Update to Foreign Buyers

Two weeks ago I wrote about the new ban on foreign buyers here in Canada. You can read about it here. As new clarifications are coming out almost daily, here is an update based on what I have learned from my underwriters.

If you do not yet have your permeant residency status then you will need to provide your past 3 years of tax returns in order to get approved or pre approved.

Also we talked last about the area’s ( metropolitan and large centres) that you could not buy if you were brand new to the county. In the census data they are referred to as Census Agglomeration (CA) or Census Metropolitan Area (CMA) area’s. To see if the area that you want to purchase is outside of a CA or a CMA, then just click here and follow the steps.

If the property being purchased falls outside of a CA or CMA, then the new temporary resident guidelines DO NOT apply.  A temporary resident can purchase a property outside of a CA or a CMA without requiring three years employment history and other applicable requirements. 

Please click here to determine whether a property is located within a CA or CMA.  Please follow the guide below to determine whether the property is located outside, or within a CA or CMA.

Step 1: Identify the location of the subject property in the mapping tool. 
 

Step 2: Determine whether the searched area falls under a Census Agglomeration (CA) or a Census Metropolitan Area (CMA). 

Example 1:

Example 2:

Example 3:

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.

p.s.s- I should tell you that I am licensed in Nova Scotia Brokerage (2022-3000179) Broker (2022-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).

p.s.s.s You can download my new mortgage app here