Are you thinking about buying a property in Canada, but you are not a Canadian citizen? Perhaps you live in another country and want to purchase a second home in Canada.
Perhaps you are considering moving to Canada and need to secure a home while you are going through the immigration process. Juno Mortgage can help non-residents with finding a home and securing a mortgage which best suits your needs.
Non-resident mortgages require you to usually pay 35% of the down payment of the property, so the remaining 65% will be added to your mortgage. If you are purchasing a property as a non-resident with a resident, the mortgage will still be treated as a non-resident mortgage.
When you make an offer on a property in Canada, you will first have to pay down a deposit to secure your offer. The deposit will then go toward the down payment of the property.
You must transfer your funds to a Canadian bank and have the funds in the bank for at least 30 days, although some banks prefer you to have the funds in the bank for 90 days before closing.
You will also need an income reference letter, a Canadian credit check, a reference letter from your bank, and 3 months’ worth of bank statements. As a non-resident, you will have to pay the 15% Non-Resident Speculation Tax, and other regular closing costs, including land transfer taxes and legal fees. If you do not need a mortgage, you can buy the property in full with cash.
Can I Buy a Property from Overseas?
Yes! With virtual tours available and top-notch brokers, lawyers, and lenders who partner with us, Juno Mortgage can help you find and secure your perfect home, and walk you through the process, even from overseas!
