Foreign Resident Mortgage

Nova Scotia has the highest number of university and college students per capita in Canada. Education is a driving force in the Provincial economy and workforce, attracting students and investments from across the globe. In fact, international students now account for nearly 10% of Nova Scotia's college and university enrollments.

When it comes to housing for students obtaining a post-secondary education, options have traditionally included staying at home, living on-campus or renting property. In recent years, a fourth option has gained momentum: parents purchase a property for their child to use as a residence - not just for the duration of their studies, but perhaps longer if the choose to stay in the area beyond graduation. For many families, this option can provide a financial benefit, peace of mind and the pride of home ownership.

For parents of international students seeking the comforts of home while studying in Nova Scotia, CUA has created the flexible Foreign Resident Mortgage. Now, parents are able to purchase a home for their child without being residents themselves. Removing this barrier will enable international students to make a home in Nova Scotia, creating lasting impact beyond the day they earn their degree.

Highlighted Features and Benefits:

  • Designed for foreign residents who do not have official status in Canada.
  • Applicants can purchase a new or existing home, for a child or immediate family member who is attending school in Nova Scotia.
  • Qualifying homes include residential housing (one or multi-unit) and contractor-built turnkey purchases. Self-built properties do not qualify.
  • The maximum mortgage amount is $600,000 CAD.
  • A minimum down payment of 35% is required.
  • A second CUA savings account must be opened, containing an amount equal to 12 months of principal, interest and property tax payments, which is held as security.
  • A five-year fixed term with a fixed interest rate to be determined based on application.

Learn More

To learn more about CUA’s Foreign Resident Mortgage or to determine if it’s the best product for you, call 902.492.6500 or visit one of our branches to speak with a Financial Advisor.

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