Mortgage Information

Pre-approval

Non-residents can obtain a Canadian mortgage and it is highly advised to seek a pre-approval before reserving.  It only takes a couple of days to obtain and will ease the purchase process tremendously.  You will have to indicate where you wish to purchase in order to get the pre-approval, but this does not tie you down to a purchase at a given property. 

Ski Safari can assist in this process.  There is no cost to obtain a pre-approval.  If you would like to apply for one, please complete the document below and return to us by post (please note, this link opens up a pdf document):

Canadian mortgage questionnaire

What does it all mean?

Once you get started with the mortgage process, you will see that there are certain terms that you may not have come across before.  Your lender will be more than happy to assist with explaining eveything, but to help you along, here is a glossary of terms (please note, this link opens up a pdf document):

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Canadian mortgage glossary.pdf

What kind of mortgage can I get?

Mortgage rates are currently in the region of 6% and 25 - 30 year terms are available. 

Canadian law dictates that the loan to value offered to non-residents will never exceed 75%.  Generally speaking, one can expect to be offered a LTV of 65%.  If a higher amount is required, a secured loan in the country of residence of the buyer is recommended.

For calculations on how much you can afford to pay, how much you could be offered and more, please visit the mortgage calculator at the Caisse Desjardins website (link opens in a new window).

Obtaining a mortgage as non-resident

The maximum loan to value a non-resident can obtain is 75%.

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You may be required to supply the following:
  • Proof of income
  • Proof of assets held (in any country or jurisdiction)
  • A credit check (may not be necessary if the supplied documents can be supported)
  • References (bank, employer, etc.)
The process is not any more demanding than in the UK or many other countries. 

Full purchase Costs

Common costs include:
  • An appraisal report (for resale properties), generally no more than $300
  • A survey for property boundary (for resales), about $300
  • Transfer tax (stamp duty) is around 1.5% depending on the province
  • Legal fees are between $700 and $2,000 depending on jurisdiction, age of property, etc.

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