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How do Reverse Mortgages work in Canada?

A reverse mortgage is a financial product that is mainly to assist Canadian homebuyers with gaining equity in their homes. This type of mortgage is specially for Canadians aged 55 and over and offers them a single amount payment, regularly scheduled payments or a line of credit. Let's look more about the reverser mortgage and find out how actually it works in Canada.

Eligibility conditions:

To qualify for a reverse mortgage in Canada, a homeowner must meet the following criteria:

  • Must be 55 or more
  • Must have a home in Canada.
  • Must have a minimum amount of equity in their home.

How do reverse mortgages work in Canada?

A reverse mortgage works by allowing the homeowner to get a portion of the equity in the home without having to sell their home or make regularly scheduled payments. The lender offers the homeowner a one-time payment, a regularly scheduled payment, or a line of credit in exchange for a portion of the home equity. The lender takes a mortgage on the home, and when the homeowner dies, sells the home, or moves out, the loan must be repaid, along with any interest and fees that have accumulated.

Advantages of a reverse mortgage

A reverse mortgage offers several benefits to Canadian seniors, including:

  • Access to Cash: Homeowners can access their home equity without having to sell their home or make regularly scheduled payments.

  • No Regularly scheduled Payments: Homeowners don't have to pay regularly scheduled payments while living in the home.

  • Flexibility: In the event that you wish, the homeowner can get the cash as a single amount, regularly scheduled payment or credit limit.

  • Doesn't affect government benefits: Reverse mortgage reserves don't affect government benefits such as Old Age Security or Guaranteed Income Supplement.

Disadvantages of a reverse mortgage

While reverse mortgages have many advantages, they also have a few disadvantages, such as:

  • Reduced inheritance: The loan and accrued interest and expenses must be repaid when the homeowner kicks the bucket, sells the home or moves, hence reducing the legacy that can be passed on to the homeowner's beneficiaries.
  • **Interest **: Loan interest accumulates over time, which can increase the obligation when the loan is repaid.
  • Fees: Reverse mortgages have several expenses, including appraisal charges, legal expenses and mortgage insurance.

Reverse Mortgages in Canada

A reverse mortgage can be a valuable financial tool for Canadian seniors who want to develop equity in their homes. It offers an adaptable way to access cash without paying month to month charges, yet it also has a few disadvantages, such as decreased inheritance and interest accrual. So, with these disadvantages this becomes equally important to think before considering a reverse mortgage, it is also important to consider your financial situation, tentative arrangements and ability to repay the loan when it comes due. If you find it for you the definitely go for it else try other options.

Last Updated: 

2023-04-05

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20 Real Estate Terms in Canada - List for Canadian Home Buyers, Sellers & Agents

Are you ready to conquer the Canadian real estate market, but feeling a bit daunted by the abundance of jargon and complexities? Don't worry, you're not alone! The real estate industry can be a minefield to navigate, but with the right knowledge, you'll be able to understand the ins and outs of the market and make informed decisions. So, whether you're a first-time home buyer, a seasoned seller, or a budding real estate agent don't let the jargon hold you back- let's unlock the secrets of the Canadian real estate market with the ultimate 20 real estate terms that you need to navigate the minefield of the Canadian real estate market and come out victorious. ## 20 Real Estate Terms in Canada - A Comprehensive List Knowing real estate terms is key to being a pro in the Canadian market. It's not just for first-time buyers or sellers; it's also for sellers and real estate agents who work here but are unaware of these terms. Because understanding the lingo is what sets you up for success here. For this reason, we have words ranging in complexity from simple words to complex terms. ## **20 Basic Real Estate Terms & Concepts to Know** So buckle up and let's dive in deep into the real estate world. ### **1. Amortization**: The length of time it will take to pay off a mortgage, calculated by dividing the total mortgage amount by the annual mortgage payments. It is the period over which the loan is planned to be paid off, usually in a range of 15-30 years. ### **2. Appraisal**: An evaluation of a property's value by a professional appraiser. Appraisals help to determine the fair market value of a property, which is used to help set a fair price for the property. ### **3. Closing Costs**: The expenses associated with purchasing a property, such as legal fees, land transfer taxes, and home inspection fees. These costs can add up to thousands of dollars and are typically paid at the time of closing. ### **4. Conditional Offer**: An offer to purchase a property that is contingent upon certain conditions being met, such as the successful completion of a home inspection. It means that the offer is made on the condition that certain things happen, such as financing or home inspection. ### **5. Equity**: The difference between the market value of a property and the outstanding balance on the mortgage. It is the portion of the property that the owner fully owns, and it increases over time as the mortgage is paid down and the property increases in value. ### **6. Fixed-Rate Mortgage**: A mortgage with an [interest rate](https://getnewhouse.ca/blog/what-does-higher-interest-mean-for-housing-market-in-canada) that stays the same for the entire term of the loan. It means that the interest rate will not change for the duration of the loan, providing predictability and stability for the borrower. ### **7. Home Inspection**: A comprehensive examination of a property's condition by a professional home inspector. Home inspection is an important step in the home buying process, as it can help identify any potential issues or defects with the property. ### **8. Interest Rate**: The percentage at which the lender charges interest on a mortgage. It is the cost of borrowing money, and it can have a significant impact on the overall cost of the mortgage. ### **9. Land Transfer Tax**: A tax paid by the purchaser when a property is transferred from one owner to another. It is a government tax that is paid on the transfer of property ownership and varies by province. ### **10. Listing Agreement**: A contract between a property owner and a real estate agent that outlines the terms of the agency relationship. It outlines the services that the agent will provide, the length of the agreement, and the commission that will be paid to the agent. Also, know the truth behind a [home listed for 1$ in the [Canadian Housing Market](https://getnewhouse.ca/blog/what-it-means-when-home-listed-for-one-dollar-in-canada). ### **11. Mortgage Broker**: A professional who acts as an intermediary between borrowers and lenders to help them find the best mortgage product. They can help borrowers find the best mortgage rate and product that suits their needs. ### **12. Mortgage Pre-Approval**: A conditional commitment from a lender to provide a mortgage for a certain amount, subject to the buyer meeting certain conditions. It is a letter from a lender that states that you are pre-approved for a mortgage up to a certain amount, subject to certain conditions. ### **13. Multiple Listing Service (MLS)**: [MLS or Multiple Listing Service](https://getnewhouse.ca/article/what-is-mls-in-real-estate-canada) is a database of properties for sale by real estate agents. It is a system used by real estate agents to list properties for sale, and it is a valuable resource for buyers and sellers. ### **14. Power of Sale**: A legal process that allows a lender to sell a property in order to recover unpaid mortgage debt if the borrower defaults on the mortgage. It is a provision in the mortgage agreement that gives the lender the right to sell the property in case of default. ### **15. Property Condition Disclosure Statement**: A document that outlines any known issues or defects with a property. It is a statement provided by the seller that discloses any known issues or defects with the property. ### **16. Real Property Report (RPR)**: A legal document that shows the boundaries, dimensions, and location of a property, as well as any improvements or structures on the property. It is a detailed survey that shows the property's boundaries and any structures or improvements on the property. ### **17. Title Insurance**: Insurance that protects the buyer and the lender against any issues with the property's title or ownership. It protects against any hidden issues with the property's title, such as outstanding liens or encumbrances. ### **18. Underwriting**: The process of evaluating a mortgage application to determine whether to approve the loan and what terms to offer. It is the process used by lenders to evaluate a borrower's creditworthiness and ability to repay the loan. ### **19. Zoning**: Set of regulations established by local governments that determine how land can be used in a particular area, by dividing the municipality into different zones and regulating the development, density and allowed uses of the land. ### **20. Lease**: A lease is a legal agreement between a landlord and tenant outlining the terms and conditions of renting a property, including the rental amount, length of the lease and responsibilities of both parties. ## **20 Advanced Real Estate Terms & Concepts to Know** Now, let's get an idea on some of the advance terms used in the real estate industry. ## **1. ‘As Is’ clause** Let's learn about this real estate concept from both a seller's and a buyer's point of view. #### **For sellers** "As-Is" clause means property is sold in current condition, with no promises or guarantees from the seller. - It can be a quick and cost-effective option for sellers. - But, it also means that the buyer will have to take on any necessary repairs or renovations. - Legally required to disclose all issues with the property, including providing a detailed statement of condition, prepared by a professional, and based on an inspection. #### **For buyers** "As-Is" properties may come at a lower price, but they can also end up costing more if extensive repairs are needed. - It's crucial to do a thorough inspection of the property to reveal any potential issues. - Consider including a "subject to inspection" clause in the contract, which allows the buyer to back out if the inspection reveals more problems than initially disclosed by the seller. - Important to proceed with caution and have a solid team of professionals, including a real estate agent, home inspector, and attorney, to minimize the risk. For more details, refer [What does As-is clause mean in real estate?](https://getnewhouse.ca/article/what-does-as-is-where-clause-mean-real-estate-canada) ### **2. POA (Power of Attorney)** POA is a legal document that allows you to give authority to another trustworthy person(s) to manage your property or money on your behalf. - The person you appoint is called your attorney, and they do not have to be a lawyer. - It is required that a person be ‘mentally capable’ at the time of signing a POA for it to be valid. - Laws, requirements, and definitions of POA vary across provinces and territories in Canada. - Real Estate and POA In real estate, your attorney can manage buying or selling of real estate in your name, pay bills on your behalf, and even collect money owed to you, unless restricted to do so. Your attorney does not become the owner of your property, they can only manage it on your behalf. ### Types of POA - **General Power of attorney**: Allows your attorney to manage all or part of your finances and property only while you are mentally capable of managing your own affairs. Becomes invalid if you become mentally incapable. Can be limited to a particular task or time period. - **Continuing power of attorney**: Allows your attorney to continue managing your finances and property even if you become mentally incapable to do so. Can start immediately or come into effect when you become mentally incapable. ### **3. MLS (Multiple Listing Service)** MLS (Multiple Listing Service) is a database of properties for sale or rent, maintained by real estate agents and brokers. - It allows agents to share information about properties with other agents in their area, increasing the chances of a sale or lease. - MLS data is only available to real estate agents and brokers who are members of the service. - It includes detailed information about properties, including photographs, prices, and descriptions. - MLS can be a powerful tool for buyers, sellers, and real estate professionals to find and market properties. ### **4. CCIM (Certified commercial investment member)** CCIM (Certified Commercial Investment Member) is a professional designation for commercial real estate professionals. - It is awarded by the CCIM Institute after completing education and demonstrating experience. - Recognized as mark of expertise in commercial and investment real estate. - Only held by a select group of professionals. - CCIMs are trained to analyze investment opportunities. ### **5. CPM (Certified Property Manager)** CPM (Certified Property Manager) is a professional designation for property management professionals. - It is awarded by the Institute of Real Estate Management (IREM) after individuals complete a rigorous education curriculum and demonstrate their experience in property management. - The CPM designation is recognized as a mark of expertise in the property management industry. - Only held by a select group of professionals. - CPMs are trained to manage and maintain properties effectively and efficiently. ### **6. CMA (Comparative Market Analysis)** CMA (Comparative Market Analysis) is a report that compares a property to similar properties in the same area. - It is used to determine a property's estimated value, and to help with pricing decisions when buying or selling a property. - A CMA includes information about recent sales and current listings of similar properties. - It also includes information about market trends, such as average days on market and sale-to-list price ratios. - CMA is a helpful tool for both sellers and buyers to have a better understanding of the market and make informed decisions. ### **7. CRE (Commercial Real Estate)** CRE (Commercial Real Estate) refers to properties used for business or investment purposes. - It includes properties such as office buildings, retail centers, industrial warehouses, and multifamily apartments. - CRE transactions are generally more complex and involve more money compared to residential real estate transactions. - CRE professionals such as brokers, investors, and property managers have specialized knowledge and skills to navigate the market. - CRE can also include special purpose properties such as hotels, hospitals, and self-storage facilities. ### **8. CAC (Central Air-Conditioning)** CAC (Central Air-Conditioning) is a type of air conditioning system that cools a building or home by circulating chilled air through ductwork. - It typically uses a central unit, such as a furnace, to cool the air and distribute it throughout the building. - CAC systems are often more efficient and can cool larger areas compared to individual room air conditioners. - It can also improve air quality by filtering and circulating air throughout the building. - CAC systems require regular maintenance to ensure they are functioning properly and efficiently. ### **9. COI (Certificate of Insurance)** A Certificate of Insurance (COI) is a document that verifies that a specific insurance policy is in effect and provides details on the coverage provided. - COIs are typically issued by insurance companies or their agents and are used to provide proof of insurance to third parties, such as lenders or landlords. - COI includes: insured name, policy number, coverage type/limits, and insurance company/agent contact information. - Some COIs may also include additional information, such as endorsements or exclusions to the policy. - COIs are not the same as the insurance policy itself and do not provide all of the terms, conditions, and exclusions of the policy. ### **10. CMHC (Canada Mortgage and Housing Corporation)** Canada Mortgage and Housing Corporation (CMHC) is a Crown corporation of the Government of Canada. - Its primary function is to provide mortgage loan insurance to Canadian banks and other lending institutions. - This insurance helps protect lenders against losses if a borrower defaults on a mortgage loan. - CMHC also conducts research and provides information on housing markets and trends, as well as housing-related programs and services. - CMHC is funded by premiums paid by borrowers who take out mortgage loans that are insured by the corporation. ### **11. CMA (Comparative Market Analysis)** A [Comparative Market Analysis (CMA)](https://getnewhouse.ca/article/what-is-cma-in-real-estate-canada) is a report that compares a property to similar properties that have recently sold or are currently on the market. - It is used by real estate agents, appraisers, and homeowners to estimate the fair market value of a property. - A CMA typically includes information such as the property's location, size, condition, and features as well as information on comparable properties, including their sale prices and other relevant details. - It is based on recent sales data, it helps in determining the current market value of a property - It is used to set the price for a property that is for sale or to be appraised. - A CMA can also be used to evaluate the potential return on investment for a rental property or a fix and flip investment. ### **12. ARV (After Repair Value)** After Repair Value (ARV) is a term used in real estate investing to refer to the estimated market value of a property after any necessary repairs or renovations have been completed - It is used to determine the potential profitability of a fix-and-flip investment or the maximum purchase price for a property being considered for a rental or rehab project. - ARV is calculated by taking the estimated market value of a property in its current condition, subtracting the cost of repairs and renovations, and then adding any potential value-adds such as an addition or a finished basement. - It is an estimate of the potential of the property in the future after the repairs are done - It helps in determining the maximum amount to be spent on the renovation and property purchase, so it doesn't exceed the potential value of the property after renovation. ### **13. LTV (Loan to Value)** Loan-to-value (LTV) is a ratio used in the mortgage industry to indicate the size of a loan compared to the value of the property being used as collateral. - It is calculated by dividing the loan amount by the value of the property. - It is used by lenders to determine the risk of a loan and the creditworthiness of a borrower. - A higher LTV ratio indicates a higher risk to the lender, as the borrower has less equity in the property. - LTV is used to determine the minimum down payment, interest rate, and maximum loan amount - Lenders usually have different LTV ratios for different types of properties and loans. - A high LTV ratio may require a higher interest rate or mortgage insurance. ### **14. Cap Rate** The Capitalization Rate, or Cap Rate, is a measure used in real estate investing to indicate the rate of return on a property based on its income and purchase price. - It is calculated by dividing the property's net operating income by its current market value or purchase price. - Cap Rate is a metric used to compare the potential returns of different properties. - A higher cap rate indicates a higher return on investment, and a lower cap rate indicates a lower return. - Cap rate is used to evaluate the performance of a property and its potential as an investment. - Cap rate can be used to compare the yields of different properties and areas, even though it is a ratio, it does not take into account the cost of debt. ### **15. GDS (Gross Debt Service)** Gross Debt Service (GDS) ratio is a measure used by mortgage lenders to determine a borrower's ability to afford the mortgage payments on a property. - It is calculated by dividing the total mortgage payments, including principal, interest, property taxes, and heating costs, by the borrower's gross income. - GDS is one of the two ratios used to qualify borrowers, the other being TDS (Total Debt Service). - It is used to evaluate the borrower's ability to meet the housing cost, it is usually expressed as a percentage. - Lenders usually have a maximum GDS ratio, typically between 31% and 39% - A high GDS ratio may indicate that a borrower is over-extended and may have difficulty making mortgage payments. - A low GDS ratio may indicate that a borrower has a lower risk of defaulting on the loan. ### **16. TDS (Total Debt Service)** Total Debt Service (TDS) ratio is a measure used by mortgage lenders to determine a borrower's overall ability to afford the mortgage payments on a property, as well as their other debts and expenses. - It is calculated by dividing the total monthly debt payments, including mortgage payments, credit card payments, car loans, and any other debts, by the borrower's gross income. - TDS is one of the two ratios used to qualify borrowers, the other being GDS (Gross Debt Service). - Lenders usually have a maximum TDS ratio, typically between 42% and 44% - A high TDS ratio may indicate that a borrower is over-extended and may have difficulty making mortgage payments and other debts. - A low TDS ratio may indicate that a borrower has a lower risk of defaulting on the loan and other debts. ### **17. JT (Joint Tenancy)** Joint Tenancy is a type of co-ownership of property where two or more individuals own the property together. - Each owner holds an equal and undivided interest in the property. - Joint tenants have the right of survivorship, meaning that if one of the owners passes away, their interest in the property passes automatically to the remaining owners. - In a joint tenancy, all parties have equal rights and responsibilities on the property - Each joint tenant has the right to use the entire property. - All the parties need to agree to sell the property or make any changes to it. - In case of death, the share of the deceased tenant automatically goes to the surviving tenant/s. ### **18. TIC (Tenancy in Common)** Tenancy in Common (TIC) is a type of co-ownership of property where two or more individuals own the property together, but each has a distinct and separate share of the property. - No right of survivorship, meaning if one owner dies, their share does not automatically pass to the remaining owners. - Allows multiple parties to invest in real estate together or pass assets onto beneficiaries. - Each tenant owns a specific percentage of the property and can sell or dispose of their share. - Tenants have right to use entire property, but cannot sell or make changes without agreement of other tenants. - In case of death, share is passed on according to will or testamentary disposition, not automatically to surviving tenants. - Different from Joint Tenancy which has equal shares and right of survivorship. ### **19. Lien** - A lien is a legal claim on a property that gives a lender or other creditor the right to seize the property if the borrower or property owner fails to fulfill their obligation. - Liens can be placed on property for unpaid debts, taxes, or other financial obligations. - Liens can be either voluntary, such as a mortgage, or involuntary, such as a judgment lien. - Liens are recorded in the public records, this means that they are visible to anyone who searches. the records. - When the property is sold, the lien must be paid off before the sale can be completed. - If the lien is not paid off the property may be foreclosed or seized by the creditor. ### **20. Ontario Agreement of Purchase and Sale** The Agreement of Purchase and Sale (APS) is a legally binding contract between a buyer and a seller for the purchase of a property in the province of Ontario, Canada. - Outlines terms and conditions including purchase price, closing date, and contingencies. - Prepared by a real estate agent or lawyer, reviewed and signed by both parties, and a copy provided to each. - Includes schedule of chattels and fixtures, closing date, and contingencies, if any. - Legally binding contract, both parties have legal obligations and rights related to the sale. - Buyer typically pays deposit held in trust until closing. - Starting point for completion of sale transaction and ownership transfer. ## Knowing the Canadian Real Estate Concepts The understanding of the real estate terms specific to Canada is essential for home buyers, sellers and agents in order to navigate the market and make informed decisions. Being familiar with terms such as CMHC, ARV, LTV, Cap Rate, GDS, TDS, JT, TIC, CMA, APS, and others, can help you understand the mortgage process, evaluate properties, and negotiate the terms of a sale. Whether you're a [first-time home buyer](https://getnewhouse.ca/blog/renting-vs-buying-home-canada-better), an experienced investor, or a real estate agent, having a solid understanding of these terms will help you make the most of the Canadian real estate market. Did we miss any important term here? Do you wish to include any other interesting concept on real estate in Canada, do comment and share your views.

What is HELOC in Canada?

Owning a home is a dream for many Canadians because it provides a feeling of stability and security that is hard to find in the rental market. However, that dream is difficult to turn into a reality because owning a home entails a slew of financial obligations, including managing home equity. That's where a HELOC comes in. A HELOC, or Home Equity Line of Credit, is a tool that many Canadians use to leverage their home equity. In fact, according to a new report, more than 30 percent of Canadian homeowners have a HELOC. Now you might be wondering what exactly is a HELOC and how can it be used to benefit homeowners? So, let's understand! ## What is a HELOC in Canada? A **Home Equity Line of Credit**, also known as a HELOC, is a sort of attached revolving line of credit that allows homeowners to borrow against their home equity. If you are familiar with the term equity, then it is the difference between the value of the home and the mortgage. And that equity fills in the property as the homeowner pays off their mortgage. A HELOC allows homeowners to use a portion of their home equity as a line of credit. The amount of available credit is determined by the creditworthiness and obligation of the borrower, as well as the equity of the home. The borrower can borrow as much as required and pay interest only on the amount used. ## How does a HELOC work? A HELOC is similar to a credit card in that it is a revolving line of credit. On the off chance that it is necessary, the borrower can get a loan up to the predetermined credit limit. The borrower pays interest only on the used credit amount. Suppose a homeowner has a HELOC with a credit limit of $50,000. In the event that they use $10,000 of the loan to finance a home renovation, he will be charged interest on the $10,000 until it is repaid. If necessary, the borrower can get the remaining $40,000 in credit. It typically have variable interest rates, and that means they can change based on market conditions. But, there are some lenders that offer fixed-rate HELOCs, which can stabilize a borrower's monthly payment. ## What can a HELOC be used for? HELOC can be used for many purposes. Many homeowners use it to finance home renovation projects because HELOC often have lower interest rates than other, more unstable loans. This can also be used to consolidate high-interest debt, such as credit card debt or personal loans. A few homeowners also use HELOC to finance education costs, pay for weddings or other large occasions, or cover surprising expenses. However, it's important to note that using a HELOC to finance non-essential expenses can be risky, as it can increase the borrower's overall debt load and potentially put their home at risk if they are unable to repay the debt.

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? --------------------------------------------------------------- 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.

5 Best Handyman Services Apps in Canada 2023

Are you tired of dealing with the stress and frustration of finding reliable handyman services for your home repairs? Look no further! The top 5 best handyman services apps in Canada are here to revolutionize your approach to home repairs and renovations. With just a tap, professional and efficient handymen are readily available to tackle any task, making home repairs a seamless reality. It's time to upgrade your home repair game and basket in the glory of a job well done, every time. Say farewell to frustration and hello to a new era of convenience. So, don't wait any longer, explore the top 5 best handyman services apps in Canada here! ## How do on-demand Handyman Apps work? On-demand handyman apps work by connecting customers with local, qualified handymen for home repair and improvement services. Customers can use the app to browse a list of services offered, choose the desired service, select a date and time for the appointment, and pay for the service directly through the app. Handymen use the app to receive job requests and communicate with customers. The app typically verifies the handyman's qualifications, insurance, and background information to ensure a safe and high-quality service experience. With the convenience of on-demand apps, customers can easily find and book reliable handymen for their home repair needs. ## 5 Best Handyman Services Apps in Canada In Canada, there are a number of handyman services apps available, offering a convenient and efficient way to connect with skilled tradespeople in your area. Here are five of the best handyman services apps in Canada: ## 1. TaskRabbit TaskRabbit is a platform that connects you with local tradespeople for various home services, including handyman services. The app makes it easy to find and book a handyman for your home repairs and maintenance needs. Here are some key features of TaskRabbit: **Wide range of home repair and maintenance services**: TaskRabbit offers a wide range of home services, including handyman services, furniture assembly, cleaning, and more. **Online payment system:** TaskRabbit has an online payment system that allows you to pay for the services you receive through the app, making the process convenient and secure. **Customer reviews and ratings:** TaskRabbit allows customers to leave reviews and ratings for the tradespeople they hire, giving you a better idea of the quality of work you can expect. **In-app messaging:** You can communicate with the handyman directly through the app, making it easy to ask questions and get the information you need. **Guaranteed work quality:** TaskRabbit offers a guarantee on the quality of work provided by its tradespeople, giving you peace of mind when booking a handyman through the app. **Easy booking process:** TaskRabbit makes it easy to book a handyman, with just a few taps on the app. ## 2. [Urban Tasker](https://urbantasker.com/) Urban Tasker is a fast-growing and emerging home services platform that allows you to find local and trusted help for your day to day tasks and home projects. With Urban Tasker, you can book services for tasks such as assembling furniture, electrical fittings, plumbing, cleaning, lawn care, moving, other handyman services, and much more. Here are some of the key features and benefits of using : **Local and trusted help:** Urban Tasker only works with local and trusted professionals, so you can feel confident that you're getting the best quality of service. **Quality assurance:** This online platform is dedicated to ensuring that you're completely satisfied with your service. They offer a quality assurance guarantee to give you peace of mind. **Get An Instant Quote Estimation:** With the price estimation tool, you can get an instant quote for the task you need done, making it easy to budget and plan for the services you need. Moreover, you can compare different quotes and select the best one that fits in your budget. ## 3. Handy Handy is a home services platform that connects customers with skilled and vetted tradespeople for various home services, including handyman services. With Handy, you can book a handyman with just a few taps on the app, making it easy to get your home repairs and maintenance tasks done quickly and efficiently. Here are some of the key features offered by Handy: **Top-rated professionals:** Handy professionals are experienced, friendly, background-checked, and insured. You can be confident that you are hiring a skilled and trustworthy tradesperson for your home services. **Next-day availability:** Appointments are available 7 days a week, making it easy to book a handyman when you need one. **Handy Happiness Guarantee:** Handy is dedicated to customer satisfaction, and if you're not happy with the services you receive, the company will work to make it right. **24/7 customer service:** Handy offers 24/7 customer service, so you can get help and support whenever you need it. **Wide range of services:** Handy professionals provide a variety of home services, including home cleaning, office cleaning, handyman services, plumbing services, and electrical services. **Easy booking and payment process:** You can book a handyman through the app and pay for the services you receive securely and conveniently. **In-app messaging and booking management:** You can communicate with the handyman directly through the app and manage your bookings on the go. ## 4. Jiffy Jiffy is also a home services platform that provides a convenient way to book quick and small jobs around the house. With Jiffy, you can get access to vetted and insured professionals for various home services, including handyman services, cleaning, and home renovations. Jiffy is currently available in Toronto, Ottawa making it easy to find the help you need no matter where you are. Here are some of the key features and benefits of using Jiffy On Demand: **Reliable professionals:** Jiffy only works with experienced, insured, and reliable professionals to ensure the best quality of service. **Wide range of services:** Jiffy offers a variety of services, including handyman services, cleaning, home renovations, and more. You can easily find the right professional for your project. **Affordable pricing:** Jiffy also offers competitive pricing on all of its services, so you can get the help you need without overspending. **Easy booking process:** You can book services through the Jiffy On Demand app or website, making it quick and convenient to get the help you need. **Instant quotes:** Get instant quotes on all services, so you can compare prices and make an informed decision. ## 5. Mr. Handyman Mr. Handyman is a well-known handyman service in Canada that offers a wide range of home repair and maintenance services. The Mr. Handyman app makes it easy to book a handyman for your home repairs, and the company's reputation for quality and reliability makes it a popular option for those in need of a handyman. Mr Handyman is part of the Neighborly family of home services companies. In addition to painting, they offer a range of home maintenance and repair solutions. You can easily access their services through their website or by downloading the Neighborly - Local Home Repair app, available on both Google Play Store and the App Store. The app has received high ratings, with an average of 4.1 stars on the Play Store and 4.9 stars on the App Store. Some of the benefits of using Mr. Handyman services include: **Experienced professionals**: Mr. Handyman's technicians are experienced, skilled, and knowledgeable in all aspects of home repair and improvement. **Wide range of services:** Mr. Handyman offers a comprehensive range of services, including home repairs, renovations, and installations. **Quality workmanship:** Mr. Handyman guarantees quality workmanship and a commitment to customer satisfaction. **Convenient scheduling:** Mr. Handyman offers flexible scheduling to meet the needs of their customers. **Customer-focused service:** Mr. Handyman is dedicated to providing excellent customer service and ensuring customer satisfaction. You may also like to explore [Best Cities to Live in Ontario, Canada](https://getnewhouse.ca/blog/top-10-best-cities-to-live-in-ontario-canada) ## Handyman Services Apps Canada On demand handyman apps provide a convenient and efficient solution for Canadians looking to tackle home maintenance and repair tasks. From basic home cleaning to more complex projects, these apps connect customers with fully vetted and insured pros in just a few taps. Additionally, customers can also avail these services through the websites of these companies, offering a comprehensive solution for all home maintenance needs.

What are the new Canadian HELOC rules?

For many Canadians, owning a home is the best investment because it offers an array of benefits. Although there are many advantages to homeownership, one of the most significant is the ability to borrow against home equity. I know many of you are aware of this or may have already taken advantage of it, but due to new regulations drafted by banking regulators, this benefit is changing. Homeowners will have less access to their equity, and the underwriting requirements will be tightened. Here's everything you need to know about the new Canadian HELOC rules. ## New HELOC Rules: What You Need to Know The new regulations that will be enforced late 2023 will limit the amount that property owners can tap into their home equity, primarily targeting combined loans. **Homeowners can currently borrow up to 80% of the loan's value, but the new regulations lower it by 15%, making them repay some of the principal after exceeding the new threshold of 65%**. ## New Bank Requirements: How They Will Affect Borrowers Banks are also changing their rules, now taking an individual's credit limit into consideration regardless of how much they have borrowed. These additional financial factors mean that some borrowers may no longer qualify for a HELOC. ## Why Are These Changes Being Implemented? The new rules are being put in place to protect the housing market during a vulnerable time and ensure federally regulated financial systems are prepared for economic risk or shocks. Don't think these changes have come out of nowhere, as OSFI has been reviewing HELOCs for a time because of their potential risks. One of the major implications is that borrowers who are struggling to pay off their debts could utilize these loans, which could create a "**robbing Peter pays Paul**" scenario, in which the HELOC becomes the primary source of financing. Additionally, HELOCs typically have interest-only payments, which can create a risk that the principal won't be repaid over time. To eliminate these risks, **the new guidelines require an equity of at least 35% in mortgage revaluations, up from the current 20% requirement**. This means that now borrowers must have more equity in their homes to qualify for these kinds of loans. While this change may assist with reducing the risks associated with HELOCs, a few specialists say the risks are not as significant as certain regulators believe. ## Canada's new HELOC rules The change in mortgage lending rules requires lenders and borrowers to meet their loan obligations; it simply means that now it has become more difficult to get qualified for a HELOC. Borrowers may never again utilize HELOCs, regardless of whether they were valid before. Consolidated credit can assist homeowners who want to take advantage of a HELOC before it's too late. So, it is important to be aware of the changes and conditions of the new Canadian HELOC rules and then take the proper decision

How to buy vacant land with no money down in Canada?

Many people harbor the fantasy of becoming homeowners. True home ownership involves starting from scratch, not just buying an existing house and making modifications over time. So, if you are living in Canada and want to build your dream home, the first step in building a home or any other kind of structure in Canada is to purchase land. The best option is to purchase vacant land because it is typically less expensive than properties with buildings already in place, though this can still be quite expensive. However, the high down payment of between 35% and 50% required for vacant land necessitates significant savings. So today we will see how to buy vacant land with no money down in Canada. ## How to buy vacant land with no money down in Canada? Vacant land typically requires a significant down payment of 30% to 50%. This is due to the fact that lending money on vacant land is riskier than lending money on a house, where you could lose your home if you default on your mortgage payments. ## Buying A Vacant Land with No Down Payment in Reserve But here are the ways by which you can buy vacant land with no or a little money down in Canada- **1. Home equity loan** A home equity loan is a loan that you can get using the equity in a house as collateral. Home equity loans are a type of consumer debt that are also referred to as equity loans and second mortgages. It is available against both residential and non-residential property and can be used for any purpose. Therefore, you can borrow a loan amount equal to the current market value of your home and use that amount to purchase vacant land through fixed rate loans or Home Equity Lines of Credit (HELOC). **2. Personal loans** In case the price of the vacant land you are buying is lower or if you simply need a little extra money on top of your savings to complete the purchase, you can also take out a personal loan and use it to buy your land without having to put down a sizable down payment. **3. Seller financing** Seller financing, also known as owner financing, is when the seller of the land also acts as a lender. Since the terms of seller financing are flexible, you can haggle with the seller to lower your money down for buying vacant land. **4. Private lenders** You can also get a loan from a private lender since they don't ask for a down payment, but these loans are typically for a shorter time and may have high interest rates. ## Buy vacant land with no money down in Canada A sizeable down payment of between 35% and 50% will be required if you want to obtain financing for vacant land. However, there are various [land loan options](https://getnewhouse.ca/blog/land-loan-options-in-canada-best), including personal loans and home equity loans, that can be used in Canada to purchase vacant land with no or little down payment.

What are disadvantages of Home Equity Line of Credit or HELOC in Canada?

Are you a Canadian homeowner and thinking to use Home Equity Line of Credit (HELOC) to finance the home renovations or other expenses? Yes, a HELOC can be a valuable tool for accessing the equity in your home, but, have you really considered the potential drawbacks before making this decision? Do you really know that HELOC comes with the risk of overborrowing to the possibility of losing your home? If yes and you understood properly the you go for it, if not the nothing to fear about. Because today, we'll explore the most significant drawbacks of HELOCs in Canada and what you can do to mitigate them. ## What are disadvantages of Home Equity Line of Credit or HELOC in Canada? **1. Variable Interest Rates** One of the biggest disadvantages of a HELOC is the variable interest rate that often accompanies it. While the interest rate on a HELOC can be lower than other types of loans or credit, it can also fluctuate based on the Bank of Canada's prime lending rate. This means that your monthly payments can vary and become unpredictable, making it difficult to budget and plan for future expenses. **2. High Costs** HELOC often come with high upfront fees, including appraisal, legal, and processing fees. Homeowners also need to pay for ongoing maintenance costs such as property insurance, property taxes, and any necessary repairs. Additionally, if you decide to pay off your HELOC early, there may be prepayment penalties that can add to the overall cost. **3. Risk of Losing Your Home** Risk of losing your home means that when you take out a HELOC, your home is used as security for the loan. This means that if you don't make your monthly payments or default on the loan, your lender can take ownership of your home. Although the chances of this is not very high but, it's still important to think about the potential risks before getting a HELOC. You need to be aware that if you're unable to pay back the loan, you could end up losing your home also. **4. Temptation to Overspend** HELOC is a flexible way to borrow money for different expenses, like home renovations or vacations. But you know, this flexibility can also be a great problem because it can be tempting to spend more than you can afford and can push you in debt. I So, it's very important to remember that a HELOC is not free money, and you should only use it for things you really need and once you have money then pay off the balance as soon as possible so you don't accumulate too much debt. **5. Fluctuating Housing Market** The housing market in Canada is unpredictable, and fluctuating home prices can impact the value of your home equity. And this is directly proportionate to your chances of borrowing, i.e., if the value of your home decreases, then your available credit will also decrease, and this will affect your borrowing options. **6. Limited Availability** You should remember that not all Canadians are eligible for HELOC. This is because lenders require you to have at least 20% equity in your home. This means that you have to own a significant portion of your home before you can borrow against it. And also, if you have a low credit score or a high amount of debt compared to your income, then again you may suffer in the eligibility criteria. ## Home Equity Line of Credit or HELOC in Canada   If you understand the risks and use the credit responsibly, a HELOC can be a flexible and valuable tool for accessing your home equity. Just remember that it's not free money, and you should only borrow what you need and pay back the balance as soon as possible. 

Why is Immigration good for Canada?

Are you planning to immigrate to Canada? Great News! But, have you ever analyzed, **Why is Immigration good for Canada?** Let's understand why Canada welcomes more people and why it will keep doing so in the coming years. Immigration to Canada --------------------- **Immigration to Canada** has increased since the anti-immigration scandals and policies in the United States. Many immigrants are now choosing Canada as a place to start a new life. These have put the country on the world stage as an alternative place to live their dreams. Canada has always been a country that welcomes immigrants. But the United States' recent approach to immigration has led more immigrants to turn to Canada as an alternative. Why Immigration is good for Canadian Economy? --------------------------------------------- Read on as we explain why immigrants are beneficial to Canada's economy. 1\. Boost the Canadian Economy ------------------------------ The number of people working and paying taxes in every country is often the strength of its economy. Immigrants fill gaps in the labour force, pay taxes, and spend money on goods, housing, and transportation. The money helps in funding the country's public services. Canada needs qualified people to fill in various vacancies across its different provinces. Professionals or investors, whoever comes will be boosting the Canadian economy in one way or the other. 2\. Meet Labour Market Needs ---------------------------- Canada’s labour force has continued to grow every year due to immigrants. If it weren’t for immigrants, employers would have trouble finding enough qualified workers to fill available jobs. This is because Canadians are living longer and having fewer children. More people are also retiring, and there are fewer students in schools. These have limited the Canadian-born potential workers. Moreover, there has been an acute shortage of staff in a number of fields. So, the immigrants coming to Canada will help reduce this gap. 3\. Improve Health and Social services -------------------------------------- Many immigrants in Canada are young and economically active. They contribute more than they receive in benefits over their lifetime. According to reports, more than 335,000 immigrants work in health-related occupations. 20% of people as sports coaches in Canada are immigrants. One-third of people working in scientific research and development services are non-Canadians. Further, immigrant doctors, nurses, other staff, etc. can contribute in improving the stressed healthcare system in the country. However, this is possible after attaining the necessary qualification and experience. 4\. Sustain Canada's Education System ------------------------------------- International students contribute more than $21 billion to the Canadian economy every year. These include student spending and tuition. This is more than Canada’s exports of auto parts and lumber. International education is also an important pillar of Canada’s long-term competitiveness. More than 20% of all students enrolled in maths, computer, and information sciences programs are non-Canadians. Also, 15% of students enrolled in architecture, engineering, and related programs are international students. These expose Canadians to new cultures and ideas. It also stimulates innovation and develops cross-cultural competencies in the country. And, a number of these students stay on work permits or become Permanent Residents and then citizens. So, gradually they become a crucial part of the country's growth. 5\. Improve Trade Ties ---------------------- Many immigrants in Canada are entrepreneurial. They create jobs for Canadians and non-Canadians in all sectors of the country. These include construction, health care, retail trades, professional services, and many more. Immigrants have a desire to import goods from their home countries. They also export more because of their networks in their home countries. These broaden the variety of imports to export Canada, improving trade ties. Why Immigration is important for Canada? ---------------------------------------- Talking specifically, immigration is essential for the progress of a developed country like Canada. Here are the reasons to justify it. 1\. Support Ageing Population ----------------------------- The Canadian government uses the income tax paid by people working in Canada to support retired Canadians. Immigrants working in Canada have helped keep the economy growing and maintain its commitments to retired workers. Without immigrants, younger Canadians would pay more income tax per person. According to reports, 80% of working immigrants are under 45 years. This means they will have plenty of working years. These will also sustain the ageing Canadians 2\. Adjust to Canadian Society ------------------------------ The earnings of immigrants often match those of an average Canadian after a few years. These give them a sense of belonging. Some economic immigrants also catch up much more quickly within their first year. These make them more active in Canadian society, and many of them are members of social organizations. 3\. Real Estate Investment in Canada ------------------------------------ The great thing about investing in real estate in Canada is that it has no shortage of options. You can buy the property and manage it yourself. You can also take a hands-off approach and invest in a fund. Ultimately, you will find a method that fits your budget and schedule. Let’s look at the common ways to invest in real estate to know which ones might be best for you. ### Buy a House When you [**buy a home as new immigrant**](https://getnewhouse.ca/blog/can-new-immigrant-buy-house-in-canada/), you are putting your money in a long-term investment called _equity_. As your home increases in value, your equity increases. Also, you get a tax exemption for capital gain if you live there for most of the year. ### Buy Commercial Properties Investing in commercial property means buying and renting out space where people will work. Commercial property includes malls, shopping centres, industrial complexes, grocery stores, and offices. But it requires a large upfront investment. ### **Rent out Residential Properties** Becoming a landlord is not a bad idea as more Canadians are renting for long periods. As a property investor, you could rent out single-family homes, condos, apartments, duplexes, or even townhouses. These produce extra cash flow, and you could also benefit from the long-term appreciation of your property. **Real estate investment** could be a smart choice as an immigrant in Canada. You can also diversify your investments and create a solid stream of income till your retirement. You may also like to explore [**Best Place in Canada for Indian Immigrants**](https://getnewhouse.ca/blog/which-is-the-best-place-to-live-in-canada-for-indian-immigrants) Immigration in Canada --------------------- To conclude, we can say that immigrants contribute immensely to the Canadian economy. Not only do immigrants to Canada fill in the labour shortage gaps, but play a vital role in the country's progress.

What it means when a home is listed for 1$ in Canada?

Have you ever seen a house listed in Canada with a price tag of just $1? Yes, you read that right - just one dollar! I am sure at that time, you must be wondering like whether it's some kind of joke or there is actually something wrong with the property. But let me tell you that, if you are into real estate or know something about it then it's not a new thing for you to see homes being listed for lower prices than their actual price. But a property listed at $1 is something that is really hard to believe, isn't? Don't worry! Even if you still not aware of this then today you are going to find out the meaning behind a home listed for $1 in Canada. Navigate through some points that buyers should be aware of before making an offer for such properties. So, why are you still waiting? Head on to know it! ## Why Homes Aren't Actually Listed for $1 in Canada? First of all, it's important for you to understand that a home listed for $1 in Canada is not actually legal. The Canadian Real Estate Association (CREA) has strict rules and regulations that made it very clear that properties should be listed at their fair market value. And that value is determined by comparing the property to other similar homes in the area that have recently sold. Therefore, a home cannot be listed for significantly less than its fair market value. So, why do we see homes listed for $1 in Canada? The answer simply lies in the marketing tactics. By listing a home for a very low price, sellers and their agents try generate interest and excitement around the property. In the hope of attracting more potential buyers towards the property. ## The Marketing Strategy Behind $1 Listings Now you understood that it's a marketing gimmick but how does it works let's understand. The promotional strategy behind $1 home listings is actually quite simple. When a seller lists their home or any property for $1, it immediately catches the eye of potential buyers. And it generates a buzz and excitement among them, making the property seem like a once-in-a-lifetime opportunity and they immediately rush to it. The seller and their agent hope that this will attract a large number of potential buyers to the property and that's what it actually does. It drives up competition and ultimately leading to a higher selling price. The tactic has been used successfully in the past, with some properties even selling for millions of dollars despite being initially listed for just $1. There are many such examples like 60 West 1st Street, Hamilton (sold for over $800,000) , 1801 – 215 Queen Street East, Brampton (sold under $400,000) and many more such examples are there. But the point here is, you must remember that these cases are the exception rather than the rule. More often than not, a home listed for $1 will sell for much more than the initial listing price, but still less than its fair market value. ## Risks and Drawbacks of Purchasing a $1 Listed Home Now, let's see what are the risks that are hidden behind the tag $1. While $1 home listings may seem like a steal, buyers should be aware of the potential risks and drawbacks that comes with this. These properties may have significant issues or require major renovations, which could end up costing the buyer much more in the long run. Additionally, the competition for these properties can be fierce, leading to a bidding war and driving up the price beyond what the buyer is willing to pay. ## What to Consider Before Purchasing a $1 Listed Home? If you're considering purchasing a home listed for $1, then it's utmost important to do your homework properly. Before you jump into purchasing a home listed at a dollar, it's crucial to research the property thoroughly, you can talk to the local sellers or visit the property and try to assess any potential issues or renovation needs. It's also a good idea to work with an experienced and trusted real estate agent so that he can guide you through the negotiation and bidding process. But, always keep in mind that the final selling price of the home will likely be much higher than the initial $1 listing price. Another significant thing to consider here is the costs like closing costs, property taxes, and maintenance costs that came up with purchasing a home. These costs can add up quickly and can increase the real home buying price. So it's important to have a proper understanding of the financial commitment involved before making any offer. You may also like to learn about **[Home Inspection Tips - Red Flags to Look for!](https://getnewhouse.ca/blog/home-inspection-tips-first-time-homebuyers-red-flags-to-look-for)** ## What it means when a home listed for 1$ in Canada? A home listed for $1 in Canada is most likely a marketing strategy in order to generate interest in the property. One might ponder, is there some issue with the property or home that made it to list on $1 tag? Whatever the reason may be, as a buyers you should should be aware that the actual selling price will be determined through negotiation or a bidding process. There may be risks and drawbacks to purchasing a property initially listed for a very low price. Don't forget to do thorough research, work with a trusted real estate agent, and carefully analyze all factors before making a decision. So, the next time you come across a 1$ listed home in Canada, act smart and think about the idea and purpose behind such a listing.

Which is The Best Place to Live in Canada for Indian Immigrants?

Are you planning to move to Canada? But wondering, **Which is the best place to live in Canada for Indian immigrants?** Here we present an exclusive list of some of the **popular 6 cities for immigrants to live and settle down**. No doubt, Canada has been home to the largest population of **Indian immigrants**. Indians even have their street, specific market where you can buy any Hindi, Punjabi, Gujarati, etc. items and foods. Their language and traditions are now making grand within the communities. In fact, some places in Canada, don't let you feel home sick at all. You can follow your beliefs and culture, celebrate and enjoy like you would have done back in India. For those who are still contemplating which cities to immigrate to within Canada. Here are the most popular cities for Indian immigrants with their skilled and economic resources. Best 6 Cites to Live in Canada for Indian Immigrants ---------------------------------------------------- So, let's catch up with the details on the top cities for Indian immigrants wishing to move to Canada. 1\. Toronto ----------- The capital of the Canadian province of Ontario. The most populous city in Canada and the fourth in North America. This is the most popular city for Indian immigrants and over 40% lives there. Because of the plethora of job opportunities available in different sectors like technology, telecommunication, security, financial sector, and healthcare. Also home acquired skills jobs are in high demand like a cleaner, residential cook and more. 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), that also make it a busy tourist destination. The immaculate public transit system makes it easier for people, especially students to travel around the city and experience its beauty. That includes clubs, malls, cinemas, museums, and historical places. Remember, Toronto is quite an expensive city. It could really pinch your pocket especially as a new immigrant from India. But don't worry, If you can't afford it here, you can have a look at the [**10 Best Toronto Suburbs for Families to Live & Grow**](https://getnewhouse.ca/blog/10-best-toronto-suburbs-for-families-to-live-and-grow). 2\. Vancouver ------------- It is the most populous city in British Columbia, located on the pacific coast in western Canada. It is known for its beautiful nature, art scenery, and different thriving location for filming. The excellent standard of their universities makes the city have numerous international student immigrants. In terms of housing affordability is one of the most expensive cities in Canada and the world but is the most livable city. For an immigrant that loves to work in service industries, this city is the best option because it's their top tie. Others include construction, tourism, high technology, entertainment, manufacturing, mining, fishery & aquaculture, and forestry. Temperature degrees won't be the least of your worry because it is moderate compared to other cities. You may also like to learn about [**Top 10 Real Estate Companies in Canada**](https://getnewhouse.ca/blog/top-real-estate-companies-in-canada-largest/). 3\. Calgary ----------- Looking from the outside, Calgary might feel like an unusual destination for Indian immigrants whereas thousands of Indian workers and students live there. It is the largest city in Alberta province and the third-largest city in Canada. In terms of the economy, Calgary thrives in the energy sector and ability switch to a green energy source to meet its energy consumption needs. Other prosperous industries include mining, engineers, mechanical, entrepreneurs, technicians, health, financial service, and tourism.  Calgary tends to receive a lot of snow in winter, which makes it more attractive for Indian immigrants who are not seen or used to snow. Living standard cost is pretty lesser compare to Vancouver and Toronto. 4\. Halifax ----------- Halifax is the capital province of Nova Scotia and is the largest municipality in its province and Atlantic Canada. Its port is one of the best harbors worldwide and significant in the Atlantic ocean. Halifax is a major cultural center within its province and a home to many region's major cultural attractions. Such as art galleries, theatres, and museums. It also hosts several festivals. It is easier for Indian immigrants to get a permanent residency in this province. By using Halifax- Provincial program or the Atlantic Immigration Pilot Program. For immigrants who prefer a place away from hustle and bustle of city life, Halifax is the best option. The temperature is not as harsh compared to other cities in Canada. 5\. Montreal ------------ Montreal is the second-most populous city in Canada and the most populous in the Canadian province of Quebec. It is one of the best place to live and study in Canada because of its several parameters and top-notch university reputation. For [**new immigrants**](https://getnewhouse.ca/blog/why-is-immigration-good-for-canada/) who want to travel with their families such as Indians who consider family as everything, Montreal is the best place to consider. The city is extremely safe with a low crime rate and holds abundant job opportunities. Searching for a job or part-time job as an Indian immigrant is not a hassle. The Quebec provincial government also support families with a monthly allowance for their kid. The allowance covers child support for kids below 18, school supplement for children between 4 and 16 years old, and supplements for disabled children. 6\. **Waterloo** ---------------- Waterloo is a city in the Canadian province of Ontario. It is one of the cities with the most cultural diversity in Canada with serval scenic views and places for younger people to have fun. Indian international students are attracted to this city because of the famous University of waterloo. The majority of Indian immigrant has made this city their home. Waterloo has a strong knowledge and service-based economy in significant insurance and high-technology sector. **To sum up** Choosing **the best place to live** or work in Canada as an Indian immigrant can be stressful. That's the reason we took the step to bring together the best places and their potential. So, do consider one of these top cities for Indian immigrants to settle down. A New Country, New Job & New Beginning! Keep in mind, settling in a new country comes with its own challenges! So, whether you are an Indian immigrant or from any other country, it may take some time to establish yourself at a new place. And, finding that perfect destination is not an easy task. Initially renting a house would be a good decision. But gradually, buying a house may prove economical (only when affordable amidst the sky-rocketing prices in Canadian real estate). Don't forget to find out if [**new immigrants can buy a house in Canada**](https://getnewhouse.ca/blog/can-new-immigrant-buy-house-in-canada/). Once you find the best place to live in Canada as an Indian immigrant, do share with us. Feel free to add your experiences and feedback.
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