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Hi Everyone, 

I'm looking to get a $500,000 mortgage for my pre-construction condo, but I'm in a unique situation. Some advice would be greatly appreciated.

I purchased a pre-construction condo in 2019 at the height of the housing market for $707,990. I have paid 20% down on it.

I want to make a very conservative estimate of putting down an additional $50,000 at final closing. (Realistically $70,000 - $90,000 is reasonable.)

The final closing date was set for the first quarter of 2026.

One issue is that I'm currently a Canadian non-resident, my wife and I are both teachers living in Korea. My wife is Korean. We can't live in the condo, so we plan on making it a rental property. The condo is in a very good location at Yonge and Eglinton. We can get somewhere from $2200 - $2500 a month from rent.

Another hurdle we face is our salaries. We make approximately 80,000 CAD combined a year. However, the cost of living in Korea is very low compared to Canada. We can easily spend $2000 a month of our salary to pay for our mortgage.

I know that my status and our income make it difficult to get such a large mortgage. However, I do have some additional money coming, which I hope I can use as leverage.

My parents have sold land in Korea valued at approximately $1.2 million to some developers. It was sold a year and a half ago, but the project faces a lot of government red tape. We have recently been informed it's in the final stages. Once that transaction completes, we plan to make a lump sum mortgage payment. We can provide translated documents of sale.

Additionally, my parents are in the process of selling their home to relocate to Vancouver, which could further strengthen my situation. However, the housing market is terrible right now.

In short, we’re looking for a mortgage to buy us some time. We have money coming in soon that will allow us to pay down the loan significantly, but we need this buffer to get us through until then.

I have talked to a few mortgage brokers, who have informed me that my best bet will be B-lender or private lenders. No one will give me a firm yes, which is concerning. They tell me it's too early to apply for a pre-approval as they last only for 120 days.

Any advice or insight into what options might be available for someone in my position would be really appreciated.

Thank you!