403-681-4376
8AM - 5PM Mon - Fri
103E – 1144 29th Ave NE
Mark Herman – Calgary Mortgage Broker

GIFTed down Payment now possible for New-to-Canada home buyers!!

May 23, 2024 Mortgage Rules

For New to Canada buyers – Expanded “GIFT-ing” is now possible for close family members!

That’s right! As of now, May 23, 2024, buyers who are New to Canada – in Canada for less than 2 years – ARE now allowed to use /receive GIFTS for down payment from “close family members.”

This is a big deal because it now includes; aunts, uncles, nephews, and cousins; all were not allowed to provide a “GIFT for down payment” before.

The standard used to be only: mother, father, brother, sister, grandparent and legal guardian; and that was it.

 

From our data that we have on on our own customers, this will help about 20% of our New to Canada files to buy a home, where they would have been shut out before.

Mortgage Mark Herman, top best fantastic Calgary Alberta mortgage broker, specializing in First Time Buyers.

 

We view that the Expanded Gift-er Options ARE needed due to the average new home price being 500k+, it is super tough for newcomers to save enough to buy a home. GIFTS are relied on all the time by 1st time home buyers.

New to Canada Mortgage Program and Stats

February 24, 2015 New-to-Canada Programs

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:

  1. a full time permanent job position and either
  2. 5% down payment from your own savings if you have a foreign credit report OR
    1. 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

Source country 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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
India 28,235 36,210 33,847 28,742 28,261 29,457 34,235 27,509 30,932 33,085
Philippines 14,004 18,139 18,400 19,837 24,888 28,573 38,617 36,765 34,314 29,539
Pakistan 13,399 14,314 13,127 10,124 8,994 7,217 6,811 7,468 11,227 12,602
Iran 6,348 5,837 7,480 6,974 6,475 6,580 7,477 7,479 7,533 11,291
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
France 4,391 4,429 4,002 4,290 4,532 5,051 4,646 4,080 6,280 5,624
Iraq 1,796 2,226 1,788 2,406 3,543 5,450 5,941 6,196 4,041 4,918
Republic of Korea 5,352 5,832 6,215 5,920 7,294 5,874 5,537 4,589 5,315 4,509