Lending to Non-Residents

  • A non-resident is an individual who resides outside of Canada and derives and reports his/her income from a source other than Canadian.
  • Minimum down payment of 25% is required under Canadian Law
  • Purchasers may be requested to provide: income verification, confirmation of assets and down payment, a credit check and/or Bank reference letter.
  • It is common to have Canadian Citizens (holding SIN'S) working overseas and collecting income in both Canadian and other currencies. In some cases we will be able to determine the Canadian income and potentially approve under regular Canadian resident mortgage guidelines.
  • Client's who have recently arrived from other countries and who are employed here in Canada, either on Professional Work Visa or Landed-Immigrant status may qualify with minimum 15% down payment through GE Capital Foreign Professionals Program. ALL documentation is required.
  • If a purchaser maintains both Canadian and US Status, and they earn income solely from outside Canada they may be considered a Non-Resident for lending purposes.


Residential mortgages are readily available to non-residents of Canada up to 75% financing for qualified purchasers. Higher amounts may be made available if the residence is co-purchased with a Canadian citizen.

Qualifying For Mortgage Financing

Qualifying for the mortgage financing is probably no more rigorous than what you are used to. I will conduct an interview with you via phone, fax and/or email to gather personal information about you, your assets/liabilities, employment and/or income information. In some cases a foreign credit check, bank report, confirmation of income or verification of funds used for the down payment may be required. Also, 3 months future payments may be required to be held in your Canadian Bank account to ensure repayment will not be impaired due to postal or wire transfer interruptions.

Registration of Purchase and Mortgage Documents

After your mortgage is approved (approximately 24 to 48 hours after our interview) and final subjects have been removed from the Contract of Purchase and Sale for the residence, the title transfer to the property and mortgage documents must be prepared for registration at the district Land Titles Office. For this you will require the services of a lawyer or notary public (I can recommend several local firms that are well versed in non-resident mortgages). As the process may take from 6 business days to more than a month depending on when you wish to complete the purchase, the law firm can arrange for you to sign the documents in front of a lawyer or notary in your home country if you are returning to your home country prior to completion of your purchase.


The following will give you a guide to the most common costs involved in the purchase of a residence in British Columbia:

Appraisal Report (to corroborate market value of purchased residence)


Property Survey (to validate the property boundaries)


BC Land Transfer Taxes - Calculated at 1% of purchase price up to $200,000 plus 2% of the portion over $200,000


Legal Fees and Disbursements (will vary if documents are required to be couriered out of country)


Determining Your Mortgage Payment

Here's an easy way to calculate a monthly mortgage payment current mortgage rates vary from 5.5% to 7%, so here are three simple factors to assist you in determining what you're payment will be.


Multiply the mortgage you need by: 0.0061


Multiply the mortgage you need by: 0.0064


Multiply the mortgage you need by: 0.0067


Multiply the mortgage you need by: 0.0070

Now you know roughly how much you will pay on a mortgage amortized over 25 years.

Rates, Rate Holds and Pre-Approvals

There are many different mortgage products and terms available to you for your purchase. One of the most popular mortgages is a variable rate Better Than Prime because the rate is so low and we can set your payment to fluctuate with prime or set it at a fixed payment to have the equity build quickly in your new purchase. A benefit to you, the investor, working with me is that there are NO broker fees. To have current interest rates guaranteed for 90 days while you shop for a new home you can reach me by phone, fax or email. You may contact me seven days a week between 9:00am and 9:00pm (Pacific Standard Time).

Priscilla & Company - RE/MAX Vernon

Don Kassa