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Non Resident Mortgage Lenders BC Canada

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Non Resident Mortgage Lenders

On 1 January 2023, Canada officially banned foreign home buyers in a major shift from previous policy. The foreign buyer prohibition, which is was to expire in 2025 has now been extended to the beginning of 2027, is just one of several housing policies adopted by the government, including a 10-year national housing strategy and new investments for low-income Canadians.
 
Not sure if you are considered a non-resident of Canada? See if you fall under any of the scenarios below.
 
 

Permanent Resident & Lived Outside Of Canada For 6+ Months

If you are a Permanent Resident but have not resided in Canada or Filed in Canada in the past 12 months. Lenders will consider you a Non Resident with ties to Canada. You will require 25% down payment to get approved to purchase a home in major centers in BC through a private home equity lender.

Canadian Who Has Lived And Filed Taxes Outside Of Canada

Even if you are a Canadian citizen and you have lived out of the country and not filed taxes in Canada the big banks will consider you under the Non Resident programs only.

With private mortgage lenders they will not be concerned with the fact you have not lived in or filed taxes in Canada. If you are a non-resident with ties to Canada we have options with as little as 25% down payment in major centers. Conditions apply, contact us for more details.

Non Resident With No Ties To Canada

If you are not currently a legal resident of Canada, then unfortunately buying property here is not permitted as long as the ban is in place. National citizens have priority in terms of investment opportunities, so non residents without strong ties to the country will be denied performing a property purchase. 

The only properties non-residents can still invest in are vacation homes, mobile homes, and recreational properties like cabins or cottages.

There are some categories that are exempt from the law and these include international students and foreign workers that have been present in Canada for a certain number of years. Those with temporary resident status, may also purchase one residential property — as long as they intend to become permanent residents.

Refugee claimants, diplomats, consular staff and members of international organizations living in Canada can continue to buy properties without further restrictions.

Find Out More About Non Resident Mortgages

If you’re still unsure of your non-resident status, or would like more information about getting a mortgage as a non-resident, don’t hesitate to give us a call. We’ll be happy to discuss your options!

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