What is Canada's housing immigration policy?

Canada is one of the developed countries and a country where many people like to travel. Canada has beautiful maple leaves and white snow scenes, and many overseas Chinese live there, with better educational and medical resources. After traveling to Canada, some people also plan to settle there. If you want to settle in Canada, you need to buy a house and immigrate to Canada. At present, many people living in China have emigrated to Canada. So, what about Canada's housing immigration policy?

Canada's housing immigration policy

Previously, overseas buyers could apply for a mortgage loan of up to 2 million yuan with a down payment of 35%. Now that 35% down payment has become a thing of the past, it is basically impossible in some areas of Canada, and the BankofNovaScotia even proposed that at least 50% down payment is required to qualify for loans. Influenced by the sell-off in the fund market and the tightening of mortgage policy by the Canadian Liberal Party government, TDBank, one of Canada's five largest banks, once again dropped a bombshell on the market after announcing the adjustment of floating mortgage interest rates last week. 165438+1October16th, Dominic Bank announced that it would raise the fixed loan interest rate, with immediate effect.

According to the TD statement, this is based on the results of interest rate surveys, including an assessment of interest rate costs. The whole process is not easy, but considering the impact on customers, communicate directly with the affected loan customers. It is reported that borrowers who apply for floating mortgage interest rates are directly affected, and fixed-rate loans and other lenders will not be affected. Earlier this month, TD Bank raised the floating interest rate of mortgage to 2.85%. Yesterday, Royal Bank of Canada announced that the five-year loan interest rate with a loan term of less than 25 years will rise from 2.64% to 2.94%, and the three-year fixed loan interest rate and the four-year fixed loan interest rate will also rise to 2.69% and 2.79% respectively. For loans with a term of more than 25 years, the fixed interest rate for three-year loans will be raised by 35 basis points to 2.79%; The four-year fixed interest rate was raised to 2.89%, up by 40 basis points; The five-year fixed interest rate is 3.04%, up by 40 basis points.

After the measures taken by TD Bank, it is estimated that several other large banks will raise mortgage interest rates one after another because of impatience. After that, the loan can be overwhelming. So what does this rule mean to overseas buyers after it is implemented?

Commercial housing loans are subject to floating interest rates. As long as the central bank adjusts the loan interest rate, the interest that borrowers need to repay will change accordingly. In fact, the governor of the Bank of Canada had previously warned that interest rates might rise again, and all Canadians should ensure that they still have the ability to pay loans, and asked lending institutions to conduct stress tests on lenders-when faced with the interest rate hike cycle, loan buyers have to bear more interest expenses, and their burden will increase with the increase in loan interest rates. Once beyond the affordability of buyers, it is easy to default.

With such a harsh loan environment, it is no wonder that some people argue that this policy may not restrict very rich foreign buyers from speculating in real estate, but it may make ordinary Canadian working-class "lie down".

For quite some time, buying and selling houses has been regarded by most people as the best means to preserve and increase the value of assets. Therefore, in the current hot property market, the simplest and most effective tool to curb housing prices is to tighten mortgages!

In short, TD's move is extremely lethal. After all, this policy affects real buyers and lenders, and its power is far greater than BC's previous policy of levying 15% overseas buyer tax.

Before that, BMO treated local customers and overseas customers differently. Local customers need to make a down payment of 35% and provide proof of income before they can apply for a mortgage loan of up to 2 million yuan; For new immigrants who have been in Canada for less than five years, the down payment can reach 35%, and there is no need to provide income proof and other information.

What is Canada's housing immigration policy? In the past, the requirements for Canadian immigrants to buy a house were relatively relaxed and the conditions were not so harsh. However, because many people immigrate to Canada, the Canadian government's requirements for foreigners to buy houses are constantly improving and the policies are constantly tightening. You can't immigrate to the local area by buying a house locally. If you want to immigrate to Canada, you can adopt other immigration methods besides buying a house.

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