto, Ontario, where it has been noted that staged homes sell more quickly and profitably than unstaged homes. Because buyers find it challenging to picture themselves in vacant homes, they wonder: where does the TV go? What size bed can fit in the bedroom? And, the list goes on... Staging aids in addressing those concerns for buyers.
However, many home sellers are curious about the cost of home staging in Toronto, Ontario. So, today, we'll find out how much staging typically costs in Toronto, Ontario.
## How much does Home Staging cost in Toronto, Ontario?
In Toronto, Ontario, the **price of home staging can range from $500 to $5,500**, with the majority spending, on average, between $1,600 and $2,400 a month. It all depends on how much staging is needed.
An older house might require more extensive updates, such as painting, replacing hardware and light fixtures, or temporarily renting new furniture. In contrast, a home that is relatively new or updated might only require some simple depersonalizing and decluttering. However, the typical **amount spent on staging should range from 1% to 3% of the home's listing price**.
## How to save on home staging?
You don’t have to stage your whole house, from basement, laundry space to attic storage. There is no requirement that staging covers the entire house. Only staging the most crucial rooms in the house can make the process simpler, with less emphasis being placed on less crucial areas.
Also, you must use your digital listing photos to your advantage because the majority of homebuyers begin their search for a home online.
Additionally, it's crucial to know when to stage a home and when not to, as doing so can help you save money. In a highly competitive market, staging can help you stand out from the competition. In this situation, not staging your home will put you at a disadvantage when it comes time to sell. But if you live in a strong seller's market, your home will probably sell without staging because most buyers are willing to accept any offer.
## Home Staging cost in Toronto, Ontario
Home staging can cost between $500 and $5,500 in Toronto, Ontario. However, this can be reduced by knowing when to stage a home and when not to, as well as by knowing which specific areas are most important to stage.
Top 10 Best Cities to Live in Ontario, Canada
Are you thinking of moving to the Province of Ontario in Canada? Wondering, which city to move and settle down? Here we present a collection of the **10 Best Cities to Live in Ontario, Canada**.
Cities in Ontario, Canada
-------------------------
The **Ontario cities** offer greater access to housing, food, healthcare, employment, and quality of education. It also assures freedom, political stability, a quality environment, and job security. These cities are considered safe places to live and offer an incredible lifestyle. While there are amazing cities in this part of Canada, there are also some places to avoid. Here are the 10 best places to live in Ontario, Canada.
Best 10 Cities to Live in Ontario, Canada
-----------------------------------------
Let's catch up with the preferred Ontario cities and dig deeper into the pros and cons of living there.
1\. Burlington
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Burlington is tagged as one of the best cities to live in Ontario. A great city located on Lake Ontario between Hamilton and Oakville. It is about a 45 to 60 minutes drive from Toronto and offers a good location and natural scenery. Its proximity to major industrial hubs and nearby cities makes [Burlington a great place to settle down](https://getnewhouse.ca/blog/is-burlington-a-good-place-to-live-ontario).
The average home price of a detached house in Burlington is about $1.1 million. The city is a waterfront city that offers a unique balance of greenspace, city living, and tranquility. Plus a bustling environment that features restaurants, nightlife, malls, and local businesses. Crime rates are lower when compared to major cities, making it a safe place to live.
2\. Oakville
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Oakville is a suburban town within the Halton Region and part of the Greater Toronto Area. It is known for its beauty, cleanliness, and safety, with green recreational spaces and several parks. The city is a family-friendly place to live, with excellent schools and family-oriented activities.
Oakville's median a detached house price is around $1.5 million. The city has been ranked as one of the best places to live in Canada for many reasons. The diversity of the housing stock and beautifully designed homes make it a desirable place for many residents.
To get more information, don't forget to discover, [**Is Oakville in Ontario a good place to live?**](https://getnewhouse.ca/blog/is-oakville-ontario-canada-good-place-to-live/)
3\. Waterloo
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Waterloo is the best for you if affordability is one of your prime concerns when moving to Ontario. It offers a unique blend of urban and rural living with a growing tech and innovation hub, top learning institutions, and business parks. Its proximity to Toronto also makes the region an attractive place to settle.
Waterloo's housing price is just over $700,000, making it far more affordable than the properties in Toronto. Also, there are job opportunities in Waterloo. So its residents do not necessarily need to find employment in Toronto.
4\. Thunder Bay
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Do you want to live somewhere safe with an outdoor lifestyle and job opportunities? You might think of living in Thunder Bay in Ontario. It is a large city near Lake Superior. Its location on a freshwater lake makes it spectacular and nature friendly. There are many outdoor adventures for the residents. These include fishing, hunting, and hiking.
Also, this city is ideal for people who want reasonably affordable housing with many amenities.
5\. Stratford
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Stratford is a city on the Avon River and one of the best places to settle in Ontario, Canada. The city offers the best of both worlds with the comforts of urban living alongside a small-town feeling. It is known for its incredible annual festivals.
Each year, a different part of the city acts a variety of the noble Shakespeare plays as drama viewed as part of their annual Stratford Festival. Stratford's weather is not harsh, and the crime rate is low compared to Ontario. The unemployment rate in Stratford is low due to the diverse job opportunities in the area. It's also a safe place to live.
6\. Kingston
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Kingston is a beautiful city with a lot of history and islands. It is family-friendly and thus suitable for anyone that wants a peaceful life for their children. The city has a cultural community, making it ideal for someone interested in theatre, arts, or music. Kingston has a good food scene and great restaurants, and the housing is affordable compared to other cities.
7\. Barrie
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Barrie is a city with every amenity you need to live a happy and fulfilled life. It offers city living on the beautiful Lake Simcoe in proximity to Toronto. The average cost of a home in Barrie is just over $700,000, with an abundance of nature, sports, and many activities.
Barrie's is home to several gourmet restaurants, cafes, bars, breweries, and nightclubs. The city also has a mountain resort and spa.
8\. Hamilton
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Hamilton is one of Canada’s leading industrial centers and the hub of an extensive fruit-growing district. It is considered one of the best places to live in Ontario, with natural landscapes, trails, waterfalls, and beautiful lookouts. It is known for its high-quality life, arts, heritage, and cultural scenes.
Hamilton is also conveniently located within a network of highways making it easy to commute to other cities for work or leisure activities.
9\. Toronto
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Toronto, the Capital of Ontario Province, is one of the preferred cities to move not only for Canadians but immigrants too. The city has over two million residents and is one of the best places to live in Ontario. It has people from different communities and is the most populated city in Canada.
You also have a lot of [fun activities to do in Toronto](https://getnewhouse.ca/blog/what-are-best-fun-activities-in-toronto-in-ontario-in-canada-for-adults), and this makes it a favorite tourist destination.
Toronto is Canada’s financial capital and home to many private IT companies with a stable economy, making it conducive for business. It offers the perfect mix of business, culture, and entertainment and is one of the world’s most economically powerful cities.
However, it is an expensive city to live, owing to the rising inflation, increased housing rents, higher mortgage rates, etc. Toronto has an average home price of $1 million for a two bedroom house. Doesn't that sound too much? If yes, you can also think of moving to one of the [**Best Toronto Suburbs to live and grow**](https://getnewhouse.ca/blog/10-best-toronto-suburbs-for-families-to-live-and-grow).
No doubt, Toronto is one of the best options if finding good employment is your priority as there are opportunities across numerous industries.
10\. Ottawa
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Do you prefer living in an urban environment where many things are going on? Then Ottawa is ideally the best place for you. It is one of the most affordable places to live in Canada, as the average price of a home is under $800000. Also, it is the best place to live for job opportunities across multiple sectors.
The city is rich in history from the buildings and museums. It is highly populated and the best place with beautiful nature for walking, skating and hiking. This beautiful city is known for hosting a series of festivals year-round with ideal and pleasant weather conditions. Ottawa is known for low crime rates and guaranteed healthcare services in the city.
**Note:** The housing prices stated above are based on **Housing Market Report for September 2022**. These are subject to change as per changes in market scenario. The Canadian real estate market prices are fluctuating at a much faster rate owing to changes in interest rates and demand/supply factors.
### Which are the best cities in Ontario for living?
Moving to one of the **best cities in Ontario** can be a big decision with a lot of challenges. Therefore, make adequate efforts to ensure you understand what you are getting yourself into. Do proper research, analyze the advantages and disadvantages of living in a particular city, and then go ahead to get your dream home.
_What do you think? Which is the best city to live in Ontario? Feel free to share your feedback and suggestions._
Is Brampton in Ontario, Canada an affordable place to live?
Moving to a new city can be a daunting experience, especially when you are poor at financial management. Because it's not the city that scares but the expenses. Therefore, it becomes very essential to understand the cost of living when making such a big decision.
If you're thinking to move to Brampton, Ontario, the it's essential to be extra aware that it's a growing city and popular among both domestic migrants and immigrants. As for affordability, Brampton is indeed an affordable city, but it's not necessarily cheap. So let's find out this in detail.
## Exploring The Cost of Living in Brampton
Firstly, let us have a look at the major expenses and how you can control them-
**1. Housing Costs**
Housing we can say as the one of most significant expenses in Brampton. As of January 2023, the average home price is around $866,540 which is lower than Toronto's average home price, but it is still a big investment for most of the people. So, before buying a house you much consider your budget and space needed.
**2. Rent Costs**
If you cannot afford buying a house then you can go for renting also. The average monthly rent for a one-bedroom apartment in Brampton is about $1,490, and for a two-bedroom, it's approximately $1,840. While these rental rates are higher than in other Canadian cities, they're still lower than Toronto's rental rates.
**3. Utilities and Other Costs**
The cost of utilities in Brampton is relatively affordable. According to Numbeo, the average monthly utility bill for a 915-square-foot apartment here is somewhere around $126.87 (depends how you will use). This mainly includes electricity, heating, water, and garbage. And if we see other expenses, such as groceries and transportation, these are also relatively affordable in Brampton.
However, it is known that these costs can vary depending on as how efficiently you manage.
**4. Employment Opportunities**
Brampton has a variety of industries, such as healthcare, manufacturing, and logistics, that contribute to its diverse economy. But there is a shock for you, i.e., the city's unemployment rate is slightly higher than the national average. This means that finding a job may be more challenging, which can (directly or indirectly) affect your affordability of living in Brampton.
## Is Brampton in Ontario, Canada an affordable place to live?
Brampton is an affordable place, but definitely not a cheap one. In short, the housing costs are lower than in Toronto, rates are also relatively high when compared to other Canadian cities. But, the cost of utilities, groceries, and transportation is relatively affordable. Now, it depends on you, as how you manage your expenses.
What salary do you need to comfortably live in Brampton in Ontario, Canada?
Brampton is not only a beautiful city but it is a city with growing population, developing economic sectors and full of opportunities. This city is situated in GTA and is one of the most demanded city in Ontario, as it has a lot of potential. That is why many people want to know that how much money they need to live comfortably here.
So, today, we'll look at the numbers and give you an estimate of what salary you need to live comfortably in Brampton.
## What salary do you need to comfortably live in Brampton in Ontario, Canada?
Living in Brampton is a dream for many people, as the city has everything in it. But before moving to Brampton you must have an idea of the cost of living here. Because the length of your expenses list mainly depends on your lifestyle, like where you choose to live, how you travel, and most importantly what you eat.
So, it is very important to have proper planning or say financial planning and idea of your approximate expenses on necessities like housing, transportation, food, and healthcare before moving to Brampton. Let's take a closer look at these expenses.
- **Housing Costs in Brampton**
Housing is one of the biggest expense, whether you're renting or buying. If we talk about Brampton specially then you will get variety of housing options here like apartments, townhouses, and detached homes. The cost of these housing options mostly depends on the type of home you choose and the neighborhood you live in.
According to Numbeo, the monthly rent for a one-bedroom apartment in Brampton is around CAD $1,500, while a three-bedroom apartment can cost approximately CAD $2,300. Buying a three-bedroom house in Brampton could set you back an average of CAD $740,000.
- **Transportation Costs in Brampton**
Transportation costs in Brampton can also vary depending on how you choose to get around. If you will use public transit, then the cost of a monthly pass is around CAD $142. And if you prefer to drive, then cost of gas is around CAD $1.25 per liter.
- **Food Costs in Brampton**
Food can not be neglected as without food how you are gonna do everything. Huh! So, according to Numbeo, the average cost of groceries for a single person in Brampton is around CAD $300 per month. And this mainly includes basic food items like bread, milk, eggs, and vegetables.
- **Healthcare Costs in Brampton**
Healthcare costs in Brampton can also increase your expense list greatly, especially for those who require prescription medication or have any ongoing medical needs. In Ontario, most medical services are covered under the provincial healthcare plan, but there may still be additional costs for things like dental care or prescription medications that you are gonna pay.
## Average salary needed to comfortably live in Brampton in Ontario, Canada?
So, for single person the average monthly expense is around CAD $ 2,800. So, **a single person living in Brampton would need an average monthly income of more than CAD $3,500 to cover their expenses comfortably**. This amount includes the cost of groceries, utilities, transportation, and entertainment. **For a family of four, the estimated monthly income needed is more than CAD $8,000**. But remember, these estimates may vary depending on your lifestyle and individual circumstances and if you are good planner and know the money management then you can even rock in less.
What are the main features of Umbra By Edgar Development project?
Edgar Development has recently announced a new addition to their impressive Portwood community in Port Moody called Umbra. This new phase promises to offer modern architecture that blends with nature, while providing a range of unique amenities and family-friendly parks. Let's take a closer look at the main features of Umbra.
## What are the main features of Umbra By Edgar Development project?
Here are the main features of Umbra-
## Green Space and Urban Forest
One of the most impressive features of Umbra is the emphasis on green space and urban forest. Over 70% of the community is dedicated to natural land, with 3 acres of parks and 5 acres of urban forest featuring bike and running trails, perfect for enjoying the beauty of the area.
## Modern Architecture
Umbra features modern architecture that seamlessly blends with nature. The community's design puts organic living and sustainability at the forefront, with minimal environmental impact. This results in a functional living space that complements the natural beauty of the area.
## Residences and Amenities
Umbra offers a variety of residences including 1-3 bedroom condos and concrete townhomes. The community also features retail spaces and daycare facilities that cater to the needs of families in the area. With sustainability at its core, Umbra is a community that cares about the environment and the well-being of its residents.
## Luxurious Living Space
Each residence in Umbra is designed with quality materials and features to ensure that residents enjoy a comfortable and luxurious living space. From air conditioning to Italian kitchens by Armony Cucine and Inform, Fulgar appliance packages, Kohler fixtures, and much more, residents will be living in style!
## Features of Umbra By Edgar Development project
Umbra is a beautiful addition to the Portwood community, offering a harmonious blend of modern architecture and natural beauty. With an emphasis on sustainability, a range of residences and amenities, and luxurious living spaces, Umbra is the perfect place to call home
Can New Immigrants Buy a House in Canada?
Are you a newcomer wondering, **Can a new immigrant buy a house in Canada?** We have the answers to your query.
Moving to Canada with your family is a big step, and buying a new home there can be challenging. That is why many banks and lenders offer mortgage options for **new immigrants** to help them get settled. According to reports, the rate of immigrant homeowners has surpassed Canadian-born counterparts. Therefore, buying your own home as an immigrant in Canada is achievable.
Nothing beats the feeling of getting the keys to your first home in Canada as a new immigrant. But empowering yourself to make the best decision about your new home is very important.
What is an Immigrant Mortgage?
------------------------------
An immigrant mortgage is a special [newcomer mortgage program](https://fintrakk.com/mortgage-new-immigrants-canada-newcomer-programs/) offered by banks for new immigrants in Canada. These programs help them get a mortgage even when they do not meet the requirements for a regular mortgage. New immigrants in Canada are allowed to buy a home, even if they have just immigrated to the country.
They also qualify for a mortgage as long as they meet the standard financial requirements. As a new immigrant, navigating the rules and regulations can get overwhelming. So, we have put together a detailed guide to everything you need to know about buying a house in Canada.
Why it's difficult for New Immigrants to get Mortgage approved?
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Things are not that easy as they seem to be! As a [**new immigrant to Canada**](https://getnewhouse.ca/blog/why-is-immigration-good-for-canada/), it's difficult to get your mortgage approved. Let's see why so.
### 1\. Lack of Canadian Employment History
One of the requirements for eligibility for a regular mortgage in Canada is Canadian employment history. Many banks want to ensure you’ve been working in the country for at least two years. These show that you have a stable level of income.
### 2\. Canadian Credit History
An established credit history shows how consistent and responsible you are with your finances. Banks need a credit report to see how you handle your debt. They want to know if you have missed any payments or made late payments. So, new immigrants with no credit history can face challenges.
Eligibility for a Mortgage as a New Immigrant in Canada
-------------------------------------------------------
Let's see how new immigrants are eligible to get mortgage approval.
### 1\. Migrated to Canada within the last 5 years
You must have immigrated to Canada within five years to be considered a new immigrant. Have you been staying in Canada for more than five years? If yes, you are no longer considered a new immigrant.
### 2\. Established Legal Status in Canada
New immigrants with a temporary or permanent residence are eligible. Those with a non-permanent resident with a work permit are also eligible.
### 3\. Working full time for 3 months
New immigrants do not need to have two years of employment history to get a mortgage. However, they must have at least three-month full-time employment history. You will need at least three months of full-time employment history. These laws exclude those that are relocated to Canada by their current employer.
### 4\. Have a 5% Down Payment
A 5% down payment is mandatory for a new immigrant to get a house in Canada. These down payments also vary from one agent to another. For example, some lenders may require a higher down payment if the house price is over $500,000.
### 5\. Meet Qualification Ratios
Your debt service ratio shows the percentage of your income that pays your debt. The higher this ratio, the more difficult it is to get a mortgage. This is because you are spending more of your income on service debt.
How to Buy Your First House in Canada?
--------------------------------------
Are you wishing to buy your first house in Canada? Here are few things to guide you.
### 1\. Have a Budget
According to reports, the average house prices have sky-rocketed in Canada in the past few years. This price is due to the astronomical cost of houses in places like Vancouver and Toronto. However, the price of houses are cooling down a bit due to [**high benchmark interest rates**](https://getnewhouse.ca/blog/what-are-best-fun-activities-in-toronto-in-ontario-in-canada-for-adults) and other regulations.
Keeping this in mind, new immigrants must have a budget when opting to get a house mortgage. They should know the down payment and monthly housing payment they can afford. Therefore, having a solid budget helps you understand how much house you can afford.
### 2\. Mortgage Approval Process
Mortgage approval helps estimate your potential mortgage payments. The process of getting a mortgage approval varies from state to state. It also depends on your eligibility. Most banks and mortgage lenders approve the maximum loan you can qualify for. So it is important to understand the requirements at your stage.
New immigrants must provide their income, assets, debts, and current employment information to get approval. After submitting this information, the bank or lender will evaluate the application. The application will be approved if they are qualified and rejected if they are not.
### 3\. Search for a Perfect House
It is time to search for your dream home. Your mortgage approval often determines the kind of house you will search for. As a newcomer, it is advisable to partner with an experienced real estate agent. Ask your neighbours and friends if they know any trustworthy realtor that can help you through the home buying process.
### 4\. Get Home Inspection Done
Home inspections help protect the buyer from any potentially serious and dangerous problems in the building. Therefore, it is paramount. But you will need to pay a fee to inspect the house. Your realtors or mortgage lenders can help you find a qualified home inspector if you don't have any. And yes, home inspection is very crucial part of the buying process. So, don't think of missing it out to save some money!
### 5\. Make an Offer
After inspecting the house, it is time to make an offer on the property. Making an offer in Canada requires putting down a deposit. However, this deposit is different from your down payment. The deposit shows the seller you are serious about buying the property. Your deposit will be added to your down payment when you close on the house. But it is non-refundable if you walk away.
### 6\. Sign the Papers
Buying and finalizing your house mortgage requires a lot of paperwork. You must first finalize your financing options and get your mortgage formally approved. These can be completed within a few weeks. Ask your realtor for help when navigating through the paperwork to ensure transparency. And here you are ready for getting the possession of your dream house on closing day!
Buying Home as a Newcomer to Canada
-----------------------------------
Canadian banks keep on updating their eligibility requirements with the newcomer mortgage program. So, you must be aware of the latest changes applicable. But, you will need to meet the basic criteria of [**home buying in Canada**](https://getnewhouse.ca/blog/renting-vs-buying-home-canada-better/) before fulfilling your housing dream.
Renting vs. Buying Home in Canada - Which is better?
Renting vs. Buying Home, is a common thought that comes to our mind. Moving to a new city or a country, you must be pondering what's the best option, rent or buy a house. And, the same stands true for the hot and happening real estate scenario in Canada. So, let's look for an answer to, **Is it better to rent or buy a home in the current Canadian market?**
Having your own home is still a dream for many Canadian residents. Purchasing a residence not only provides you with increased social standing, it also proves to be a good financial investment in the long run.
However, the annual cost of owning a residence is higher compared to a rented house. There is a very crucial aspect to be considered. Mortgage costs include both principal and interest, and the principal part can be viewed as a form of imposed saving. That's not it, there are so many factors to impact your decision.
**Canadian Real Estate Market: Current Market Trends**
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A previous study concluded that individuals who can afford a down payment should buy a house in Canada as they are more financially sound and capable of owning a home. The study showed that out of 90 percent, over 30 percent of owners were capable of providing a down payment.
Another survey indicated that out of 278 cases analyzed, about 250 of them have the overall cost of ownership lower than renting a house. All these analyses paint a single conclusion that buying a house is more beneficial than renting one.
Ah.... take a deep breath! Does this still hold true? Did you checkout the rising mortgage interest rates and the restrictions imposed by the Government to control the soaring housing prices in Canada? Will it cool down the real estate market? Or we are heading towards something different? No doubt, it will impact our purchasing power and reduce the mortgage eligibility, thereby putting tighter controls on the housing market.
**Renting vs. Buying Home**: Pros & Cons
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With so many different variables when buying a home, it is necessary to weigh all the positives and negatives properly:
### **Pros of Buying a Home**
Here are some pros of purchasing a home:
**1\. Better Wealth Creation**
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When you pay your monthly mortgage installments, you generate capital. With each passing installment, you get one step closer to owning the property completely and thus converting it into a personal asset. It is something you won't be able to achieve while living in a rented house.
**2\. A Sound Investment Decision**
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Since the population is rising at a breakneck speed, there will be a need for more space in the future. Thus owning a house is like sitting on a pile of gold. As it has been observed down the line that house prices always go up, owning a house can be beneficial to you in the long term. After all, Canada is the cherished destination of immigrants wishing to settle abroad. The Government is also trying to make housing affordable. May it be through expanding **[new construction projects](https://getnewhouse.ca/blog/is-new-construction-good-investment-property-ontario-canada/)** across cities or increasing supply to tackle the housing crisis.
**3\. Security**
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The best part about owning a house is paying a certain fixed amount as written in your mortgage agreement. However, there is no way to predict when the landlord will increase the rent in a rented space. Thus, buying a house seems to be a more secure investment.
### **Cons of Buying a Home**
Below are some cons of purchasing a house:
**1\. Big Deal with Huge Money**
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Owning a home can also prove to be difficult for some. The very first reason is when you purchase a home, you make a financial commitment. Buying a home involves a huge sum of money, may it be in the form of a down payment, closing cost, repair or renovation, etc.
Further, you cannot sell your property overnight or refuse to pay the mortgages. Although there are companies specifically to expedite the selling process if you want to sell the house, getting a home is only fruitful if you hold it for around 6-7 years.
**2\. Repair & Maintenance Cost**
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Sometimes getting a house can mean trouble for your wallet. If you live in a rented house, you won't be worried about upkeep costs as it will be the landlord's duty. However, living in your own house can be expensive as there are many maintenance-related costs for a new house.
**Pros of Renting a Home**
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Here are some pros of living in a rented home:
**1\. Easy on the pocket**
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Rent payments are typically lower than house payments and may encompass other expenses such as utility services, hydro, tv service, and internet. Though, it may not always hold true, since rents also sky-rocket in some parts of Canada.
**2\. Adaptability**
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Renting gives you the most versatility in the Airbnb era. Most leaseholds are for one year, but it is possible to negotiate a month-to-month contract. You could look for short-term renting through a home-lending webpage. If you have a sense of wonder or a fear of commitment, renting may be the best option.
**3\. Negligible Repair Costs**
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Living in a rented house can be cheaper than living in a newly bought house. Since you are paying rent, the landlord has all the responsibilities for making the required maintenance. It is not the case with buying a house.
**Cons of a Renting a Home**
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Here are some cons of living in a rented home:
### **1\. Not always a wise Investment Choice**
Renters miss out on building equity because they avoid having to take out a monthly payment and pay the bills for operating a house. Instead, your monthly lease payment is used to pay someone else's mortgage.
### 2\. **No Sense of Security**
The landlord may raise the rent following relevant laws. A rise in your rental payments may prompt you to begin packing.
Renting vs. Buying Home: Which is better?
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When talking about Renting vs. Buying a house, neither option is superior. There is no simple answer to this age-old question, and it will necessitate some soul-searching and number-crunching on your part.
Moreover, the [**rising mortgage interest rates**](https://getnewhouse.ca/blog/what-does-higher-interest-mean-for-housing-market-in-canada) have further widened the dilemma of Renting vs. Buying a Home.
What's best for you will be determined largely by your existing personal and financial scenario and your objectives and location. **Renting or Buying a House**, whichever decision you take, do consider the latest trends, analyze your pocket and then decide what you want. Feel free to discuss.