Below are some interesting numbers of New to Canada residents.
We specialize in New to Canada programs as there are many in’s and out’s with the details.
Because New to Canada people do not have the standard 2 years of Canadian credit history here to buy a home, there are special programs that help them buy as soon as they have a full-time, perminant job.
The Short Version of what is needed:
- a full time permanent job position and either
- 5% down payment from your own savings if you have a foreign credit report OR
- 10% down from own savings if you do not have a foreign credit report
Give us a call to discuss the details of how this program may work for you!
Mortgage Mark Herman, Top Calgary Alberta Mortgage Broker, 403-681-4376
Facts and figures 2013 – Immigration overview: Permanent residents
Canada – Permanent residents by source country
|People’s Republic of China||36,620||42,584||33,518||27,642||30,037||29,622||30,391||28,503||33,024||34,126|
|United States of America||6,990||8,394||9,613||9,463||10,190||8,995||8,142||7,675||7,891||8,495|
|United Kingdom and Colonies||7,533||7,258||7,140||8,216||8,979||8,876||8,724||6,204||6,195||5,826|
|Republic of Korea||5,352||5,832||6,215||5,920||7,294||5,874||5,537||4,589||5,315||4,509|
We love people that are New to Canada. New immigrants are 20% of our business. There are lots of tricks on what is needed to get a mortgage for them and not all banks do these files BUT WE ARE SPECIALISTS at it. I will upload our brochure for it here.
They can normally buy with:
- 5% down if they have a foreign credit report – England, most all of South America – including Mexico, Portugal or Spain.
- or 10% down. 5% from own savings and 5% from other possible sources – like relocaton allowances, gifts from home, etc.
- and a full time, permanent job.
Call to discuss these files. The one tough part is their files do not get rate holds so it is live deals – when you have an accepted offer to purchase – only.
Most Canadians feel immigrants are just as likely to be good citizens as people who were born here, a recent Environics survey suggests.
Canadians also don’t appear to have problems with dual citizenship or with Canadian citizens living abroad.
The telephone survey is, according to Environics, the first poll to directly ask Canadians their views on citizenship. Its results suggest Canadians have a broad, inclusive view of the concept and of immigrants in general.
“To be a good citizen, it means to contribute to the society, to obey the laws of the country, to help other citizens, to volunteer, and it’s a rewarding feeling when you do all those things,” said Sara Jhangiryan, an Armenian-born resident of Toronto who became a Canadian citizen last year.
“It’s not only to take what the country offers but to give back, as well.”
Although not part of the survey, Jhangiryan echoes the views of many of those who responded to the poll, a joint initiative of Environics, the Institute for Canadian Citizenship, the Maytree foundation, CBC News and the Royal Bank of Canada.
When asked what makes a good citizen, the top five responses were: obeying laws, actively participating in the community, helping other people, being tolerant of others and sharing or adopting Canadian values.
But when asked to list what they did to be good citizens, respondents cited volunteer work, being kind/generous to others, paying taxes, obeying laws and voting.
The survey suggests Canadians see immigrants as their equals: nearly 9 out of every 10 respondents agreed that a person born outside Canada is just as likely to be a good citizen as someone born here.
“There’s no real evidence of people feeling threatened or a sense that, ‘Well, people can come live here from other countries, but they’re not quite the same,'” said Keith Neuman, executive director of the Environics Institute.
When it comes to immigration and citizenship, the views of the majority of Canadians born in the country and the 20 per cent born outside it are largely aligned. Canadian-born and foreign-born respondents were equally likely to feel fully like citizens (78 per cent versus 75 per cent).
Usha George, dean of Ryerson University’s Faculty of Community Services, says the survey’s findings confirm a lot of what those working with new Canadians know already.
The willingness of Canadians to not view a person’s foreign background as an impediment to citizenship is a product of the country’s multicultural policies and the visible effect of immigrants on the economy, George said.
Integration of immigrants has worked in Canada because the government has funded programs that teach immigrants about Canadian values and society has adapted its institutions to accommodate diversity.
“The mutual recognition that we should be respectful to each other and celebrate diversity in a genuine way, those values permeate the whole society,” said George, whose faculty trains many of those who provide social and other services to new immigrants.
Whatever Canada is doing, it seems to be positively influencing immigrants’ views of the country, the survey suggests: 88 per cent of respondents who were born outside Canada said they were very proud to be Canadian, compared with 81 per cent of those born here.
“Canadians who were not born in Canada are more proud than naturally born Canadians simply because we had the choice of being Canadian,” said Vikram Kewalramani, who immigrated to Canada in 2006 from India. “It wasn’t something that, literally, was a birthright. We consider it a privilege.”
For Amal Ibrahim, a Palestinian who became a citizen last year along with her two children, Canadian citizenship is primarily about respecting differences.
“It’s a great diverse culture where people learn how to live in harmony with each other while they have different ideas, different religions and different backgrounds,” she said.
Tolerance of others who are different was among the top five behaviours survey respondents considered a “very important” part of being a good citizen. Others were:
Treating men and women equally (95 per cent ranked this “very important”).
Following Canada’s laws (89 per cent).
Voting in elections (82 per cent – the same as tolerance of others).
Protecting the environment (80 per cent).
Immigrants’ views of what makes a good citizen were strikingly similar to those of native-born Canadians, said Neuman. In the majority of cases, the responses of the two groups varied at most by only a few percentage points.
“People might think … that newcomers are coming [into] this country … with their own sense of what it means to be a citizen, and they don’t really buy into the same perspective that native-born Canadians have,” he said.
“And this research pretty clearly suggests that they’re largely the same perspective, and the more somebody is in this country, the more immigrants buy into the native-born view.”
Canadians are generally satisfied with the rules for obtaining citizenship, the survey suggests. Only 26 per cent of respondents said the rules were not strict enough. Six per cent felt the rules were too strict, though that number tripled for permanent residents.
Canada’s willingness to allow multiple citizenships also got broad approval in the survey: 71 per cent of those surveyed felt Canadians should be allowed to hold dual citizenship.
That sentiment was even higher among 18- to 44-year-olds, with 80 per cent supporting dual citizenship, but lower for those 60 and over, at 58 per cent.
“I am equally proud of both citizenships,” said Natasha Nikolovska-Angelova, 32, who became a Canadian citizen last April. “Macedonia is more like my mother … the country where I was raised, and Canada is the country I chose to live in. It’s like the spouse you choose.… It’s the country of my future.”
Nikolovska-Angelova is part of the roughly 2.8 per cent of Canadians who hold at least one other citizenship.
Most of those surveyed also didn’t have a problem with Canadians living abroad. Sixty-six per cent of respondents who were born in Canada said it was generally a good thing to allow Canadian citizens to live abroad, compared to 55 per cent of respondents born outside of Canada.
The survey of 2,376 adults was conducted between Nov.18 and Dec. 17 and has an overall margin of error of plus or minus two percentage points 19 times out of 20 (+/- 4.3 percentage points for the foreign-born subsample group). Only households with landlines were surveyed.
Do you want to read some total BS-PR-spin that the banks put out? Below is a press release from a bank patting themselves on the bank for lending to new immigrants. Funny thing is that this program that they have “developed” has been around for more than 7 years. All they did was sign up for the CMHC New to Canada program that every other lender that we use has had since I started doing this in 2004! Good job ING. Way to do what every one else is doing. Many years late.
Getting a mortgage in this country may have just gotten slightly easier.
ING Direct Bank, recognizing the overwhelming desire for most Canadians, particularly with newcomers to the country, to realize the dream of home ownership is modifying its’ lending criteria.
In a release, ING Direct Bank said, “ING DIRECT, the country’s 6th largest mortgage lender, announced today it is offering its popular unmortgage to permanent and non-permanent residents with limited or no credit history. Permanent and non-permanent residents include those who have been residing in Canada for no longer than 60 months. “
ING Direct recognizes the sheer numbers and the tremendous influence that immigration plays- not just in the makeup of the Canadian population, but in the marketplace as well. As such, they are developing product to meet that need.
“At ING DIRECT, our goal has always been to give the power of saving to all Canadians, so offering our unmortgage to new residents allows us to stay true to that promise,” said Peter Aceto, President and CEO of ING DIRECT Canada. “We want to give newcomers access to the same products and savings opportunities we have been providing to Canadians for the last 14 years”
Motivated by the desire to establish a banking relationship right from day one with newcomers to this country, ING Direct jumped into action to provide a solution for people trying to establish their credit history.
Aceto says, “We have always been committed to making the mortgage experience better for our clients. For newcomers to Canada, our product is simple and easy to understand. We always provide the best rates upfront and guarantee those rates for up to 120 days after applying, and our flexible pre-payment options allow our clients to own their homes sooner by paying as little interest as possible over the life of the mortgage.”
Canada is known globally for its’ stringent lending policies- which are partly to thank for escaping the recent recession relatively unscathed.
While qualifying for a mortgage may have loosened slightly, it is likely not a sign that credit criteria is less stringent generally. Qualifying for a mortgage , while taking credit history into account, generally has some different criteria, because it is as much about the asset that is securing the debt, and the amount of cash available to pay for ongoing expenses.