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Via Jak King, a blow to those students wanting to buy multi-million dollar west-side Vancouver houses, via betterdwelling.com.

Foreign buyers just got one of the most aggressive hurdles when buying Canadian real estate. The Canadian Imperial Bank of Commerce (CIBC) quietly notified its mortgage advisors the “Foreign Income Program” has ended. The program was replaced on February 1, 2018, with a new program designed to ensure compliance with B-20 guidelines from OSFI. This change will have a drastic impact on those that use foreign income to qualify for a mortgage, from one of Canada’s largest banks.
… The improved income verification does introduce two new downside pressures for real estate prices. First, it’ll be more expensive for non-residents dodging local taxes to buy a house. Second, the amount they can borrow will be stress tested against the declared income.

Lots of detail in the article itself.

Comments

    1. Wiring money in as a “gift” is the norm. That is not income in Canada !
      That is why BC must move to higher property taxes, and to lower income taxes, like WA or TX, as affluent immigrants know how to get around the rules. It is rational behavior, legal, common sense.

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