Showing posts with label Canada Mortgage and Housing Corporation. Show all posts

Canada Mortgage and Housing Corporation: Welcome to Canada!

OTTAWA, ONTARIO--(Marketwire - July 28, 2011) - You've made Canada your new home and are probably in the process of searching for a place of your own. Looking for a home can be a very exciting experience that can be both rewarding and challenging.
As Canada's national housing agency, Canada Mortgage and Housing Corporation (CMHC) has been providing Canadians – including new Canadians like you – with information and tools to help you make informed homeownership decisions.
Canada's population growth is becoming increasingly reliant upon immigration. In the 2006 Census, close to six million Canadians identified themselves as immigrants, representing about 20 per cent of the entire Canadian population.
To help new Canadians make informed housing-related decisions and find safe, affordable homes for their families, Canada Mortgage and Housing Corporation has developed a multi-language one-stop online source for housing-related information. Visit CMHC at www.cmhc.ca/newcomers.
CMHC wants to provide newcomers to Canada with relevant and culturally appropriate housing-related information. A wealth of information is available for newcomers in both official languages – English and French – as well as in Mandarin/Simplified Chinese, Arabic, Punjabi, Spanish, Tagalog and Urdu.
This housing-related information is divided into three areas to make things simpler: Renting an apartment - for most newcomers, your first home will likely be a rented house or apartment. Renting a home should provide you with a safe place where you can begin to adjust to your new life in Canada. It can also give you the time to look for a home to buy without feeling pressured into making a quick decision; Buying a home - CMHC has created a series of guides and tools that take you through the home buying process; and Looking after your home – which will help guide you on how to take care of your home and prevent problems before they happen. Don't forget to also check out the videos on buying, renting and renovating a home.
For more information or for FREE information on other aspects of renting, buying and renovating a home in Canada, visit www.cmhc.ca/newcomers. For 65 years, Canada Mortgage and Housing Corporation has been Canada's national housing agency and a source of objective, reliable housing expertise.

Contact Information

For story ideas or to access CMHC experts or expertise
CMHC Media Relations - National Office
(613) 748-2799
media@cmhc-schl.gc.ca

Expenses in Canada

Scotiabank at Queen Street West and McCaul Str...

Image via Wikipedia

When you move to Canada, your expenses may be different from those you are used to. Canada is a very large country, and costs can vary significantly depending on where you live. When you move to Canada, it's helpful to know a little about the money that you'll be using when you get there.

Coins come in six denominations. Each is a distinct size, shape and color for easy identification.

penny = 1¢
nickel = 5¢
dime = 10¢
quarter = 25¢
dollar = $1.00 (known as the "loonie")
two dollar = $2.00 (known as the "toonie")

Paper money is all the same size, but each bill is different in color.

$5 - blue
$10 - purple
$20 - green
$50 - red
$100 - brown

It's a good idea to exchange some of your money into Canadian currency before you leave your home country, so that you have cash on hand for small purchases as soon as you arrive. Once you're here, there are several ways to exchange your money for Canadian currency.

Financial institutions - Scotiabank offers competitive exchange rates. By visiting a branch, you can exchange money from just about anywhere in the world.

Foreign exchange outlets - you can find foreign exchange outlets in select locations across Canada, including airports and tourist attractions.

Housing

You've arrived in Canada. One of the most important tasks ahead of you is finding a place to live. This is likely to be one of your biggest expenses.

Many people rent their home for their first few years in Canada, which usually costs less than buying a home.

Did you know that you can own your first home with a hassle-free mortgage designed specifically for Newcomers to Canada? Find out more

Generally speaking, housing is less expensive outside of cities, whether you rent or buy.

Glossary: Canada Mortgage and Housing Corporation (CMHC)
Housing for Newcomers
Home Ownership

Provincial and Territorial Fact Sheet

Average Cost of a house in Canada and Renting in Canada
	Avg. Cost of House*	Avg. Monthly Rent for 2 Bedroom**
British Columbia	$ 461,931	$ 1,045
Alberta	$ 346,955	$ 884
Saskatchewan	$ 234,655	$ 613
Manitoba	$ 204,465	$ 709
Ontario	$ 325,364	$ 931
Quebec	$ 228,184	$ 738
New Brunswick	$ 160,400	$ 637
Prince Edward Island	$ 148,885	$ 642
Nova Scotia	$ 203,725	$ 799
Newfoundland and Labrador	$ 211,844	$ 651
Yukon	$ 281,420	$ 556
Northwest Territories	$ 331,696	$ 1,365
* Source: June 2009 The Canadian Real Estate Association ** Source: Study in Canada

Utilities

You will need to set aside money in your budget to cover these essential services.

Heat - most homes in Canada are heated by natural gas, oil or electricity.
Electricity - your home will also require electricity to power lights, electronic equipment, appliances and air conditioning units.
Water - if you live in or near a city, the municipality will charge a fee for providing water and sewage services.

Average Cost of Living in Canada
Utilities (Monthly)	$20 - $100
Phone (Monthly)	$20 - $40
Cell Phone (Monthly)	$40
Cable (Monthly)	$25 - $50
Internet (Monthly)	$40
Groceries(1-2 Person Monthly)	$200-$300
Transportation (One way)	$2.75
Fast Food Meal (1 Person)	$4 - $6
Average Restaurant Meal (1 Person)	$10 - $25
Gas	$1.15 - $1.50 / Liter
Entertainment (Movie)	$11.50 - $13
*** Source: Study in Canada

Typical Living Expenses in Canada

Image via WikipediaSource: Muchmore magazine
Your life in Canada will be different than in your home country. You may have to take a job with lower pay while you upgrade your skills or get experience working here. That means your financial status could change. Even if you earn a higher salary in Canada than you were earning in your home country, the cost of living here may be higher than you are used to. Below are typical cost of living figures in Canada for your information.
Existing newcomers, please feel free to add your typical costs for essential services or other items via comments as this is really useful information for everyone.

Prepare financially before you leave

Determine how much it costs to live where you are planning to settle in Canada. The cost of living will vary depending on where you decide to settle but some costs will be typical for items and services across Canada.
Check with your banker, lawyer, or financial adviser to find out if your home country has a limit on how much money can be removed. Find out more about bringing money with you to Canada and items you can import duty free and tax free on the Canada Border Services Agency website.
If you will be immigrating to Canada as a skilled worker, investor, entrepreneur or as a self-employed person you will have to provide proof that you have sufficient funds to support yourself and your family after you arrive in Canada. You will need to provide proof of your funds to the Canadian visa office in your home country when you submit your application for immigration.

Here are some typical costs for items and services in Canada.

Typical Canadian living costs

Household expenses - Your everyday costs

Up to half your take-home pay in Canada can be taken up by household expenses. These expenses include the cost of your home, heating and other utilities, food, clothing, health insurance and transportation.

Your home will cost the most

Most Canadians spend 35 to 50 percent of their income on housing and utilities. This includes the cost of renting your home or paying your mortgage (a mortgage is a long-term loan.) It also includes the often-high cost of heating your home and paying for electricity, telephone service and water.

If you rent

Many newcomers choose to rent an apartment on a monthly basis. Rental costs vary across cities and across Canada; they usually cost less outside large cities.
You will likely pay at least $350 a month to rent a room and at least $2,000 a month to rent a larger apartment or a large house. An immigrant-serving organization where you plan to settle can help you find a home that you can afford.

If you buy

If you want to buy a house, you will probably need to get a mortgage. Banks and other lending institutions give mortgage loans. They decide whether you have enough income, enough assets (things you own) and a good credit rating. Most banks will ask you to pay at least 10 percent of the cost of the house from your own money.
In addition to your mortgage payments, you will have to pay for property tax and household insurance. If you plan to purchase a condominium (condo), you will have to pay other fees.
You can compare the costs of housing in communities across Canada in the city profiles section of the Canada Mortgage and Housing Corporation (CMHC) website.

Health insurance

Some provincial and territorial health programs may not cover some newcomers for the first three months they are in Canada.
You should check with the ministry of health in your province or territory as soon as you arrive in Canada to see if you will need to buy extra health insurance.

Basic expenses

Food will be a basic expense and costs will depend on the size of your family. This cost can double if you often eat in restaurants or choose to buy specialty items.
Clothing expenses may be less than 10 percent of your take-home pay, but you may spend a lot more if you buy your clothing at designer stores. Second-hand shops sell used clothing and furniture at very low cost.

Alcohol and cigarettes

Some people include alcohol and cigarettes as part of their budget. Alcohol and cigarettes are expensive in Canada because they are heavily taxed.

Transportation

Many Canadian families have one or more cars. Canadians either buy their cars new or used or they lease them, which is a form of rental.
Make sure you think of all the costs before you decide to buy or lease a car. For example, when you own a car you will have to pay to keep it working well, for gas, monthly loan payments, registration and insurance. When you lease a car you will sign a contract to have the car for a set period of time. You will pay the same costs as you do when you own a car.
Many Canadians also choose to use public transportation, walk or bike.

Car insurance

It is the law that all cars must be insured and registered with your provincial or territorial government. Car insurance can be expensive, but it protects you and other drivers in case of an accident. In most provinces, you can find more information by contacting the Insurance Bureau of Canada.

Be ready for occasional expenses

Living in Canada, you will find that every now and then you have to make payments for occasional expenses. Some examples: buying prescription medicine (not covered by health insurance), school supplies and long-distance calls to friends and family in your home country.
Learn more about the costs for living in major cities across Canada at Statistics Canada’s website.

Canada and Manitoba to Provide More Housing for Newcomers in Winnipeg With $9 Million Investment

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WINNIPEG, MANITOBA--(Marketwire - Dec. 21, 2010) - The governments of Canada and Manitoba are providing more affordable housing for people in need, with the announcement of $9 million in funding to renovate and reconfigure existing Manitoba Housing properties into family accommodation for newcomers to Canada. The buildings will be managed by the Immigrant and Refugee Community Organization of Manitoba Inc. (IRCOM).
The Honourable Greg Selinger, Premier of Manitoba and the Honourable Vic Toews, Minister of Public Safety, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC) made the announcement today in Winnipeg.
"Housing is a fundamental requirement for immigrants beginning a new and successful life in Manitoba," said Premier Selinger. "The Manitoba government is pleased to work closely with IRCOM to increase access to affordable housing for newcomers to our province."
"Through Canada's Economic Action Plan, our government is helping to support people with their specific housing needs," said Minister Toews. "When completed, these new apartments will ensure that newcomers to Canada can access safe affordable housing as they begin a new chapter in their lives."
"Safe and affordable housing is the cornerstone for successful integration of all new Canadians. We are pleased to receive the trust and support of the provincial and federal governments and look forward to growing IRCOM's relationships with new and existing partners and friends," said Dorota Blumczynska, Executive Director, Immigrant and Refugee Community Organization of Manitoba. "In the spirit of rejuvenation and new beginnings we extend a warm invitation to all of IRCOM's supporters to take this journey with us as we work to transform this vibrant community."
The funding for IRCOM Phase 2 includes a provincial investment of $6.3 million and an additional $2.7 million, shared equally by the governments of Canada and Manitoba through Canada's Economic Action Plan.
The funding will be used to convert existing units at 470 Pacific Avenue and 477 Ross Avenue into a new configuration of flexible suites that allow IRCOM to house family sizes from two (single parent and child) up to 10 members. The key in the design is the flexibility of connecting adjacent suites to form larger and safer homes that meet the needs of many newcomers.
IRCOM is a non-profit organization that offers secure, affordable transitional apartments to newcomers for up to three years after their arrival. In addition, IRCOM provides on-site supports and services, including an After-School Program that runs five nights a week and a Community Resource Program that connects residents with employment, education, and various health resources throughout Winnipeg.
IRCOM is home to families from diverse cultural, educational, linguistic and professional backgrounds. Current residents of IRCOM House come from Afghanistan, Burma, Burundi, Congo, Ethiopia, Eritrea, Haiti, Iraq, Mexico, Nepal, Pakistan, the Philippines, Rwanda, Bhutan, Somalia and Sudan.
The federal and provincial governments are contributing equally to an overall investment of $158 million under the amended Canada-Manitoba Affordable Housing Initiative. The federal funding was made available through Canada's Economic Action Plan, the federal government's plan to stimulate the economy and create jobs during the global recession. Overall, the Economic Action Plan includes $2 billion for the construction of new and the renovation of existing social housing, plus up to $2 billion in low-cost loans to municipalities for housing-related infrastructure.
The Government of Canada wants to improve the quality of existing social housing for low-income seniors, single parent families, recent immigrants and Aboriginal households. Canada's Economic Action Plan provides $850 million under the Affordable Housing Initiative to provinces and territories for the renovation and retrofit of existing social housing over two years.
Through Manitoba's Long-Term Housing Strategy, HOMEWorks!, the Province of Manitoba with the financial support of the Government of Canada is contributing $378 million over two years for housing initiatives in Winnipeg and across the province. HOMEWorks! supports ALLAboard, Manitoba's Poverty Reduction strategy by increasing the supply of quality, affordable housing for low-income Manitobans. More information about HOMEWorks! is available at www.gov.mb.ca/housing.
Under HOMEWorks! the province is working to sustain and improve existing social and affordable housing and increase the supply of affordable housing. Creating safe and affordable housing for new Canadians is a priority of the province's long-term investment plan.
Canada's Economic Action Plan builds on the Government of Canada's commitment in 2008 of more than $1.9 billion, over five years, to improve and build new affordable housing and help the homeless.
More information on this and other measures in Canada's Economic Action Plan, the federal government's plan to stimulate the economy and protect those hit hardest by the global recession, can be found at: www.actionplan.gc.ca.
To find out more about how the Government of Canada and CMHC are working to build stronger homes and communities for all Canadians, call CMHC at 1-800-668-2642 begin_of_the_skype_highlighting 1-800-668-2642 end_of_the_skype_highlighting or visit www.cmhc.ca/housingactionplan.

Immigration Canada

Canada Mortgage and Housing Corporation: Welcome to Canada!