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Canada is currently experiencing a boom in the real estate market. Pre-sale buying (also know as 'buying off-plan') is becomingly more and more popular with the increase in new residential developments. There are opportunities for emigration, retirement, holiday home ownership and investment.
A Canadian mortgage is available for the majority of nationalities for either house purchase or for re-financing for home improvement.
Proof of income is required in all cases and can be made up of earned income, pension, rental or investment income. There is, however no guarantee that the lender will take these incomes into account when calculating the maximum loan available to you. Non status loans are not currently available.
Total Debt Service looks at the Gross Annual Income required to service all your debts. The Total Debt Service payments may not exceed 37-40% of gross annual income.
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