New country, new questions, new home

October 16, 2017

By Canadian Immigrant Magazine |

Moving to a new country can be both an exciting and overwhelming experience. Before finding a permanent place to live, many people start out renting or living with relatives. Once you are more settled, you may be ready to buy your first home.

Navigating your way through the Canadian banking system once you’re here, however, can be daunting. To help quell those fears, we, at RBC, have gone back to the drawing board to see how we can better serve the needs of our clients and communities. For newcomers to Canada, that means a location where they can seek value, education and community support that goes beyond banking.

Consider your home buying journey. There are so many questions to think about, including:

  • Purchase Price: Find out how much you can afford. Talking with a mortgage specialist is free and many specialists will come to you. They can help you figure out what type of mortgage is best for you, and how much down payment you need. The mortgage specialist can calculate how much you are pre-approved to borrow, and how much you have to spend on a home.
  • Must-haves: Make a list of all the things that are important to you. For example, do you want to stay in the same neighbourhood? Be close to friends or relatives? How long are you prepared to commute for work? Is proximity to certain schools, malls or recreational centres important to you?
  • Trade-offs: Living in a city comes with access to public transportation and proximity to restaurants, stores and other conveniences. The trade-off of living in a city is that the size of your property may not be as spacious compared to if you lived in the suburbs.
  • Options: Do you need a detached house or would a townhome or semi-detached house meet your needs? How big do you need your garage or yard to be? Do you need a home that is ready to move into or would you be willing to renovate it yourself? These are the type of questions your realtor will ask, and you should consider before your search.

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