Temporary Residents in BC

According to the Ministry of Advanced Education and Labour Market Development there are over $150,000 temporary residents in BC in any given year—that’s more than double from 2005 to 2009. This includes international students and humanitarian cases but approximately 50% of those temporary residents in BC are employed with a work permit.  In many instances these residents will eventually seek permanent residency or remain on a temporary basis for several years. 

temporary residents in BC

temporary residents in BC

A recent report by Canada Mortgage and Housing suggests new residents to Canada typically plan to purchase a home within two to three years of landing and many will wait until they have their permanent residency status to buy.  However, the process can take years and many of these residents may qualify to purchase a home if they meet the requirements for mortgage financing as a temporary resident or student. 

The increase in temporary residents in BC has not gone unrecognized by the financial community, who are now creating programs and products specifically for this market.  For example, Ali has been working at a university in Vancouver.  His work permit has four years remaining and he hopes to continue to work in Vancouver and make a permanent life here.  Ali knows the area he likes and has been looking at condo properties online for the past few months.  He believes he is ready to make the plunge into home ownership and has been told by a local realtor to contact a mortgage broker about financing.  After a review of his application Ali learns he can buy his own home with a few conditions.

Ali needs to provide proof of:

          A minimum down payment of 5% from his own funds.  Additional funds gifted are allowed;

          His employment with work permit and income;

          Good credit with an international credit report or alternative sources in Canada 

–  Passport showing entry into Canada within the last five years.


To review my full article for temporary residents in BC, visit http://www.2vancouver.com/en/blog/buying-in-vancouver-as-a-temporary-resident-it-is-possible

To learn more about recent changes to the Foreign Worker Program visit – http://2vancouver.com/en/blog/changes-to-the-foreign-worker-program-parent-sponsorship-program-and-the-age-of-dependency