Non-resident: Re-financing

Re-financing is not an option for Non-residents

When a non-resident decides to buy a property in Whistler, it is important to make a decision about financing when writing the offer. If a non-resident Buyer says that it would be simpler to pay cash for the property and then refinance, that is not an option with Canadian Banks.

The reason is that the Canadian bank does not know the source of the original funds used to buy the property. Despite, you the Buyer, offering the Bank every document on the purchase of the property, no Canadian Bank can refinance your property. To do so would be in contravention of FINTRAC.


The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada’s financial intelligence unit and anti-money laundering and anti-terrorist financing supervisor. This Federal Government Agency has the mandate to facilitate the detection, prevention, and deterrence of money laundering and the financing of terrorist activities while ensuring the protection of personal information under its control.

Any professional involved with the sale of a property in Canada must also comply with FINTRAC regulations. The penalties are career-ending.

Re-financing for Canadians

Please note, that re-financing is available for Canadian Citizens, but not for non-residents. If one of the Buyers is a Canadian Citizen who does not reside in Canada, then it is important to seek professional advice on this topic prior to writing an offer.

If you think I would be a good fit to work with you and your family, and you are not already working with a Whistler realtor, please contact me. I look forward to hearing from you.

It’s a Good Life in Whistler!


Marion Anderson Personal Real Estate Corporation (604) 938-3885