hi everyone, We are looking to move to the winnipeg area of Manitoba and will need a mortgage,How much can I get a mortgage for on a salary of $65,000 with a deposit on a property of approx $15,000 and what information would i need to provide. is it a similar system to the uk.

Will you have PR or TWP status? With TWP status credit is more difficult to acquire. All the banks do pre-approved mortgages and you would require to provide all financial information about assets/liabilities. You can probably go on any of their websites and apply for a pre-approved. I suspect, without knowing Winnipeg house prices, you would need to qualify for an insured mortgage as your down-payment is on the low side.
A mortgage broker, familiar with the Winnipeg market, would be able to assist you. Hopefully someone will be along soon to provide better info.

yes we have PR thanks for reply

Just did some calculations on mortgage qualifier at my bank, and you should be able to purchase a property around $284,000, at a current rate of 5%. Bear in mind, that most mortgages in Canada are fixed rate renewable -- you re-sign every 3 to 5 years, and pay the interest rate applicable at the time, for the whatever period you pick (not the total amortization period!). This means your payments could take a sizeable jump up, if there have been a number of interest rate increases in the meantime.

Thank you YoshiPal 2010 for taking the time to calculate salary for me,this has at least given me a better idea of what I can afford to buy as I was very worried that i would not be able to afford a nice home for the family.....the future looks bright.....

Also thanks to Auld Yin

As a new immigrant, several of the banks offer "packages" when you sign with them. Several of them also offer mortgages.

This website has links to several:

http://www.newyouth.ca/what-kind-ser...ffer-newcomers

RBC: http://www.rbc.com/canada/banking-packages/index.html (also have car loans)

BMO: http://www.bmo.com/home/personal/ban...anada?nav=left

CIBC: http://www.cibc.com/ca/newcomers/index.html

HSBC: http://www.hsbc.ca/1/2/en/personal/h.../new-to-canada (offer of up to $5000 line of credit)

Scotia: http://www.scotiabank.com/cda/conten..._LIDen,00.html

Most of them have "how much can I afford" calculators on their websites.

thanks Siouxie,I can see tonight is going to be a busy night ,thanks very much for all the links....this should keep me busy

You are most welcome.

To get an idea of house prices, you can go to www.mls.ca

To find out what the property value is assessed at for property tax purposes (if you have a specific house in mind) you can go here: http://www.winnipegassessment.com/As...opertydetails/