Non Resident Mortgage Lenders
(Rules have changed as of Jan 1 2023. Please contact us for more details)
Trying to buy a home in BC as a Non Resident can be difficult. We have some great options to purchase a home in BC. If you are a non resident, expat, Permanent resident that has not lived in Canada recently but would like to purchase a home to live in, give us a call.
PR or Permanent Resident And Lived Outside of Canada for 6 months or more.
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. Expat Mortgages BC.
Even if you are a Canadian citizen and you have lived out of 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.
Please refer to this Government of Canada resourse
If you are a non resident with no ties to Canada, no problem! We have options for you aswell. You will require 35% down payment in major centers in the private mortgage market. Or yo may also qualify under traditional guildlines with 35% down payment and if US citizen as little as 20% down. Conditions apply.
Being Aware of Speculation Tax in BC
In parts of BC there is a buyers speculation tax for Non Residence of Canada. It is important for consumers to be aware of the tax implications in BC for purchasing a property as a Non Resident.
Reigns where this tax applies:
- Capital Regional District
- Fraser Valley Regional District
- Metro Vancouver Regional District
- Regional District of Central Okanagan
- Regional District of Nanaimo
Canadian Tax Implications on Investment Properties for Non Residence
Why do they make it so hard for Non Residents to purchase properties in Canada? Non residents that rent out their Canadian home may be subject to a 25% tax to the Canadian Customs & Revenue Agency.
Non Resident or New To Canada Mortgage Guidelines For Banks
Recently immigrated to Canada and looking to purchase a home. Each bank has slightly different qualifying rules.
35% Down Payment for New to Canada 20% Down Payment for US Residents (LTV tiering limits apply) Proof no Taxes are owed Immigration Status or have a valid work visa as well as proof of permanent residency or landed immigrant status. 60 months proof you have recently immigrated or relocated to Canada
What you need to be eligible for a Non Resident Mortgage History of down payment and funds in Canadian accounts prior to application. Requires 35% down payment and additional closing costs. 12 months savings to cover closing costs. (PIT Principal, Interest & Property taxes) Additional info that may be requested is references from recognized banks for country of origin.