When you first arrive in Canada, you will probably be living
in a temporary home. You will soon be looking for a more
permanent place to live. Canada has many different types
of housing and a wide range of prices. Finding the right
place will take some time and effort. Your first decision
will be whether to rent a house or an apartment, or to buy
a house.
Whether you rent or buy will depend on your personal finances
and whether you already have a job in Canada.
If you want to buy a house, unless you can pay the full
price, you will need to get a longterm loan called a mortgage.
Mortgage loans are provided by banks and other financial
institutions. They decide whether the borrower has enough
income, more assets than debts, and a good credit rating.
Most will ask you to pay at least five percent of the cost
of the house from your own money.
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