POF - Owning property in Canada

[|l|R|l|]

Hello,
Im currently in the pool with a crs 475.

I'm thinking of taking a small loan from the country where I reside, and put a downpayment on a house in Canada to rent it until I travel.

Does IRCC accept having property in Canada as proof of funds? Because the loan amount will surpass my savings (which are above minimum requirement)

Is it feasible/profitable to take this step and rent the house through an agency/agent ?
I was checking prices in metro areas and it doesn't seem that high and easily affordable with a minimum loan.

 

[scylla]

Hello,
Im currently in the pool with a crs 475.

I'm thinking of taking a small loan from the country where I reside, and put a downpayment on a house in Canada to rent it until I travel.

Does IRCC accept having property in Canada as proof of funds? Because the loan amount will surpass my savings (which are above minimum requirement)

Is it feasible/profitable to take this step and rent the house through an agency/agent ?
I was checking prices in metro areas and it doesn't seem that high and easily affordable with a minimum loan.

No - property is not accepted as proof of funds.

 

[|l|R|l|]

No - property is not accepted as proof of funds.

Thanks for replying.
I guess the workaround if I'm not the main applicant, loan will be under my name, main applicant is my spouse, his liability letter & PoF will be fine.

 

[scylla]

Thanks for replying.
I guess the workaround if I'm not the main applicant, loan will be under my name, main applicant is my spouse, his liability letter & PoF will be fine.

As long as your spouse is included in the application as an accompanying dependent, the POF can be in your spouse's name.

I would do further research into what is involved in purchasing a property before you have PR. You may find it doesn't pay off to do this until after you are a PR. You will have to pay additional tax on the property as a non-resident owner. Additionally, you'll need to pay tax on the rental income and will also need to pay a property management company in Canada to manage the property for you since you aren't physically here. Right now rental vacancies are quite high (based on historic norms) and rents are low (again, based on historical norms). Given all of these factors, this may not be the right time to purchase a property and it may make a lot more sense to wait until you are a PR. Owning a property in Canada gives you zero advantage as it relates to getting PR.