Getting a mortgage in Canada
 

Hi,

I have done a quick search but couldn't find anything on this...we are planning to relocate in January 2018 and if possible buy a house. We will be arriving with a guaranteed job and large redundancy payment which we can use part of as a deposit. Does this automatically make us eligible to buy a house? Or do we need to get our credit rating up for a year or so first?

Thanks!

Re: Getting a mortgage in Canada
 

A mortgage broker will find you someone to lend you the money, especially if you're not fussed about the rate.

Step back though, houses in Canada are expensive to sell and perhaps about to plunge in price. There are all the same sales issues as anywhere else plus the large cost of sale. It's not a good idea to get stuck with one you don't want. Renting a year in the area where you think you want to live greatly improves the chances of finding a house to buy that you will want to keep as well as broadening the options for a mortgage provider.

Re: Getting a mortgage in Canada
 

:goodpost:

Re: Getting a mortgage in Canada
 

+1000

Also, Canada is a rather big place. It's helpful if you can define whereabouts in Canada you are talking about as it enables posters based in those areas to respond with more relevant advice.

In general terms, a job plus sizeable deposit should mean that you are able to secure a mortgage readily enough. Caveat being that that of course that depends very much on salary vs how much you want to borrow vs deposit.

Re: Getting a mortgage in Canada
 

What we did upon arrival was, by accident, what I'd do deliberately if moving countries again. Rent the smallest, simplest to deal with, property that has enough space, probably an apartment, as near as possible to work. Buy a cheap car for cash or lease one so as to maximize cash flow for the purpose of the eventual mortgage (debts and obligations count differently).

Listen to everyone talk about their commute, the horror of having to drive through scary neighbourhoods (snigger at "the rough end of Oakville" or similar) or places with consistent traffic jams (all of the GTA, no hope there). Visit many open houses within commuting distance. If considering somewhere an appreciable commute away from work get a hotel room in that area and try driving in rush hour in winter.

After a year consider staying in the apartment, going home, or choosing a property based on the fifty or so you've seen and the anecdotes at work about things to avoid.

Re: Getting a mortgage in Canada
 

You are certainly the King of Hyperbole.

Re: Getting a mortgage in Canada
 

If you believe something stated as a fact to be incorrect then do go ahead and explain how it is not so. If, for example, you believe the GTA at rush hour to have free flowing well spaced vehicles of attractive designs driven by relaxed people do please show us the video.

Re: Getting a mortgage in Canada
 

Who knew you could be so sensible? :lol:

Re: Getting a mortgage in Canada
 

We were broke. I needed to be able to walk to work. Ah but, money, money changes everything.

Re: Getting a mortgage in Canada
 

"places with consistent traffic jams" and no mention of Rush Hour. I spent this morning driving from east end Toronto to the west end then drove north as far as Richmond Hill. I did not encounter any traffic jams. I grant you there are some traffic jams at rush hours in the GTA but this would be the same in any large city in the world. I imagine your interpretation of traffic jams is exacerbated by your desire/requirement to drive at 97kmh in a 60kmh zone or 80 in a 50 zone or, heaven forbid, 161 in a 100zone.

Re: Getting a mortgage in Canada
 

Blimey, they've finished digging up the Gardiner, that must have happened this very morning. No more lane shifting on the 401, finished after only three decades, fantastic. We must rush and taunt tuppence, and any other posters who left specifically because they could no longer deal with the traffic; if only they known it would come right in July 2017.

I don't believe you, of course, you must be using a very elastic version of not having a traffic jam, perhaps allowing 10 minutes per hour of stoppage time. If you were actually able to get out of third gear on the 401/DVP/427/Gardiner (on a day when they were open to the public) it would be on the BBC.

Re: Getting a mortgage in Canada
 

Not sure if this will work but it's a traffic camera image (Gardiner/Jarvis), now, 3:12pm on a weekday. Nose to tail crawling traffic going west, eastbound ramp backed up as far as the eye can see:

Toronto Live Traffic Map | Gardiner Expressway | CBC Toronto

This is usual even on weekend afternoons. Toronto is alright when you're in it but trying to go in or out is a nightmare.

Re: Getting a mortgage in Canada
 

I drove from Milton to the airport along the 401 yesterday at about 3pm - nightmare traffic and even worse on the return trip around 4:30. It's possible to take a trip on GTA highways without hitting any form of traffic jam but in my experience it's rare.

Re: Getting a mortgage in Canada
 

Queens Quay was perfectly fine when I was on it. Albeit at about 6PM on a Sunday evening when there wasn't any kind of sporting event on :D

Joshing aside, I sympathize, I really do. The additional traffic due to the closed off-ramp is seriously not helping.

My girlfriend lives near front and spadina and getting from the bottom of the DVP to there can take anything from 10 minutes to well over 45 minutes. Seems the time difference is related to some kind of voodoo. The reverse trip in the morning take take the same amount of time as well.




It's for that reason that I'll pay and take the 407 and endure a little bit of pain on Airport Road, or on an odd occasion I'll jump off at the 427 exit if I want to endure more pain.

Re: Getting a mortgage in Canada
 

How did the original post end up here??

Mortgages are the same the world over....... If you have money you can get money !!

A 20% deposit is required in order to avoid housing insurance / mortgage protection

An income debt ratio of 47% (I believe)

Some areas are seeing a ridiculous increase % price rises for houses

Short term renting might be a sensible option - There's sooooooo much to consider and such a huge area to see