As someone who is interested in the real estate market, I stumbled upon an interesting conversation online about browsing condo listings, getting pre-approved for a mortgage, and the challenges that immigrants face when trying to practice their profession in Canada. The opinions were both insightful and controversial, but I found some key takeaways that could be useful for those looking to buy a home or immigrate to Canada.
Firstly, the two most popular websites for browsing condo listings are Housesigma and Condos.ca. Both sites show sold prices, but be aware that signing up might result in receiving spam from brokers. Additionally, if you need more information on what to look for when buying a resale condo, there are many resources available online, such as blogs and articles.
Secondly, if you want to know how much you can afford, it is recommended that you talk to a mortgage broker rather than your bank. Mortgage brokers have access to numerous lenders that may be more suited to your situation and/or cheaper than your house bank. It is essential to know how much you qualify for before putting in an offer, so you don’t end up paying more than you can afford.
Thirdly, bear in mind that you’ll need a minimum of 5% down payment for the first $500k, then 10% for the next $499,999, and 20% down for properties above $1 million. Remember, anything less than 20% down will require CMHC insurance, but you get a cheaper mortgage (called high ratio mortgage).
Moving on, some of the conversations were focused on the challenges that immigrants face when trying to establish their careers in Canada. It is important to note that certain professions require licenses and that accreditation processes may take some time, so it’s essential to do your research beforehand. Unfortunately, some experiences may not be positive, and some immigrants with advanced degrees may face challenges in securing suitable employment in their profession, which is an issue that needs to be addressed.
Overall, the online discussion brought to light some important topics that are relevant to anyone interested in buying a home or immigrating to Canada. By staying informed and doing adequate research, you can better prepare yourself for some of the challenges that come with these processes.
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Author Eliza Ng