Immigration.ca - Canada Immigration News - September 2009
The immigrant�s journey has never been the easy one, but technology and public policy shifts have lowered the hurdles somewhat in recent years.
A recent article in The National Post illustrates that progression with regards to the purchase of a new home in Canada.
Buying a home in Canada usually entails getting a mortgage, which in turn, requires having some sort of credit history. Whereas in years past, most immigrants have had to start over their credit from zero upon arrival, now most Canadian banks have adapted new ways to transfer credit ratings from the native country.
�There are different kinds of qualifications [for loans], depending on how long you�ve been here and depending on whether you have a job or not, whether you�re landed immigrants or here on work permits,� says Jim Rawson, manager of a Toronto mortgage broker firm.
Canada Mortgage and Housing Corp has put together a manual called The Newcomer�s Guide to Canadian Housing which helps immigrants prepare for the process of buying. It tells them exactly what they need to know, including what immigration and financial documents they will need to obtain from Canada and/or their country of origin.
To further assist immigrants, recently there has been a movement to lower deposit minimums, as banks realize their potential as customers.
�We have a program, where, even before they establish their Canadian credit history, new immigrants who are willing to put down a 30 percent down payment will most likely be approved for 70 percent of their home purchase,� says an official with the HSBC.
In fact, these progressions far exceed those in many other industries when it comes to serving immigrants. Many new arrivals note that purchasing a home is often less challenging than buying a car or setting up a cell phone, where more documentation is usually required and even in some cases, a Canadian citizens must co-sign the contract.
Source: National Post
