Mortgages for Foreign Buyers
Canadian Real Estate is regulated by the provinces. This guide is about mortgages for foreign buyers, based on the practices of the province of Ontario.
The rules regarding foreign ownership of houses and condos in Canada are not tied to citizenship. There is no restriction on the type of property or how much property you can buy. Some areas however, have foreign buyer’s tax.
The Ottawa Real Estate Market is experiencing a strong growth in residential property prices. Favourable economic factors and a large number of new residents moving to Ottawa underlined by low mortgage rates make Ottawa an attractive city to both invest and live in.
This guide will point out the most crucial facets of buying a home in Ottawa and in Canada as a whole. Whether you are a student wanting to own a condo, an overseas investor looking to diversify your portfolio or someone buying a second home this guide should be informative to you.
If I Invest in Canadian Real Estate Do I Get Immigrant Status?
What Type Of Real Estate Can Foreigners Buy?
Municipal Property Taxes
There is no Vacancy Tax in Ontario, like Vancouver’s Vacancy Tax.
Non-Residents Collecting Rent In Canada
Is Financing Available For Overseas Buyers In Canada?
Yes, there is financing available for foreign buyers in Ontario. Since you may no have any verifiable Canadian income your lender will ask for a larger down payment. Typical down payment requirements for foreign buyers are around 35% of the value of the home.
Interest rates for foreign buyers are very close to those available to Canadian residents.
For more information on Canadian mortgages contact the Wilson Team.