I'm in my mid 20s and I'm planning to buy my first place to live. My income currently is 40k annually, have high credit score. However, with my income I will not be able to quality for mortgage for even a studio apartment in mainland Vancouver. Is it possible to get a mortgage approved if i buy the property with my father who lives outside Canada? If not, what are the other creative options we have in Canada for real estate investing? Ideally I'd like to buy house and rent out other units that would provide me some assistance with mortgage payments. Any feedback would be helpful. 

Hey @Tjay Sharma here is a couple of suggestions. You should look into owner/seller financing! They do not require as much pre-qualification as the banks do. Especially if you are purchasing an income property that has more 2 or more doors. You could owner occupy one of them and basically live for free! The other option that you can discuss with your lawyer and accountants are, opening up a corporation and making your father a sharholder. Then, purchasing the asset in that corporation. Just a few options off the top of my head.

Hi @Melanie Dupuis , thank you very much for your reply. I am getting more inclined towards your second suggestion because my father does own a company with good cashflow for over couple decades. I believe i could speak with a lawyer and accountant regarding the same. Do you recommend we register same company in Canada and buy the property OR should we open a brand new corporation? Because the company already have balance sheets for years as a proof of income.

@Tjay Sharma I think this will depend on the financing you can get. They might give you better rates and a higher LTV if it is a Canadian corporation as opposed to a foreign corporation purchasing real estate here. Again, ask the professionals!

@Melanie Dupuis ok, I'm just confused that do i have to show the income for the company? Because as the company will be new, it won't have income to begin with.

@Tjay Sharma You will be personally guaranteeing the debt for the corporation, and they will look to see if the property will be able to support the debt.