Moving to Calgary from Overseas
Moving to Calgary from Overseas
Useful Information for Home Buyers New to Calgary and Canada
- Calgary School, Health and Government Information: Visit our Calgary Local Information page for links to civic associations, government websites and school information.
- Need a Mortgage? Immigrants can apply for and receive a mortgage on a work permit without being a Canadian Citizen. You generally need a work permit with a 12 months or longer duration. It's important to have an employer backing your application: proof of full time employment will be required to obtain a work permit.
- Down Payment: Currently a minimum down payment of 5% is required on any real estate purchase. This amount may increase to 10% depending on the mortgage or bank.
- Canadian Banks: Many of the Canadian banks will require a credit check and bank references from the country you are moving from. Make sure all your paper work is up to date and made available to the Canadian bank you choose to work with.
- Calgary Mortgage Broker: The Antrum Group can put you in touch with a Mortgage Broker here in Calgary before you leave your current country of residence. The broker will provide you with all the information you need to collect. You may have to ask your current bank to fax information over to a broker here in Calgary. It's important to keep a copy of all your documents and have them with you when you arrive in Calgary.
- CMHC Mortgage Loan Insurance: CMHC insurance is usually required for buyers who are applying for a mortgage with less than a 20% down payment. The Canada Mortgage & Housing Corporation's website contains some great information for new Canadians.
- International Investors: Overseas clients who do not want to live in Alberta but are interested in buying and investing in Alberta property can do so. However, there are restrictions on the size and amount of land you can purchase. It is also advisable to have tax advice from a Canadian real estate investment tax laywer and accountant. Please contact The Antrum Group for more information about investing in Calgary property.
Useful Check List for First Time Buyer
Mortgage pre-approval is required to make an Offer on a Home.
Realtor will need bank agent name & contact telephone number to confirm.
Deposit cheque is required at time of Offer, usually $5,000 to $10,000.
Deposit is returned to the Buyer if Buyers Conditions are not met.
Minimum Down payment is usually 5% or more, unless the Buyer is using Zero down mortgage.
Down payment is required before Possession day. The deposit usually goes towards the down payment.
Purchase Price of Home is negotiable.
Seller and Buyer need to be motivated and willing to negotiate a deal that is fair to both parties. What are comparable homes selling for in community? What is Calgary housing market doing? Ask your Realtor, "What is the average drop for List to Sold price in area you plan to buy in?"
- Offer has to be prepared in writing by the Buyers Realtor.
- Does the Buyer have to terminate their rental agreement?
- Home Inspection is highly recommended. Buyer pays for inspection.
Buyers Conditions are recommended in the Offer to protect the Buyer:
- Finance Condition for mortgage approval
- Home Inspection Condition
- Condo Review Condition (only if buying condo)
- 5 to 10 days is usually allowed for Buyers to meet conditions.
Example Deposit & Down Payment Breakdown:
Home Purchase Price is $300,000
Deposit: $5,000 required at time of Offer (goes towards the down payment)
Down Payment: $5,000 plus $10,000 Total: $15,000 (5% of purchase price)
Note the deposit is negotiable and may vary.