Every newcomer’s experience coming to Canada is unique and personal, and so are their banking needs. We learn some of their stories in this special series, Landed.
Every newcomer’s experience coming to Canada is unique and personal, and so are their banking needs. We learn some of their stories in this special series, Landed.
Just like every newcomer’s decision to come to Canada is unique and personal, so too are their dreams once they arrive. In this series, Landed, we highlight how CIBC is helping to make a difference in the lives of four newcomers, assisting them to attain their goal of succeeding in their new home. This time, we meet Qiyu, who, after getting his permanent resident card, proposed to his girlfriend and bought a condo in the Greater Toronto Area.
QIYU, 30
“I am originally from China and got my permanent resident card in 2023.
“I had been dating my girlfriend for several years and we were renting a one-bedroom condo together. But we never felt secure because my landlord could sell it at any time if he wanted to. It wasn’t our home, it was his, and I could not paint or decorate the way I wanted.
“When my relationship with my girlfriend got more serious, we moved into a new condo together. We were paying a monthly fee to the condo builder until it was time to get a mortgage on the unit. We felt like we finally had a more stable life because we had a place that was our own and no longer needed to worry about having a landlord who might ask us to leave. Having a condo that we would own was really important to us. Less than a month after moving in, my girlfriend and I got engaged.
“In February of this year, it was time to get a mortgage. I had no idea how or what kind of documents I needed to submit to get a mortgage to help with the condo purchase. CIBC helped me with that part. We received a lot of advice and guidance. There was so much Jasmine from CIBC did, like creating a checklist of all the documents we would need.
“CIBC also introduced us to programs related to mortgages, like the FHSA (First Home Savings Account) which helps you save for your first home, tax-free. Based on our income and because we have regular salaries, CIBC was able to offer us a mortgage for permanent residents. I felt very comfortable with it because with that rate our monthly payment was less than we thought it would be.
“The condo is important to us and our new life. We feel really comfortable and more secure. We enjoy the work and life balance in Canada and our life is better. My wife — we are now married —and I both got promotions at work, and it means we can now start planning for our future, like starting a family and our retirement. Like with our mortgage, CIBC is helping us to achieve our new financial goals.
“Owning our condo, we now feel more secure, and now have something for the future and can build our own life in Canada. We are happy because of that.”
DISCLAIMER: This content was funded and approved by the advertiser.
