Whether it’s due to employment, quality of life, or a multitude of other reasons, Canadians have demonstrated that they are comfortable in packing up and choosing another province to live in. In fact, in 2021 more than 200,000 Canadians switched provinces across Canada...and this is only the statistics released up until the first two quarters of the year, 2021 (Source: Statistics Canada).
Upon arriving to a new province, the more common pathway to homeownership is rent first (typically 1-2 years), then buy after.
But lately, the trend is to purchase immediately upon arrival. With real estate prices surging in Canada’s two most prominent intake provinces, Alberta and BC, newly arriving migrants are opting out of the 1-2 year honeymoon phase of renting and jumping right into home ownership.
Here’s what you need to know when it comes to qualifying for a mortgage when relocating to another province (or city):
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