How to Finance a Toronto Home if You’re Relocating to Canada

November 22, 2022 | Buying

Canadian real estate is a simple and low-risk way to build generational wealth. As the country – and Toronto in particular, continues to grow, buying property can help you secure a good future for you and your family.

If you’re looking to purchase a home in Toronto, financing is one of the most critical details that you’ll need to navigate. While this can seem like a daunting task as a newcomer, it may be easier than you think. In fact. financial requirements for newcomers buying their first home are less strict than the rules for Canadian-born buyers. 

Here’s a look at a few of the key steps newcomers will take in order to finance their home in Toronto. 

Partner With a Buying Agent Who Has Experience Supporting Newcomers

Buying a home in Toronto can feel overwhelming – without even considering the added stresses of relocating. Because of the many variables, buying as a newcomer is without a doubt a specialized process. One way to make your journey easier is by working with a real estate team that has several years of experience supporting relocators – like us!

Coming from immigrant families, we understand what it’s like to arrive in a new county and not be sure where to start. We use our first-hand experience with these unique challenges to support dozens of newcomers buying in Toronto each year, offering specialized buying services to make your transition easier. 

As your one-stop-shop for buying services, we’ll help you through every step of your move, including the important financing process. 

Interested in learning more about our bespoke, fool-proof home buying process? Click here to discover how you can unlock a top-notch purchasing experience. 

In a fast and dynamic market like Toronto, the process of buying a home can feel overwhelming, but it doesn’t need to! Explore more of our buyer-focused resources below to ensure you find success. 

Create a Savings Plan

One of the most important steps in any home buying journey is creating a detailed savings plan. As one of the most active real estate markets in North America, buying a home in Toronto is a smart investment – but it also means you’ll need to budget carefully before you begin house-hunting. 

One of the best things about buying a home in Toronto as a newcomer is that you can make a down payment with as little as 5%. That said, to get an idea of how much the total cost of a home will be, and how much you’ll need to budget for – you will need up-to-date insights about how the market is moving. As your buying agent, we’ll help you navigate current market trends to create a strong savings plan. 

Beyond the down payment, buying a home in Toronto comes with more expenses than just the house itself. From start to finish, our team will make sure that you’re informed and educated about the buying process, avoiding any unpleasant surprise costs. We’ll help you craft a perfect savings plan that includes all the secondary costs of buying a home, like real estate lawyer fees, land transfer tax, mortgage insurance, home insurance, land transfer tax, moving costs, and more.

Finding a Mortgage

Once we’ve determined your financial position, it’s time to pick a mortgage. As your agent, we can directly connect you to vetted mortgage specialists to help you secure a strong rate and ensure your financing process is seamless. 

After you’ve found a mortgage that works for you, it’s important to get pre-approval before you begin looking at for-sale homes. Getting pre-approved helps to solidify your budget as it lets you know what you can afford. It can also prevent disappointment by ensuring you are only looking at homes within your price range. 

Ready to begin your Toronto home buying journey? We can help you find your dream home and get a great deal on it. Click here to book your buyer discovery meeting.  

Don’t Forget to Take Advantage of Incentives

As a newcomer, you have access to unique government incentives to help you make the most of your Toronto home purchase. For existing Canadian citizens, securing financing requires stable employment and a Canadian credit history, however, requirements are far more lenient for newcomers. 

Once again, we have the unique insight to help you take advantage of every possible incentive you are eligible for. This can ensure you leave no money on the table and help you transition to your new life in Canada on the right financial foot. 

Ready to discover what life in Toronto, Canada could look like for you? Our team can help you become an educated home buyer and find a permanent place to call home. Send us an email or call 647.330.5279 to get started. 

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