By Sam Heller, Realtor with Heller Murch Realty:
Buying your first home as a new immigrant can be both exciting and daunting. Here are 5 tips to
help you pursue your dream to buy a home.
- Rent first | Buying a home is not just about the property, it’s about finding a community
and neighbourhood to settle into and call home. Vancouver and the lower mainland has
a diverse range of neighbourhoods, each with its own unique charm and personality.
Take the time to explore schools, parks, transit, amenities and offerings in your chosen
area. Rent for at least six months to get a feel for a particular neighbourhood or
community of interest. Get a feel for the average price of rent and choose a trustworthy
rental platform, such as liv.rent, craigslist and zumper. As a newcomer without sufficient
credit records in Canada, it can be difficult to compete with other renters. Prepare as
much information as possible in order to submit rental applications (including pay stubs,
bank statements, reference letters, job information and rental history). Get familiar with
your rights as a renter (Residential Tenancy Act). - Understand the market and laws | Familiarize yourself with the market and laws. Keep
in mind that there are certain foreign buyer regulations which might apply if you are not
yet a citizen or permanent resident in Canada. The Prohibition Act came into effect on
January 1, 2023, and prevents non-Canadians from purchasing residential property in
Canada for 2 years. Recent amendments to the act enable more work permit holders to
purchase a home to live in while working in Canada. - Consider your finances | Evaluate your budget, establish a realistic price range, and
save for a down payment. In order to purchase, you may need to qualify for a mortgage.
Speak to a qualified mortgage broker to assess your financial situation. - Explore government programs and assistance | The Canadian government offers
various programs and initiatives aimed at assisting first-time home buyers, including
immigrants. Familiarize yourself with these programs to determine if you meet the
eligibility criteria. Some of these programs include, but are not limited to:
a. The First Time Home Buyers’ Program in BC reduces or eliminates the amount of
property transfer tax you pay when you purchase your first home.
b. The First Time Home Buyer Incentive (FTHBI) allows first-time home buyers to
apply to receive 5-10% of the home’s value from the Canadian government.
c. The First Home Savings Account (FHSA) allows you to save for your first home
tax-free (up to certain limits). - Engage a realtor | Engage the services of a reputable real estate professional who is
experienced in working with first-time home buyers and immigrants. A skilled agent will
guide you through the entire process, provide local market knowledge, help you find
suitable properties, and negotiate on your behalf. They can also connect you with other
professionals such as home inspectors and lawyers who specialize in real estate
transactions.
Buying a home in your new country is an exciting milestone. By immersing yourself in your new
community, understanding the local market, considering financial factors, exploring government
programs and engaging with the right real estate professional, you can navigate the path to
homeownership with confidence.
Short bio on Sam
Hi! I’m Sam Heller. I’m an experienced realtor with a passion for helping people plant roots in
communities they love. I was born and raised in Metro Vancouver and come from a family with
over 40 years of sales and brokerage management experience. This has shaped me into the
client focused agent that I am today. I work with individuals, families, and investors throughout
Metro-Vancouver to help them find their dream home, townhouse, or condo.
