Do you live abroad and are looking to purchase in Canada? Keep in mind that although it is possible, you have to make a larger down-payment. For a U.S. citizen purchasing in Canada, you would need a minimum of 20% down. Eligible purchases would be a secondary/vacation property, or a home for one of your children to live in while attending school in Canada.
Don’t live in North America? Still no problem, but the down-payment requirement increases. At this point you would then need to put down a minimum of 35% of the purchase price. Once again, eligible properties would be secondary/vacation homes or a home for your child to live in while attending school in Canada.
Keep in mind whether you fit into the 20% or 35% down-payment category, these funds must come from your own resources and can’t be gifted. As usual, we’re a phone call away. Give us a call today!