not sure if this can help you, i bought 2 condos in toronto (i'm a canadian citizen but non resident). 1st condo I bought in Oct 2015 I only needed to pay 35% downpayment and proof I have enough funds for 1 year's mortgage payment and utilities. No income proof needed. The 2nd condo I bought 2 months ago mortgage was indeed much stricter!! I need to submit income proof, company letter, proof of all my other assets in order to get a pre-approved mortgage from the bank. Let me know if you need more details on bank mortgage or real estate agent!
my agent referred me to her contact at CIBC and I applied for the pre-approved mortgage from Hong Kong. It took around 3 weeks after I've submitted all the documents. The bank required past 2 years' salaries tax from Inland Revenue Department, financial proof for the past 3 months (all assets including savings account, stocks, MPF, ect), company letter proving years of service and monthly income. On their mortgage approval letter will state mortgage amount your have been approved and interest rate. Besides proving that you can afford 35% downpayment the bank also requires additional 12 months mortgage payment + 12 months of condo fees (management fees). Please see below example:if condo purchase price: CAD400000
then you will need 35% downpayment: CAD140000 + 每月供樓錢 + 管理費 x 12 months
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