On November 2, the Canadian Broadcasting Corporation reported that Canada largest bank - the Royal Bank of Canada, the director responsible for new immigrant business, Christine Shisle, has confirmed that the Royal Bank has lifted the limit on mortgages for individuals without local credit history, which was previously capped at CAD 1.25 million, making it significantly easier for immigrants to purchase new homes!
Chinese Immigrants Stimulate the Canadian Real Estate Market
As more and more investors immigrate to Canada, the local real estate market is thriving, which has also boosted the bank's mortgage business. According to CBC business reporter Scott Peterson, reports indicate that currently, 80% of luxury property buyers in places like Vancouver are from China, while 70% of buyers of detached homes in Vancouver are also from China. In the favored West Side of Vancouver, the price of detached homes has surged by 31% over the past two years, with an average price reaching CAD 2.87 million per unit.
Cancellation of Mortgage Restrictions Facilitates Home Purchases for Immigrants
UBC visiting professor Anddy Yan analyzed transactions of detached homes near the UBC main campus completed between August 2014 and February 2015, with prices ranging from CAD 1.25 million to over CAD 9 million, of which 88% applied for mortgages from banks.
However, with rising home prices and an increasing number of immigrants, the bank's original loan limits can no longer meet the demand, as many wealthy immigrants wish to purchase high-end properties. Therefore, the Royal Bank has lifted the limit on mortgages for individuals without local credit history, which was previously capped at CAD 1.25 million. The cancellation of mortgage restrictions will make it more convenient for immigrants to buy homes.
Purchasing real estate in Canada not only offers significant appreciation potential and investment value, but Canada itself has become a desirable place to live and a popular destination for immigrants due to its many advantages. Among them, Manitoba, located in south-central Canada, boasts the longest sunshine hours in the country, earning it the title of "Sunshine Capital of Canada." In August 2013, Manitoba implemented the EOI policy, prioritizing the processing of old cases, and in February 2015, it fully accepted new EOI applicants, allowing applicants to quickly obtain a provincial nomination certificate from Manitoba.
Worldway Immigration Experts state that the Manitoba investment immigration program is a golden pathway to immigrate to Canada, with low entry asset requirements, minimal investment amounts, and fast processing speeds, making it one of the relatively easier provinces for immigration in Canada. Immigrating to Manitoba allows one to enjoy free healthcare, quality education, and comprehensive social welfare. For more details, please consult: 400-138-2929
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