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Forums » Canadian Real Estate » Morgage regulations for non-canadian rezidents

Morgage regulations for non-canadian rezidents Subscribe to Morgage regulations for non-canadian rezidents

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Oleg Kopach

· Dubai, Dubai


Forum_avatar_avatar-olegkop

Icon_minipost Jan 10 '08, 12:52 AM

I am interested in purchasing condo in certain area in Toronto. I am not a canadian landing immigrant, nor canadian citizen. I've been told recently about 25% tax implied on purchasing deals, is it true? What are the morgage regulations? What kind of paperwork required for morgage approval as well as deal closing?
Any advice is highly appreciated.

Edited: 06/26/2010 at 04:30AM


Susan Gozali

Residential Lender


Forum_avatar_avatar-sgozali

Icon_minipost Feb 12 '08, 02:29 AM

The requirements are similar to what Canadian citizens have. You have to provide income verification, credit bureau (if not available, bank statement stating that your accounts are in good standings), downpayment verification. For non-residents, lenders usually would only go up to 65% (ie 35% downpayment), but sometimes they do make exceptions if the client's profile and the property are great (i've seen them giving 80% to non-residents).

I'm not sure about the tax. You should consult with your realtor or accountant about that.

Cheers,
Susan Gozali

Edited: 06/26/2010 at 04:42AM


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