Non Resident Mortgages

Fortunately, there are many options for non resident buyers in Ottawa.  A non resident can purchase a family home, recreational property and an investment property.


Buying a property as a non resident:


Typically as a non resident buyer you need to have 35% down payment.  Some alternative lenders may allow less down, such as 25% as well as for US residents. Some traditional lenders will allow 20% down.

The down payment can be from savings and some lenders will allow a family gift.  If buying a rental however, a lender will not allow a family gift for the down payment and it will have to come from savings.

The down payment must be in a Canadian bank account and be in the account at least 30 days  before the closing date.


Meeting with a lawyer

You typically need to be in Canada to sign with your real estate lawyer.  However, a lender may make an exception to this.


Your current debt obligations

A lender will include all debts, including the costs from your principal residence, in the application.


Credit bureau

A lender will require a credit report from your home country.



For those outside the US you may need to provide one of the following:

  • International credit report or,
  • 6 months of credit card statements showing payments on time or, 
  • 6 months of bank statements showing mortgage payments on time

In addition, some lenders will require a reference letter from a bank in your country.

Furthermore, lenders will require:

  • Income verification
  • Photo ID
  • Void cheque from a Canadian bank account for the mortgage payments and, 
  • Down payment confirmation

All documents must be provided in English or French. Any translation required must be completed by an professional translation service and the cost of this is a client’s responsibility.


Liquid assets

In addition, some lenders require that borrowers must have liquid assets of the equivalent of 12 months of principal, interest and tax payments.


If you are a non resident and are thinking of buying a property in Ottawa, I invite you to contact me today to review your mortgage options.