“I don´t even know what street Canada is on”- Al Capone
Al Capone may have had trouble locating the world’s second largest country but according to recent statistics Canada has over 250,000 new immigrants discovering and arriving in the country each year. Until recently, home ownership has proven difficult for new Canadians but with 20% of the population now being foreign born the government and banks have taken steps to make it easier for people to move swiftly into their very own homes.
“Mortgage insurers all over Canada are now offering products that will allow new immigrants to buy their homes with as little as 3% down,” states Glen Ward, a regional Invis business leader.
In a recent report published on the Canadian website migrationexpert.com which looks into the various aspects of migrating to Canada it states: “Immigrants are more likely than Canadian-born residents to spend more than 30% of their incomes on housing as they tend to live in large, expensive cities and usually have larger families.”
With a world screaming credit crunch but the ongoing desires of people that want to buy abroad still very fervent these facts are an encouragement to all those wanting to take the plunge and buy in the glorious country of Canada.
Ward concludes: “Compared to three years ago, there’s a lot more product in the marketplace that can be tailored to the needs of immigrants, allowing them to get into housing in Canada quicker and easier.”
John Prior, Director of property agent Undiscovered Properties, is frequently asked about the mortgage availability in Canada, he states: “Buying in Canada is similar to the UK. Payments are staged and all transactions are in Canadian dollars. Typically Canadian banks will lend up to 65% of the base property cost to overseas residents and preferential rates are available to clients at all of our available properties.”
For more information on properties available in Canada call Undiscovered properties on 0870 734 7968 or visit www.undiscoveredproperties.com.