Are you planning to fly into Canada this year? If so, don’t forget to check whether you’ll need an Electronic Travel Authorisation (ETA). These come into force from March 25th and will affect you if you’re traveling from a visa-exempt country.
Express Entry a year old
Did you submit an Express Entry profile in 2015? If a year has gone by since you sent it in, you have 60 days in which to re-submit your application. Any longer than that and you’ll have to send in a completely new application. The number of ITAs (invitations to apply) seems to have stayed fairly static at around 3000 per month. However, the good news is that the points requirement seems to have been steadily dropping over recent months and is now down to 453 points as of the last round of invitations on January 13th.
Home down payments
If you’re close to finalising your move (congratulations on getting this far!), you’ll want to be aware of upcoming changes in house down payment rules. Up until now, it’s been possible to buy a house in Canada with as little as a 5% down payment, but from February 15th, anyone buying a home costing over $500k will be required to place a 10% down payment on the portion of the purchase above $500k. The remainder will still require only 5%.
So what does this mean if you’re a new immigrant trying to get established in the Canadian housing market? The good news is that most prospective buyers won’t be affected. However, if you’re trying to get on the housing ladder in Toronto or Vancouver, it will have an impact. In these over-heated markets the average price for a detached house is hitting $1 million, compared to $455,000 for the rest of Canada. Here’s a currently listed million dollar house in Vancouver. Hard to believe, I know…
Or maybe some million dollar condo living in Toronto is more your style?
As usual I got distracted looking at house listings Hopefully when it comes to buying your new Canadian home, you won’t be having to look in the million dollar bracket.
With the new Liberal government now getting into its stride, and big challenges for the economy, it could be an interesting year in Canada. Look out for more changes ahead in 2016!