Newcomers to Canada can fulfill dream

Jean-Guy Turcotte

In the past few months I’ve met many wonderful new Canadians.

I’ve listened to their struggles of wanting to come to a better place to raise their families, and they all chose Canada for different reasons, but one rings out boldly, opportunity!

The ones that have made Canada their new home, have struggled, persevered and invested a lot of time and capital to be here. They’ve left family behind with sometimes only the opportunity to speak with them on the phone once a week or less.

They’ve spent hours in long line-ups to be told they don’t have the correct documentation. They’ve spent hours upon hours of time on the phone to bureaucrats whose primary goal is to keep all of Canada safe, and yet they still endure. Why? Hope!

The traits of many of these new Canadians, no matter which nation they are from, are the same as many of North America’s wealthiest people. They are mostly loyal hardworking visionaries with a dream for a better future – for them and their families.

I am often complimented from these clients, with a referral from the newest Canadian member of their family or friends, and their goal is of homeownership. From the first phone call, we set up a time that is convenient for both of us, and I take them through the process of what it will take to get them into a new home.

If they’ve been here a few months they have spoken to their friends of homeownership, and they can’t believe how easy it is to own a home in Canada.

The following are the guidelines set out by CMHC (Canada Mortgage and Housing Corporation), for borrowers with permanent and non-permanent residence status:

* Your application must be 36 months from your date of arrival.

* Must have established residence in Canada or landed immigrant status with verification of such (i.e. Permanent Residency card, work visa, etc.)

* As low as 5% down payments (same as first time home buyers!)

* Down payment must be from own resources, can be saved up cash with proof from bank account, RRSP, Investments, proceeds from another sale of home, and a non-repayable gift from a family member.

Some required documentation (a combination of the following documentation may be required depending on your application):

* Canadian Credit score of 621 or better (visit Equifax.ca or Transunion.ca or call me to set up an appointment and I’ll provide you with this for free).

* Two alternate sources of credit demonstrating timely payments for the past 12 months (no arrears or derogatory payments).

* Canadian rental payment history confirmed via letter from landlord and supporting bank statements.

* 12 months of bank statements.

* Canadian utility payment history from an acceptable source such as hydro, gas, telephone or cable via a letter from the service provider, or 12 months of billing statements.

Essentially, you get the same benefits and programs as all Canadians. You just need a couple of extra items of documentation to get through to homeownership. For all you know, you may have all the necessary pieces of the puzzle to obtain your Canadian dream.

My experience tells me that many of you newcomers to Canada have the savings ability, work ethic and will power to achieve whatever it is you want in Canada, and it has been my pleasure to work with you to help you achieve your dreams. Welcome to Canada!

Jean-Guy Turcotte is an accredited mortgage professional with his partners at Regional Mortgage Corporation and can be reached for appointments at 403-343-1125 or texted to 403-391-2552 or jturcotte@regionalmortgage.ca.

Just Posted

Innisfail RCMP respond to home invasion

Male victim sustained non-life threatening head injury

Mountie seriously injured in early morning collision near Devon

An erratic driver is said to have collided with an RCMP cruiser

Vehicle thefts in Red Deer on the rise

Over 1,000 vehicles stolen in the span of a few months

WATCH: Red Deer 9-1-1 dispatcher thanked for birth assistance

Stearns family appreciative to Holly Shrader for helping deliver baby

Superintendent Ken Foster sees progress in city policing

Red Deer RCMP Superintendent has been on the job for a year and has seen success

WATCH: Red Deerians come together to ‘light the night’

Traditional Red Deer Lights the Night sees thousands

BC RCMP hunt for white SUV that rammed cruiser

Kamloops RCMP are looking for a white SUV headed north on the Yellowhead Highway

Canadian screen stars want ‘action’ from industry meeting on sexual misconduct

‘Of course there’s been sexual harassment here. Absolutely. No question.’

Opioid prescriptions up across Canada: report

The report shows the number of opioid prescriptions rose by almost seven per cent, while daily doses on average dropped

Russian meddling has implications for Canada

Kosovo president Hashim Thaci warns that Russian meddling has implications for Canada

Health Canada hints at government’s plans for legal pot

Health warnings, plain covers for pot packs under proposed regulations

Washington governor tells BC don’t be ‘daunted’ by Trump

“I want to assure this assembly that no matter who is in the White House, it won’t affect Washington state’s relationship with Canada or British Columbia.”

Feds plan to spend billions on housing strategy

However much of the $15.9 billion will not be spent until after the next election in 2019

Most Read