Rental Property Investor · Naperville, IL · Member since 2019 · 5 posts · 4 votes
Hello all. I am a Canada/US dual citizen. My primary residence and job is in the states. I'd like to buy a property in Richmond BC and let my parents live there. They will be paying the mortgage/rent but I need to be the one to hold the title. I left Canada 15 years ago.
How likely will I be able to get any mortgages? Down payment requirement? Canadian mortgage brokers or lenders or anyone with insights, please chime in. Thank you
Rental Property Investor · Member since 2020 · 32 posts · 35 votes
6y
@Won Sung down payments can range between 5-20 percent depending on your goals. Since you are not living in the property the banks and government will consider it non-owner occupied which requires the 20% down payment. There are property tax implications too that you’ll have to look up locally. Interest rates aren’t bad at the moment.
Specialist · Mortgage Broker Canada · Member since 2015 · 316 posts · 118 votes
5y
@Johnny Pineyro As a non-resident buying in Canada, you would have to qualify for the non-resident mortgage. @James G.The minimum down payment depends on your citizenship and the lender.