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With summer just around the corner, I have some great information to help you keep ahead of the market this year! Firstly, are you new to Canada or have a family member that is? I have included some details below on how you can go about obtaining your first mortgage! With the housing market heating up, I have also included some great tips on how to sell your home in a seller’s market. Lastly, check out my summer backyard reno ideas to create your own oasis right there at home. Have a great month!
Canada has seen a surge of international migration over the last few years. With all these new faces in town wanting to plant roots in this great country, it’s a good time to review some of the details surrounding mortgages and how individuals new to Canada can qualify to be homeowners.
If you are already a Permanent Resident or have received confirmation of Permanent Resident Status, you are eligible for a typical mortgage with a 5% down payment - assuming you have good credit.
If you have limited credit, or have not yet qualified for Permanent Residency, there are still options! In fact, there are several ‘New to Canada’ mortgage programs through CMHC, Sagen™ and Canada Guaranty Mortgage Insurance. Please note, for these programs you will typically require a valid work permit is valid up to 3 months post-purchase date.
To qualify for these New to Canada programs, you must have immigrated or relocated to Canada within the last 60 months and have had three months minimum full-time employment in Canada.
Depending on your residency status and credit history, another option are alternative or private lenders as well who can fund your mortgage.
Offer Limiting Showings
Another good strategy for maximizing your offers in a seller's market is to limit your showings. Restricting the hours and days that you show your home will allow you to have multiple buyers touring at the same time, which tends to create quiet competition as the buyers know other individuals are interested.
Lower the Sale Price
While not always necessary, lowering the sale price can make your home even more attractive to potential buyers. If you get multiple buyers interested, it will leave some wiggle room for buyers to bid over the asking price.
List Your Home on a Friday
Depending on the location, Friday is typically the best day of the week to put your home up for sale. Most individuals have weekends free or can take Friday's off early should they be interested in a home for sale!
Make the Most of a Bidding War
If you do end up with a bidding war on your home, you will want to make the most of it. Firstly, always inform buyers of the competition and encourage stronger offers. Secondly, respond to one offer with a counteroffer and set the others aside until you get a response.
However! Keep in mind that the highest offer might not always be the best one. Some things to keep an eye out for that are conducive of a 'strong' offer include: a cash offer, a large down payment, few to no conditions and a flexible moving date.
We partner with some of the BEST realtors in each city. If you need a recommendation for a great realtor, let us know and we can connect you.
Written in Partnership with the DLC Marketing Team.
