Mortgages for Non-Residents
Buy Property in Canada — Even If You Don't Live Here Full-Time
Whether you’re a Canadian citizen living abroad, a U.S. resident looking for a vacation home, or an international buyer exploring Canada’s real estate market, Better Mortgages is your go-to partner for non-resident mortgage financing — with solutions built for every profile.
The Surge in U.S. Buyers: Chalets, Cottages & Vacation Homes
We’ve seen a growing trend of American buyers purchasing Canadian vacation properties in areas like Muskoka, Mont-Tremblant, the Laurentians, and Canmore.
Thanks to our lender partnerships, we’ve helped these clients secure high-quality mortgage solutions from top Canadian banks — often at very competitive rates, despite being non-residents.
If you’re looking to buy a secondary or seasonal home in Canada, we can help you do it with ease.
Who Qualifies as a Non-Resident?
- Live outside of Canada for more than 6 months of the year
- Are not a Canadian citizen or permanent resident
- Are a foreign national without permanent status
- Are a temporary worker or student without permanent residence
Your residency status affects your required down payment, documentation, and the types of lenders available to you.
Understanding the Foreign Buyer Ban (Updated 2024)
Canada’s federal foreign buyer ban (initially set to expire in 2025) has now been extended to 2027. But there are several important exceptions:
- U.S. citizens are not restricted from buying
- Temporary residents with valid work permits can still buy a primary residence
- Permanent residents, refugees, and international students may be eligible with conditions
- The ban applies mainly to urban residential properties, with exemptions for vacation homes in resort or recreational zones
Bottom line: We help you understand if your desired property is affected and find a path forward.
Where Can Non-Residents Buy Without Paying Extra Tax?
Canada’s Non-Resident Speculation Taxes (NRST) vary by province and region. But good news — many desirable areas don’t charge foreign buyer taxes, especially popular vacation and secondary home markets.
No Foreign Buyer Tax In:
- Alberta (e.g. Calgary, Edmonton, Canmore)
- Saskatchewan
- Manitoba
- Atlantic Canada (e.g. PEI, Nova Scotia*, New Brunswick, Newfoundland)
- Most of Quebec (including Mont-Tremblant, Eastern Townships)
*Note: Some municipalities in Nova Scotia apply a 5% deed transfer tax to non-residents.
Foreign Buyer Taxes Apply In:
- Ontario: 25% NRST in Greater Golden Horseshoe (Toronto, Hamilton, Niagara, Barrie, etc.)
- British Columbia: 20% tax in Metro Vancouver, Victoria, Fraser Valley, and other zones
We know where the exemptions apply — and we’ll help you strategically navigate your purchase to avoid unnecessary costs.
What Non-Residents Need to Qualify for a Mortgage
Minimum Down Payments
| Residency Status | Minimum Down Payment | Notes |
| U.S. Residents | 20% | Must be from personal resources in a Canadian bank |
| Non-U.S. International Buyers | 35% | Same source and documentation requirements |
| Already Own in Canada | 35% | Applies to additional properties |
Down payment must be in a Canadian account
Gifts are not allowed
90-day bank statement history required
Required Documentation
Income Verification
- Recent paystub
- Letter of employment confirming:
- Job title, length of employment, annual salary (including bonuses), and confirmation you are not on probation
Credit Verification
- Canadian credit bureau (if available)
- OR a foreign bureau or bank reference letter confirming creditworthiness
Cash Flow Requirements
- Some lenders may require 12 months of mortgage payments in reserve (held in a Canadian account)
Need More Flexibility? Private & Alternative Options Available
Not all buyers fit neatly into bank guidelines. That’s why we work with alternative lenders, private lenders, and MICs that specialize in non-resident financing.
These lenders offer:
- Interest-only payments
- 12-month+ pre-paid interest options
- Full upfront funding for faster closings
- Flexible documentation and income review
They’re a great fit for:
- Self-employed international buyers
- U.S. residents purchasing vacation homes
- Investors or second-time buyers with multiple properties
And once your situation evolves, we can help you refinance into a lower-rate A lender product down the road.
End-to-End Support, Wherever You Are
We help non-resident clients:
Get pre-approved before traveling
Set up a Canadian bank account
Work with local lawyers, realtors, and appraisers
Submit all documentation
remotely
Lock in the best rate and structure for your goals
From Lake Muskoka to Mont-Tremblant, we’ve helped clients across the U.S., Europe, and Asia secure property in Canada
smoothly and confidently.
Let’s Make Your Canadian Property a Reality
Wherever you’re located, we’ll make it feel like we’re right next door.
Call us, message us, or connect with an advisor today to get started on your Canadian mortgage. Whether you’re buying a vacation home, investing, or preparing for future relocation, we’ll help you find your Better Mortgage.