\nPurchase by a temporary resident in Canada<\/a><\/p>\n
Every year, Quebec welcomes many individuals wishing to settle in Canada, more specifically in Montreal. However, obtaining resident status is not a simple or quick procedure.<\/p>\n
You may therefore wonder if it is possible to buy a house in Quebec, more specifically in Montreal, without having permanent resident status.<\/p>\n
Keep in mind that in January 2023,\u00a0a new law will prohibit foreign investment in housing in Canada<\/a>. However, we advise you to contact our mortgage brokers for advice and guidance.<\/p>\n Canadian law provides that a non-resident or temporary resident may purchase a home in Canada under the following conditions<\/p>\n Keep in mind that buying a house will not change your immigration status in Canada.<\/p>\n The purchase of a property does not give you the right to work or to stay longer than the period provided for by your visa.<\/p>\n The advantage of buying in Montreal is that you are not subject to paying taxes (speculation tax for non-residents) as a foreign buyer unlike in the provinces of British Columbia and Ontario. In these provinces, foreign buyers are subject to a\u00a015-20%<\/strong>\u00a0tax.<\/p>\n Our brokers will propose solutions adapted to your situation for the purchase of your home in Quebec as a non-resident.<\/p>\n Before presenting the different possible financing solutions, we remind you of the importance of defining your debt capacity.<\/p>\n To take out a loan in Quebec, you must have a good credit history or prove that you are in a certain financial situation if you do not have a credit history. It is possible to provide a bank reference in your country of origin (if you have been in Canada for less than 12 months), as well as invoices (Hydro Quebec, Bell, rent payments) that will confirm that you have respected the terms of payment.<\/p>\n You can use a conventional loan from a bank in Canada. In Canada, as in Quebec, a minimum 20% down payment is required.<\/p>\n Under certain conditions, as a non-resident, you can make a down payment of 5% if you have 12 months of credit history in Canada, or 10% if you have less than 12 months of history.<\/p>\n These conditions vary by lender and mortgage insurer.<\/p>\n To take out an insured loan<\/strong>, it is required that<\/p>\n Also be aware that if you are bringing in money from outside of Canada to be used for a down payment on\u00a0your home<\/a>\u00a0or property, this amount must be confirmed as being in your accounts (in your country of origin or in Canada) for at least 90 days. In some cases, the funds may also come from a gift from immediate family under certain conditions.<\/p>\n In some cases, in addition to your loan, you may be able to get\u00a0a renovation loan<\/a>\u00a0to do work on your new home.<\/p>\n We invite you to contact our brokers for help and guidance in choosing the type of loan you want to take out.<\/p>\n We present the costs involved in buying a home in Quebec for non-residents.<\/p>\n Once you have purchased your home, you will have to pay a transfer tax (welcome tax). This is a mandatory tax imposed by the municipality for any real estate\u00a0transfer\u00a0transaction.<\/p>\n This tax is calculated based on the greater of the purchase price of your property, the consideration written into the deed and the municipal assessment<\/a>\u00a0amount and varies depending on the city where you make your purchase.<\/p>\n To find out how much the welcome tax is,\u00a0you can calculate it with our tool<\/a>.<\/p>\n Your municipality will send you a tax bill (transfer tax, also called welcome tax) within 3 to 6 months after the transaction is finalized at the notary’s office. Once you receive the bill, you will have 30 days to pay it.<\/p>\n It is possible to be exempted from this tax, if the transaction is carried out between members of the same family (ascendant, descendant, between spouses).<\/p>\nIs it possible to buy a house in Quebec if you are not a permanent resident?<\/h2>\n
Possible financing for the purchase of a house in Quebec by a non-resident<\/h2>\n
Define your debt capacity<\/h3>\n
![\"can-we-buy-home-quebec-non-resident\"](\"https:\/\/hypotheques.ca\/wp-content\/uploads\/2023\/03\/62fb7259a2f30e6bca67774c_peut-on-acheter-une-maison-au-Quebec-non-resident.jpg\")
<\/div>\n<\/figure>\nConventional loan<\/h3>\n
Insured loan<\/h3>\n
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Fees for the purchase of a house in Quebec for a Non-Resident<\/h2>\n
Taxes following the purchase of the house<\/h3>\n
Notary fees<\/h3>\n
![\"notary-purchase-home-quebec-non-resident\"](\"https:\/\/hypotheques.ca\/wp-content\/uploads\/2023\/03\/62fb728b7a0eb449e61fa717_notaire-achat-maison-quebec-non-resident.jpg\")
<\/div>\n<\/figure>\n![\"fees-purchase-home-quebec-non-resident](\"https:\/\/hypotheques.ca\/wp-content\/uploads\/2023\/03\/62fb73032169a05e98f9d693_frais-achat-maison-quebec-non-resident.jpg\")
<\/div>\n<\/figure>\n![\"house-quebec-non-resident](\"https:\/\/hypotheques.ca\/wp-content\/uploads\/2023\/03\/62fb7325ff5ec5f75163bb13_maison-quebec-non-resident.jpg\")
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