Buying a home in Canada, immigrant support, discrimination and other news
We tell you about the main events of the past week.
Buying a home in Canada
The Bank of Canada raised its key rate to 1.5%. That's not much, but Canadians are worried. For more than 20 years, Canadian residents' spending has exceeded their income. Consumer debt per capita is $20,686 CAD, and that's not including mortgages. Many Canadians bought homes on variable rate loans, which were very low back then. Now they have to pay four times as much, and since food and gasoline prices are also going up, it's a disaster for some families.
Also, the Bank of Canada has published new income requirements for those who buy homes on credit. It's hardest to buy a detached home in Vancouver or Victoria, having to set aside 10% of income per month for a down payment for 30 years. If home buyers are not willing to pay 20% of the cost of the house outright, they will have to ensure the mortgage, and the monthly payments will increase by at least $500 CAD.
But there are also provinces with an adequate ratio of salaries to the cost of apartments even in large cities, for example, Alberta and Manitoba. If you want to stay in Canada for a long time, choose the province wisely so you don't end up in a situation where no home loan is available. People live well in smaller Canadian cities, too, and immigrant requirements are much lower, it is enough to have a basic English level.
Full list of cities with average real estate prices and mortgage loan approval conditions.
Elections in Ontario
In Ontario, there was an election of the local government. Each constituency chose a parliament member, and the party's leader with the most representatives in parliament became prime minister for the next four years. This time again the Progressive-Conservative Party won. Before the election, the party published a budget that it would implement. $15.1 million CAD over three years to invest in Ontario's provincial immigration program.
The province will seek permission from the federal government to double the number of immigrants: instead of 9,000 a year to accept 18,000 new permanent residents, including through a family sponsorship program. The government also promises to make it easier for foreigners to prove their qualifications. Professionals in dozens of in-demand professions, such as plumbers or auto mechanics, will get the necessary licenses in 30 days. The Ontario government will spend $67 million CAD on licensing professionals who have already achieved Permanent Resident status but couldn't prove their education and work experience.
The full article is only available to members of the Immigrant.Today community. Log in to your account to read it for free.
