non canadian resident mortgage

Non Canadian Resident Mortgage

For a Canadian citizen and Canadian residents the requirement for down payment is 20%. If you’re planning to have less of that amount, Canadians and residents will be referred to the CMHC for mortgage insurance, it will allow you to purchase a home with as little as 5% down payment. For non-Canadians on working visa, the requirements are a little different, 

Now, with non-Canadians, non-residents (foreigners not residing in Canada) or Canadian citizens non-residing in Canada (Canadian citizens who live abroad) the down payment requirements changes quite a bit. First off, financial institutions will  ask for a minimum down payment of 35%  to 50%, depending on each case.