Info for U.S. residents purchasing a home / cottage along Ontario’s West Coast

I help clients buy and sell homes and recreational real estate along Ontario’s West Coast (Goderich, Bayfield, Bluewater, Grand Bend, Port Franks, Ipperwash, Forest and Sarnia).  

Because of the low Canadian dollar, I have been asked in conversation if I anticipate seeing more U.S. and other non-resident buyers looking for homes and cottages in this area.   

And what’s NOT to love?  I believe that our beautiful Lake Huron beaches, great local amenities and close proximity to the U.S. border will attract more of these buyers considering this area again and taking advantage of their buying power.

It has been said that it’s difficult for these buyers to obtain financing for homes and cottages in Canada.  Some Canadian financing institutions, truly, are not interested in financing this particular group of buyers.

However, in my experience, I’ve found that it may be easier than one would think.

 I spoke to Chris Thompson at the TD Canada Trust Bank, Grand Bend, Ontario branch, and she said that financing from TD Bank can be done for these buyers; however, they need to keep the following lending criteria in mind when they are looking for their home or cottage in Canada:

  • conventional mortgages only (home equity lines of credit are not available to non-residents)
  • 1 - 10 year term, fixed or variable rates are available
  • minimum of 35% down payment is required on fully winterized homes / cottages with a central heating system.  The home / cottage must also have full winter access.
  • maximum 30 year amortization
  • clients will need to provide a copy of their latest tax return and possibly one other form of income confirmation (eg. paystub)

Chris also mentioned that the same interest rates offered to Canadian residents are available to U.S. buyers and other non-resident buyers.  Chris can be reached at TD Canada Trust Bank, Grand Bend, Ontario, Canada (519)238-8435.

Other lenders may have different lending requirements in any real estate transaction, insurance and tax implications will also have to be considered by U.S. buyers and other non-resident buyers. 

If you need more sunsets and beach time, and are looking to buy or sell along Ontario’s West Coast, give me a call. I would be happy to help you through the process.

Jim Quenneville – Sales Representative – Century 21 First Canadian Corp.

Phone: (519)238-2829



Jim Quenneville

Jim Quenneville

Affiliated Real Estate Agent
CENTURY 21 First Canadian Corp., Brokerage*
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