Getting a mortgage without PR

[canadawill]

Hello,

I know that it is possible to get a mortgage without permanent residency to buy a property, but what is the likelihood here? Obviously, I do not have a Canadian credit rating - but I have a very good rating in the UK.

What are my options to approach this?

I'd like to purchase an apartment in Calgary with a mortgage of around $300,000 and a deposit of $75,000.

 

[steaky]

Hello,

I know that it is possible to get a mortgage without permanent residency to buy a property, but what is the likelihood here? Obviously, I do not have a Canadian credit rating - but I have a very good rating in the UK.

What are my options to approach this?

I'd like to purchase an apartment in Calgary with a mortgage of around $300,000 and a deposit of $75,000.

Go to a financial institution and ask someone if you qualify.

 

[canadawill]

Seems like Canada brought a law in this January to stop foreigners buying residential properties in cities with pop over 10k. Will last 2 years. Need PR to buy now. Damn.

 

[Naturgrl]

Seems like Canada brought a law in this January to stop foreigners buying residential properties in cities with pop over 10k. Will last 2 years. Need PR to buy now. Damn.

When did you arrive in Canada? If you have been filing taxes in Canada over the last four years, you can.

There are also other exceptions to the ban. Some people who are not technically citizens or permanent residents can still buy property over the next two years. These exceptions include:

• Non-residents married to a citizen.
• Diplomats and members of international organizations who are living in Canada.
• Refugees and those with temporary resident status.
• Workers who have worked and filed tax returns in Canada for three out of the four years before buying property.
• International students who have spent most of the previous five years in the country (they can buy property up to $500,000).

 

[canadawill]

When did you arrive in Canada? If you have been filing taxes in Canada over the last four years, you can.

There are also other exceptions to the ban. Some people who are not technically citizens or permanent residents can still buy property over the next two years. These exceptions include:

• Non-residents married to a citizen.
• Diplomats and members of international organizations who are living in Canada.
• Refugees and those with temporary resident status.
• Workers who have worked and filed tax returns in Canada for three out of the four years before buying property.
• International students who have spent most of the previous five years in the country (they can buy property up to $500,000).

Thanks for the info but sadly doesn't apply to me - I am not yet in canada and haven't worked there.

 

[Naturgrl]

Thanks for the info but sadly doesn't apply to me - I am not yet in canada and haven't worked there.

Ah…you need PR or work here for a few years.

 

[steaky]

Thanks for the info but sadly doesn't apply to me - I am not yet in canada and haven't worked there.

How about buying residential properties in cities (such as Morden, MB) with pop less than 10k? I think foreigners can still buy recreation properties.

 

[PenguMortgage]

Hello,

I know that it is possible to get a mortgage without permanent residency to buy a property, but what is the likelihood here? Obviously, I do not have a Canadian credit rating - but I have a very good rating in the UK.

What are my options to approach this?

I'd like to purchase an apartment in Calgary with a mortgage of around $300,000 and a deposit of $75,000.

Right now in 2023 it's not possible for a non-resident to purchase anything in Canada as they banned that for 2 year...