The World Shops for Mortgages Here
Foreign ownership brings a unique set of intricacies and challenges. At Hanley Mortgage Group, we have a whole world of experience to help nonresident buyers finance a property in Canada.
*Currently there is a foreign buyer ban that has been implemented in Canada until January 2027. Canadian non-residents are still able to purchase & finance property in Canada.
Travel Can Mean a Little Turbulence
If you are a Canadian non-resident borrower, you may be eligible for a mortgage of up to 80% of a property’s value. Specific rules govern which types of income can be used to qualify for these loans. Contact us for the full details!
The Basics
Once you’ve dealt with the income requirements, mortgages for non-residents aren’t that different from mortgages for residents:
Conventional fixed or variable mortgages are offered
Purchase, refinance, switches all available
Owner occupied secondary/vacation properties, properties occupied by a child and rental properties are eligible
There are wrinkles however, and financial institutions differ on things like withholding taxes, loan to value ratios, down payments – all the areas you look to us to deal with.