Buying a house is a dream of every immigrant. We will guide you on how to secure and achieve your dream. Real estate market, process, procedures, rules and regulations are different in every country and you as an immigrant should understand the seamless process to have a hassle free house. We will help you understand this process.

More local than ever

First, there's no such thing as a Canadian real estate market. You buy one home on one street in one neighbourhood in one city. This is true now more than ever. What happens in Canada's largest and hottest housing markets, Toronto and Vancouver, respectively, is quite different from that in, say, recovering areas such as Calgary and Edmonton

The stress test

It will be more difficult to become a homeowner this year. As of January 1, borrowers with uninsured mortgages (those putting a down payment of 20 per cent or more) need to undergo a stress test. They must qualify at a new minimum rate: the greater of the Bank of Canada's five-year benchmark rate of 4.99 per cent, or 200 basis points higher than their mortgage rate.

These new rules could reduce your purchasing power substantially. At the qualifying rate of 4.99 per cent, a 20 per-cent down payment and 25-year amortization, here are the ballpark numbers you're looking at to buy a home in these major Canadian markets.

Rising interest rates

It will also be more expensive to borrow money in 2018.

At least one mortgage expert, Calum Ross of the Mortgage Management Group, Toronto, began calling for fixed mortgage rates to begin to rise a few months ago, based on higher than expected Canadian employment data and other factors.

Sure enough, as of mid-January, Canada's big banks began raising their benchmark five-year mortgage rates. And, as some experts expected, the Bank of Canada increased its overnight rate target to 1.25 per cent in its interest rate announcement and Monetary Policy Report on January 17.

Sustainable growth

Even in formerly scorching markets such as Toronto and Vancouver, sales are softening and price growth is slowing. For prospective home buyers sitting on the side lines waiting for your opportunity, this may be it.

After routine, double-digit price growth in many markets in Ontario and British Columbia over the last few years, appreciation is expected to return to more sustainable levels this year.

We at ICA Council organize FREE informative Webinars and Seminars on multiple topics and options to educate the immigrants on the Real Estate Service available in Canada. Our role will be limited to advisory in nature. Choosing an appropriate Real Estate Agent will be the sole responsibility of the immigrant. In addition, which house to select, site selection will be a sole responsibility of the immigrant. We invite multiple experts from the Real estate industry in our guidance seminars and webinars which will cover topics like:

• What is the end to end process while buying a house?
• How to find a Real estate consultant?
• How to approach the bank for mortgage?
• What are the necessary documents for the house mortgage?
• What are the pre-requisites that I should keep in mind before buying a house in Canada?
• What are the taxes involved in buying a property?
• How much down payment I should make before applying for the mortgage?