International Home Buyers/Investors Mortgage
Mississauga Mortgage Agent
An international home buyer is someone who has purchased a property in a country without residing there permanently. In Canada, anyone is welcome to make a foreign investment regardless of where they reside. In Canada, anyone not earning an income, paying taxes, or living out of the country for over half of the year is considered a non-resident. On April 21, 2017, a new tax rule was introduced requiring all non-residents purchasing homes in Ontario to pay a Non-Resident Speculation Tax of 15% of the purchase price.
There are a few factors that can impact the amount a borrower must put down upfront. Buyers living in the United States that intend to use the property rather than renting it out, can put down a 20% down payment, if they can prove they have a sufficient income. Buyers living anywhere else in the world who can provide proof of income must contribute 35% of the purchase price as a down payment.