Non-Resident Homebuyers Mortgage

Vaughan Mortgage Broker

A Non-Resident home buyer is someone who has purchased a property in a country without residing there permanently. In Canada, Non-Residents are welcome to make a foreign investments 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.

Please contact Deep Das Your Personal Mortgage Broker for Life, who specializes in helping people in the GTA and all over Ontario in financing their infill housing projects. Deep Das believes that every customer deserves the best care and service when purchasing or refinancing the home of their dreams.