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Non-Canadian Citizens and no income verification needed

Canadian media found an increasing number of listed international students, most of whom are Chinese students, buy expensive houses in Vancouver through mortgage. The media caution about the possible loophole for such international investment.

Vancouver Sun reported on Wednesday that the buyers of a total of 9 real estates in Vancouver's Point Grey, worth a total of 57 million Canadian dollars (CAD), were listed as international students, and all of them were thought to be Chinese students. Bank mortgages of up to 40 million CAD were used to purchase the properties.

According to Vancouver Sun, Chinese student Xuan Kai Huang bought a house there for just over 7 million CAD (5.5 million USD) and re-sold it for over 8 million in May this year. Huang earned over 1 million CAD (900 thousand USD) through the re-sale.

An investigation by The Globe and Mail said that non-Canadian citizens do not need to show income verification certificates if they can pay a set down payment when applying for mortgages in Vancouver.

This year real estate prices rose rapidly with a surge of international investment. Vancouver Sun urged the Canadian government for more control over banks providing mortgages to non-Canadian citizens.

In response to rising real estate price, the provincial government of British Colombia levied a 15% property transfer tax to non-Canadian citizens buying Vancouver residential houses or condos.

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