TORONTO – For many newcomers one of the most exciting milestones is buying their first home in Canada. And while they share the enthusiasm to become home owners, behaviour varies across the country.
According to a Newcomer Home Ownership study conducted by RBC, more than one-third (39%) who have lived in Canada for less than five years report they own a home or condo. Of these, Chinese newcomers are more likely than South Asians to be homeowners in the first five years (48% vs 32%).
Another one-third (34%) of newcomers plan to purchase property within the next two years. This is especially true in the case of South Asian newcomers where almost half (42%) express this intention vs 22% of Chinese respondents.
“The appetite for purchasing a home in Canada is top of mind for Chinese and South Asian newcomers,” says Christine Shisler, the Director of Multicultural Markets, RBC. “There are so many things to consider when building a new life in a new country, and for many, the first major decision is home ownership. Whether buying in the first month, first year or longer, take the time to speak with a Mortgage Specialist who can help you make the right decisions.”
Christine offers some helpful guidance:
Do your research – While the prospect of purchasing your first home in Canada is exciting, make sure that you weigh your options. It’s important to consider a number of factors: the location and the longevity of your stay in a home, the proximity to schools and work, and the future potential value of the home. Know all the facts.
Create a budget – According to the RBC study, 33 per cent of newcomers indicated that looking back to their first years in Canada they would have budgeted more carefully. We’re all guilty of making convenience-related decisions. Creating a budget to anticipate unexpected expenses is a great way to get a head start on your financial plan. There are many great online tools, including the RBC mortgage calculator. Budget for today, and explore your future financial needs, too, especially as it relates to home ownership.
Talk to an expert – There are differences to banking in Canada, therefore make sure you have the whole picture before making any major decisions. RBC has been helping newcomers for over 145 years, and provides service across the country and in multiple languages. Talk to a mortgage specialist and others to make sure you have access to advice and direction as it relates to buying your first home here.
Additional information available at www.rbc.com/canada.
