Here is what you need to know about foreign buyer financing for real estate purchases in British Columbia, Canada.

If you are obtaining a mortgage, you will need a Canadian bank account. Most banks require you to show your identification in person to open an account.

Check the bank’s wire transfer policy to find out what they will need from you when you are ready to move money. Some institutions require you to be physically present in the branch to sign wire transfer forms. This is relevant because most lenders now require you to have your downpayment and closing costs in your Canadian account 14 to 30 days before completion, depending on the lender.

Keep copies of all wire transfer documentation, as this will form part of your downpayment verification.

While you are in Canada, you should plan to visit a real estate lawyer. Most banks make it a part of their mortgage instructions that the lawyer see the clients in person.

Depending on which lender you are approved through, you may have to come back to Canada to sign your closing documents in person.

Financing is typically available for up to 65% of the purchase price and often up to 80% for US Residents. If you are considering a property with a purchase price over $1 million, financing may be reduced to fit the banks’ sliding scale. Exceptions to the sliding scale can be requested and are often granted based on the strength of the applicant and the property.

My role as your mortgage broker is to find the best available rates for the property you wish to purchase. The down payment amount can vary depending on what type of property you are purchasing, and the location. I always try to secure approval with no broker or lender fees, but in some cases, they are applicable. If a fee applies, there is always full disclosure, and we do not proceed without your permission.

Mortgage terms and policies are significantly different than in the US. I am here to walk you through the process and ensure a seamless financing process.