Statistics released by Immigration, Refugees and Citizenship Canada (IRCC) show record number of new immigrants have been admitted into the “Land of migrants” in 2021 & 2022.
What does this mean to our housing market and the mortgage industry?
In the short term, home purchases will not have an impact. We may see a change in the next 12-24 months, as the newcomers get settled, and look to make the transition from renter to homeowner. While Ontario seems to be the popular province for relocation, we may also see a shift in population migrating to smaller quieter cities/towns in Ontario, where housing is affordable.
What to expect when you are ready.
When you are looking to purchase, important factors that newcomers need to consider are credit history and downpayment. If you are new to Canada and do not have any established credit, you can qualify for a mortgage with three months of employment history and by demonstrating credit worthiness to your lender in alternate ways.
The experts at MiMortgage.ca can streamline the mortgage application process – advise and guide you through the qualifying process, timelines involved and the required supporting documentation. Get in touch with the team at MiMortgage.ca at 1.866.452.1100 to get an expert working for you. Let’s talk!
