Are you a Ukranian refugee who is new to Canada? Are you wondering if you are allowed to buy a home here? The answer is… Yes! With a few conditions…
Canada does have a law that prohibits non-Canadians from purchasing residential property. This is called the Prohibition on the Purchase of Residential Property by Non-Canadians Act. However, Ukranians who have come to Canada under the CUAET (Canada-Ukraine Authorization for Emergency Travel Measures) may be EXEMPT from this act provided they have two things.
Firstly, to be eligible for the exemption you must have a work permit that is CUAET/AVUCU (see attached photo for an example).
Secondly, you must also have a letter from a lawyer stating something along these lines:
Effective from January 1, 2023, a Non-Canadian is prohibited to purchase residential property due to the subsection 4(1) of The Prohibition on the Purchase of Residential Property to Non-Canadians Act.
However, Section 4(2) of The Prohibition on the Purchase of Residential Property by Non-Canadians Act allows persons, who are temporary residents within the meaning of the Immigration and Refugee Protection Act who satisfies prescribed conditions, to purchase a resident property.
_____ (your name) came from Ukraine as a temporary resident under Canadian-Ukraine Authorization for Emergency Travel (CUAET). I have reviewed their passport and work permits issued by Immigration, Refugees and Citizenship Canada (IRCC).
Therefore, ______(your name) is qualified to purchase a residential property.
Should you have any questions or concerns, please do not hesitate to contact (name of writer).
Once you have these two documents, you will be able to apply for a mortgage. Mortgage lenders will have their own requirements which may include things like proof of full-time employment (3 months), an international credit report or two alternative sources of credit, and proof of funds (what this looks like will depend on how much you are putting down).
Any more specifc questions about lending requirements should be directed to your mortgage broker or lender. Once you have the necessary documentation and are ready to begin your home search, give me a call. I am here to help!