More and more Canadian citizens and permanent residents are working abroad while looking to purchase property back home. The good news? It’s now possible to qualify for a mortgage using foreign income, provided certain criteria are met.
Who Can Qualify?
This option is generally available to:
- Canadian citizens
- Permanent residents
- Individuals with a valid Canadian work permit
Foreign Income Eligibility Requirements
To have foreign income considered in a mortgage application, the following conditions must be met:
- The employer must be a recognized and reputable company
- The income must be stable, regular, and verifiable
- Employment should be full-time or contract-based, with solid documentation
- The income must be converted into Canadian dollars, typically applying a 3% buffer (meaning 97% of the total is considered to account for currency fluctuations)
📑 What You’ll Need to Provide
- A strong mortgage application file should include:
- A recent employment letter (dated within 60 days of closing)
- Recent pay stubs
- Foreign bank statements showing payroll deposits (minimum of 3 months)
- Canadian bank statements showing the down payment transfer
- Receipts for wire transfers to Canada
- Any other supporting documents to confirm income stability
Note: Housing, travel, or non-salary allowances are typically not eligible as part of the income calculation.
Real-Life Example: A Canadian Working Abroad
Consider a tech consultant who has been working overseas for the past three years. As a permanent resident of Canada, she now wants to purchase a home in her hometown.
With:
- A strong credit score
- Regular deposits in a Canadian bank account
- All required documentation in place
→ Her mortgage application can be approved, despite her income being earned abroad.
Why Consider This Option?
- Ideal for Canadians or temporary residents on assignment overseas
- Suitable for professionals working for multinational companies
- A flexible solution for non-traditional financial profiles
- Allows for property ownership in Canada—even from abroad
What’s Next?
If you’re earning foreign income and want to buy in Canada:
- Gather all the required documents
- Consult with a broker from Hypotheques.ca by clicking this link
Conclusion
Getting a mortgage with foreign income is not only possible—it’s becoming increasingly accessible. With proper documentation and guidance from a knowledgeable broker, your dream of owning property in Canada can come true, no matter where in the world you work.
