CANADA MORTGAGE FOR NON-RESIDENT

In Canada, the mortgage for foreigners is structured in the same way as for Canadian residents, involving regular repayments that cover both principal and interest over an agreed period.

Such mortgages enable international buyers to participate in Canada’s property market, supporting investment, relocation, or ownership of vacation homes.

Is it possible at all for a non-resident to finance the purchase of a home in Canada?

Yes ✅ — it is possible for a non-resident to finance the purchase of a home in Canada, as Canadian banks and lenders do grant mortgages to foreigners, though the process usually involves stricter requirements than for residents.

Here are the general conditions most Canadian lenders impose on non-residents who want to finance a home purchase:

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🟢 1. Down Payment

• Non-residents are usually required to provide a larger down payment than Canadian citizens or permanent residents.
• Typically 35% of the property’s value is standard, although some banks may accept slightly less if strong financial proof is provided.

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🟢 2. Proof of Income & Credit

• Lenders require income verification from abroad (employment letters, payslips, tax returns).
• Foreign credit history may not always be recognized, but providing a credit report from your home country strengthens your case.

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🟢 3. Banking & Funds in Canada

• You’ll usually need to open a Canadian bank account and deposit the down payment there before closing.
• Proof that funds come from legitimate sources (anti-money laundering checks) is mandatory.

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🟢 4. Other Requirements

• Valid identification and visa/passport.
• Some banks require proof that the property is for personal use or investment.
• Mortgage insurance may apply depending on the loan structure.