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Showing posts with the label immigrant home ownership

MORTGAGES FOR NEW IMMIGRANTS

A Home of Their Own – New Immigrants Face Hurdles New Canadians are making their numbers felt in the housing market, as they get settled and make the transition from renter to owner, purchasing their first homes in this country. Over 280,000 new immigrants arrived in Canada in 2010, the highest amount in 50 years according to the Department of Citizenship and Immigration. Immigrants are expected to play a large role in the housing market in the coming decades. Between now and 2031, the foreign-born population of Canada could increase approximately four times faster than the rest of the population. For these new Canadians, first-time home ownership may prove harder than anticipated, as they face some unforeseen obstacles, but there are definite opportunities. Lack of Credit History The biggest challenge for new immigrants is establishing credit because they do not have a financial history in Canada. Without a credit history, it can be a struggle to get mortgage financing. It is importan