Buying Property in the US as a Canadian - Costs, taxes and USD payments

Can a Canadian buy a house in the US?

Yes. Canadians can generally buy a house in the US without becoming US citizens or obtaining a green card. You can purchase a vacation home while continuing to live in Canada, as many Canadian buyers do.

Canadians purchasing US real estate should understand the ownership rules that apply to the property and how their planned visits could affect their immigration and tax status.  Some states restrict foreign ownership of particular property types, especially agricultural land. These restrictions vary, so acreage or a purchase through a company or trust needs a closer eligibility check than a straightforward residential purchase.

How to buy property in the US as a Canadian?

What you’ll need to prepare depends largely on whether you’re paying cash or taking out a mortgage.

• Your identification: Have your Canadian passport ready. You’ll normally need government-issued photo ID at closing, and your lender or closing agent will let you know if they need anything else.
• Money for the purchase and closing costs: If you’re paying cash, budget for the full purchase price plus closing costs. If you’re borrowing, you’ll need a down payment instead. For example, RBC Bank requires 20% down for primary and vacation homes. That’s US$100,000 on a US$500,000 property, with closing costs on top. Other lenders may have different requirements.
• Income and credit records if you need a mortgage: Gather recent account statements, details of your debts and proof of income, such as pay statements, T4s, tax returns or pension statements. You don’t necessarily need to build a US credit history first. Some cross-border lenders can assess your Canadian credit history.
• Your purchase paperwork: Once you have an accepted offer, your lender will need the signed purchase agreement. Buying through a company or trust involves extra paperwork, such as incorporation or trust documents, so have those ready too.

Do I need a US tax number to buy property in the US?

You may come across the term ITIN, or Individual Taxpayer Identification Number. This is a number for US federal tax purposes, rather than permission to buy a home. If you aren’t eligible for a US Social Security number, you may need an ITIN for rental-income tax filings or a purchase involving FIRPTA withholding. Whether you need it depends on your transaction and tax obligations.

Does buying property in the US give Canadians residency rights?

Buying a home gives you ownership of the property, but a few things don't automatically come with the keys. You'll still need to sort out your immigration status, arrange financing and check whether you're allowed to rent the property out.

Owning a home does not extend your permitted stay

Canadian citizens can usually visit the US for up to six months without a visitor visa, subject to US entry requirements. Buying a property does not give you permanent residency or permission to stay beyond your authorized period. Your plans for using the home need to fit the time you are permitted to spend there.

A brief return to Canada does not guarantee another six-month admission. US border officers may question whether someone spending more time in the US than in Canada is genuinely visiting or effectively living there. If your goal is to relocate permanently, you will need an appropriate immigration route separately from the purchase.

Which US states should Canadians consider when buying property?

Use these figures to narrow down your options, then take a closer look at neighbourhoods and property types in the cities that catch your eye.

How to read the comparison: Home values are Zillow Home Value Index estimates through September 30, 2026, rather than average transaction prices. Relative price levels use 2024 Bureau of Economic Analysis data published through FRED, with the US average set to 100; 110.7 means approximately 10.7% above that national price level. This measure covers consumer goods and services, including rents, and does not estimate your property's carrying costs.

Florida

Buy a property in Florida if you want a home you can return to every winter, with outdoor living and convenient connections to Canada. The choice is less about which city has the most attractions and more about where you’d enjoy spending several weeks or months.

Why consider buying property in Florida?

• A winter home you can use regularly: Florida’s warmer winters make it appealing for Canadians who want beach days, golf or time outdoors during the colder months. NAR identifies its beaches and winter climate as major draws for international buyers.
• Florida cities for your winter shortlist: Orlando is a practical choice if family visits and theme parks will bring you back regularly. Tampa offers a city base with restaurants and waterfront activities, while Sarasota and Naples suit buyers drawn to Gulf beaches, golf and longer winter stays. Fort Lauderdale is worth exploring if you prefer Atlantic beach living, boating and access to South Florida’s airports.
• Nonstop connections to Canada: Being able to reach your home without a connecting flight can make shorter visits more practical. Orlando International Airport lists nonstop service to Canadian cities including Montreal, Ottawa, Halifax and Calgary. Choose an area served by a convenient route from your home airport.
• No state personal income tax: Florida does not levy personal income tax, which is relevant if you own a rental property in your own name. This does not remove US federal tax obligations or Canadian tax obligations if you remain a Canadian tax resident. It is a specific state-tax advantage, rather than a reason to assume your overall ownership costs will be lower.

Arizona

Arizona is worth considering if your ideal winter involves golf, desert walks and a home you can return to for several months each year. For Canadians with convenient flights into Phoenix, it can also make shorter visits practical.

Why consider buying property in Arizona?

• Winter weather suited to outdoor living: Phoenix’s average daytime highs are around 19–22°C from December through February. That makes a winter home appealing if you want to spend more time walking, hiking or playing golf.
• Convenient connections from Western Canada: Phoenix Sky Harbour lists nonstop service from Calgary, Edmonton, Vancouver and several other Canadian cities, making Arizona perfect for Canadian property buyers.
• A lower housing benchmark than California: In September 2026, a typical home value was US$416,733 in Arizona, compared with US$761,538 in California. Individual neighbourhoods vary, but Arizona deserves a look if California’s prices stretch your purchase budget.
• Where to look for a home in Arizona: Phoenix is a useful starting point if Canadian flight connections matter. Scottsdale appeals to buyers who want desert trails and an outdoor winter routine, while Tucson offers a university-city setting with museums and mountain access. Mesa has established seasonal and active-adult communities.
• Communities built around an active retirement: Places such as Sun City West offer recreation centres, clubs, pools and golf within the community. This can be particularly appealing if you want an established social routine during longer stays rather than organizing everything yourself.

Texas

Texas properties are also worth exploring if you want a US home near a major city and purchase price matters to your decision. It offers several distinct markets, so you can choose between a city base, an established neighbourhood near family or a coastal home.

Why consider buying property in Texas?

• A lower housing benchmark: Typical Texas home value was US$296,424 in September 2026, the lowest statewide figure among the eight states in this guide. That makes Texas a useful starting point if you want to keep more of your budget available for furnishing and enjoying the home.
• No state personal income tax: Texas does not levy personal income tax, which can be relevant when holding a rental property in your own name. Local property taxes still apply, alongside any US federal and Canadian tax obligations.
• Flight connections from Canada: Dallas Fort Worth’s published flight information includes services to Toronto and Montreal. A home within convenient reach of the airport may suit buyers planning regular visits from those cities.
• Outdoor activities alongside city living: You can build a routine around cycling and paddling in Austin, walking along Houston’s Buffalo Bayou or spending time on San Antonio’s River Walk. These are useful differences when choosing somewhere to live for several weeks at a time.
• Texas major cities and a coastal alternative: Dallas–Fort Worth and Houston are worth exploring if you want a home near family or airports. Austin suits buyers who enjoy an active city lifestyle. San Antonio offers established neighbourhoods and cultural districts around the River Walk. For a coastal property, Galveston provides a different shortlist centred on Gulf beaches.

California

California suits property buyers who have a clear idea of the lifestyle they want from a US home. A coastal base in San Diego, a desert property around Palm Springs and an apartment in San Francisco each offer a different reason to return.

Why consider buying property in California?

• Coastal living you can enjoy throughout the year: San Diego’s mild climate supports regular outdoor activities, from coastal walks to spending time on the water. It deserves a look if you want to use your home across different seasons.
• An established desert-golf lifestyle: Greater Palm Springs includes communities such as Palm Desert, Rancho Mirage and La Quinta. The area combines golf with hiking, pools and dining, making it appealing if those activities would form your winter routine.
• Finding your preferred California base: San Diego suits buyers seeking coastal living and mild weather throughout the year. Consider Greater Palm Springs for golf, desert hiking and winter stays. Los Angeles and San Francisco make sense when regular family visits or city activities give you a reason to return. Sacramento offers an inland alternative with established neighbourhoods and a strong food scene.
• Nonstop connections to Canadian cities: San Francisco International Airport lists nonstop services to Vancouver, Calgary and Toronto, among other Canadian destinations. These connections can make a Northern California home practical for repeat visits.
• Neighbourhoods where you can rely less on driving: Selected Los Angeles neighbourhoods offer access to restaurants, cultural venues and the coast through Metro. If walkability matters, choosing a home near the right station can shape your day-to-day experience.

Georgia

Georgia offers several ways to make a second home part of your routine. You could choose an Atlanta-area base for regular visits, a coastal property near Savannah or a mountain home around Blue Ridge.

Why consider buying property in Georgia?

• A relatively accessible purchase-price benchmark: Typical Georgia home value was US$329,115 in September 2026. That puts it below Florida and Arizona in the statewide comparison, making Georgia worth exploring if your purchase budget is a priority.
• Below-average consumer price levels: Georgia’s 2024 regional price index was approximately 96.3 against a US average of 100, indicating prices about 3.7% below the national level. This provides useful context for buyers planning longer stays.
• Canadian flight connections through Atlanta: Air Canada offers flights between Toronto and Atlanta. An Atlanta-area property can therefore be worth considering if you expect frequent visits from the Toronto area.
• A choice between coastal and mountain living: Savannah offers a historic city setting near the coast, while Blue Ridge provides a mountain setting with forest access and a small downtown. Your preferred daily routine can guide the location before you start comparing homes.
• Georgia’s city neighbourhoods and smaller communities: Atlanta is a practical base if airport access and regular family visits are priorities. Nearby Marietta offers a smaller historic town centre within the metropolitan area. Savannah suits buyers who enjoy walkable historic districts and riverfront surroundings, while St. Simons Island offers a coastal setting for beach days and golf.

North Carolina

North Carolina deserves a look if you want a second home for golf, coastal stays or time in the mountains. It also offers city bases where visits to family and friends can sit alongside an active outdoor routine.

Why consider buying property in North Carolina?

• A lower statewide housing benchmark: Typical North Carolina home value was US$332,159 in September 2026. That makes it worth comparing with more expensive states before deciding how much of your budget to commit to the purchase itself.
• Consumer prices below the US average: North Carolina’s 2024 regional price index was approximately 94.3 against a national average of 100, or about 5.7% lower. The figure offers useful context when planning the cost of extended stays.
• A strong fit for regular golfers: Pinehurst and the surrounding Sandhills offer an established golf setting, while courses also extend across the coast and mountains. If you expect to play regularly, you can choose your home around the area and courses you enjoy most.
• North Carolina locations worth exploring: Charlotte and Raleigh–Durham are useful starting points for a city-based home. Wilmington combines a historic riverfront with access to nearby beaches. Asheville suits buyers drawn to a mountain setting and local arts, while Pinehurst and Southern Pines deserve a closer look if regular golf is a major reason for purchasing
• Nonstop access from Toronto and Montreal: Raleigh-Durham International Airport lists both cities among its nonstop destinations. That makes the Triangle a useful starting point for Canadian buyers who want convenient access for repeat visits.

Washington

Washington is especially worth considering if you live in British Columbia and want a US home you can visit regularly. Depending on your location, driving or taking a ferry may make ownership practical for shorter stays as well as longer visits.

Why consider buying property in Washington?

• Road access from mainland British Columbia: Bellingham and the surrounding northwest region sit close to the Canadian border. For buyers in the Lower Mainland, that creates an option for a US base that does not depend on flying.
• A ferry connection from Vancouver Island: Port Angeles is connected to Victoria by a vehicle ferry. This gives Vancouver Island buyers another way to reach a US home while bringing their own car.
• A lower statewide housing benchmark than California: September 2026 typical home value was US$587,533 in Washington, compared with US$761,538 in California. Washington is worth comparing if you want a West Coast home and are open to a different climate and setting.
• Outdoor living alongside an established city base: The Puget Sound region combines restaurants, cultural activities and professional sports with access to water and mountain landscapes. It can suit buyers who want their home to support both everyday city routines and outdoor trips.
• Choosing a Washington home within reach of Canada: Bellingham is especially practical for buyers driving from mainland British Columbia. Seattle and Tacoma offer city bases with waterfront activities, cultural venues and access to the wider Puget Sound region. Port Angeles is worth considering from Vancouver Island because of its vehicle-ferry connection with Victoria.

New York

You can buy property in New York if regular access from Canada or repeated city visits would give you a clear reason to use the home. Start by separating New York City from the state’s other markets: the location will shape both your purchase budget and your travel routine.

Why consider buying property in New York?

• Practical access from southern Ontario: Buffalo and the Niagara region are reachable by road from the Toronto area. That can make shorter, more frequent visits realistic for buyers who want to bring their own car.
• Upstate options at a different price point: Typical Buffalo home value was US$244,068 in September 2026, compared with US$524,942 statewide. That difference shows why it is worth comparing individual cities before deciding whether New York fits your budget.
• The option of city living without keeping a car: New York City’s subway operates around the clock. A home near suitable transport links can work well if you want to spend your visits walking, using public transit and enjoying the neighbourhood.
• Rail connections beyond New York City: Amtrak links New York City with places including Albany and Saratoga Springs. These connections can be useful if you want a Capital Region home while continuing to make visits to the city.
• New York City and the upstate alternatives: Buffalo is a practical starting point for southern Ontario buyers who want to drive to their US home. Rochester offers another western New York option, with access to the Genesee River and Erie Canal. Albany and Saratoga Springs offer smaller-city bases with rail connections to New York City.

How can you finance a US property from Canada?

To pay for the property, look at the total cash you'll need upfront, the repayment terms and, importantly, which currency you'll use to make your loan payments

Paying cash

Paying cash removes mortgage payments, but commits more of your savings upfront. Keep enough aside for closing costs, repairs and ongoing bills. You should still be comfortable carrying the home through an unexpected repair or a period without rental income.

You'll need to keep an eye on the USD/CAD exchange rate to ensure you're timing your conversions for the best value. You can set up a CAD to USD rate alert and get an instant notification when the desired rate hits,

Borrowing against a Canadian property

A home-equity loan or line of credit lets you use equity in your Canadian home to fund the purchase. Your Canadian property secures the debt, so include the repayments in your budget and allow for interest-rate changes where applicable.

Borrowing in Canadian dollars keeps those repayments in CAD. With a US-dollar mortgage, the Canadian-dollar cost of repayments changes with the exchange rate if you earn in CAD. Compare both options in the currency you earn.

US mortgage for a Canadian citizen

Some cross-border lenders accept Canadian credit history. For example, RBC Bank lists down payments of 20% for primary or vacation homes and 25% for investment properties, subject to its lending requirements.

Prepare identification, proof of income, tax returns, bank statements and details of existing debts. Get pre-approved before making an offer that depends on financing, but remember that final approval still depends on satisfying the lender’s remaining conditions.

How much does it cost a Canadian to buy and own US property?

Build two budgets before you commit: one for getting the keys and another for keeping the property year after year.

Upfront purchase and closing costs

Your down payment is only part of the money you’ll need to complete the purchase. Closing costs are roughly 2%–5% of the purchase price, excluding the down payment. On a US$500,000 home, that gives you an initial allowance of US$10,000–US$25,000. The actual amount depends on your location, financing and purchase agreement. Here’s what those costs can cover:

• Inspection and appraisal.
• Mortgage fees
• Title and settlement services
• Government charges
• Prepaid expenses and escrow funding

If you’re paying cash, mortgage-related charges fall away, but property-transfer and other purchase costs remain.

The figure you ultimately need to send is “cash to close.” For a mortgage purchase, this accounts for your down payment and closing costs, then adjusts for your deposit, applicable credits and amounts already paid. Your Closing Disclosure shows this final balance, so you don’t count your deposit twice.

Annual ownership costs

Build a full-year budget, even if you’ll only use the home for a few months. Include any mortgage repayments, then work through these ongoing costs:

• Property taxes
• Insurance
• Condo or homeowners’ association fees
• Utilities and services
• Maintenance and repairs

The CFPB’s ownership-budget guidance makes a useful distinction: your mortgage payment may already collect taxes and insurance, but it does not cover every expense of owning the home. If you plan to rent it out, calculate what you’ll keep after management fees, cleaning, maintenance and other rental expenses.

Finally, add your travel and tax-preparation costs. As a simple illustration, US$18,000 in annual outgoings spread across 12 weeks of personal use equals US$1,500 per week, before the initial purchase costs. That helps you judge whether the convenience of having your own place fits your budget.

A worked purchase-budget example

Let's use a US$500,000 property with a US$400,000 mortgage and the following hypothetical costs:

The deposit reduces the amount the buyer still needs to pay.

At an illustrative exchange rate of CAD 1.40 per USD, the remaining US$105,000 would cost CAD 147,000. If the rate moves to CAD 1.42, that same payment would cost CAD 149,100. That's an extra CAD 2,100 for the same property.

These are example rates, not live quotes. The figures also exclude transfer fees and any separate reserve for ownership costs

What taxes and reporting obligations apply to Canadians owning US property?

Get a cross-border tax adviser to review your plans before signing the purchase agreement. The details matter, particularly if you intend to rent the property out or split your time between personal use and rental income. Take your purchase budget, expected rental schedule and proposed ownership structure to that conversation.

Personal-use property and Canadian reporting

If you're buying a US property as a Canadian resident, here's how personal use and rental income affect your CRA reporting obligations.

• Personal-use exemption: The CRA generally excludes property held primarily for personal use from T1135 reporting.
• CAD 100,000 reporting threshold: For other specified foreign property, the aggregate cost amount must exceed CAD 100,000 at some point during the year to trigger T1135 reporting.
• Mixed personal and rental use: If you plan to live in the property for part of the year and rent it out for the rest, its classification may change.
• Mortgage and record-keeping: Having a mortgage doesn't reduce the property's cost. Keep records of how you use the property, particularly if your plans change, and have a cross-border tax adviser assess its classification.

Rental income and mixed-use properties

If you plan to rent out your US property, there are a few tax implications to factor into your budget.

• 30% tax on gross rental income: Non-resident aliens generally pay 30% tax on gross US rental income, unless a lower treaty rate applies.
• Deducting rental expenses: By electing to treat rental income as effectively connected with a US trade or business, you can deduct qualifying expenses and pay tax on net income.
• US filing requirements: The election comes with additional paperwork, which may include filing Form 1040-NR and providing Form W-8ECI to your property manager. Your tax adviser can help determine what's required.
• Canadian tax reporting: If you're a Canadian tax resident, you must also report your US rental income on your Canadian return, even if you don't have to file a T1135. You may qualify for a foreign tax credit on eligible US taxes paid, helping prevent double taxation.

Selling the property and FIRPTA withholding

It's worth considering the tax implications of selling before you buy. A sale can trigger tax obligations in both countries, and exchange rate movements can affect your Canadian tax bill.

• Canadian capital gains: Canada calculates capital gains in Canadian dollars. Your purchase price, sale proceeds and eligible expenses must be converted using the relevant exchange rates at the time of each transaction. This means you could have a taxable gain in Canada even if you sell the property for exactly what you paid in US dollars.
• FIRPTA withholding: Under the Foreign Investment in Real Property Tax Act, buyers generally have to withhold 15% of the amount realized when purchasing US real estate from a foreign seller. Certain exceptions and reduced rates may apply depending on the sale.
• Withholding and your final tax bill: FIRPTA withholding is credited against the seller's eventual US tax liability. It isn't necessarily the final amount of tax owed. If more is withheld than required, you may be entitled to a refund. The IRS explains the withholding rules and applicable exceptions:

• Residence-use exception: Buyers may qualify for an exemption from FIRPTA withholding if they have definite plans to use the property as a residence. The buyer or a family member must intend to occupy it for at least 50% of the days it's used by anyone during each of the first two 12-month periods. Vacant days don't count. See the IRS residence-use exception.
• Reduced withholding rate: Certain residential property sales qualify for a 10% withholding rate instead of the general 15%. The IRS manual outlines the applicable conditions.
• Withholding isn't the final tax bill: FIRPTA withholding is credited against the seller's eventual US tax liability. If the amount withheld exceeds the tax owed, the seller may be entitled to a refund. The US Treasury oversight report explains how this works.

Estate planning and ownership structure

Owning property in the US can have estate-tax implications even if you live in Canada. Here are a few things to consider before deciding how to hold the property.

• US estate-tax threshold: For someone who is neither a US citizen nor domiciled there at the time of death, US-situated assets exceeding US$60,000 can trigger an estate tax return filing requirement. This doesn't automatically mean estate tax is owed. The IRS explains the rules for non-resident, non-citizen estates.
• Canadian tax treaty relief: Canadian residents may qualify for estate-tax credits under Article XXIX B of the Canada-US tax treaty. The relief available depends on your circumstances and the value of your worldwide estate. An adviser can help assess how the US property fits into your broader estate plan.
• Company and trust ownership: Setting up a company or trust to hold the property can have different tax consequences in Canada and the US. For example, the CRA generally treats a US LLC as a corporation for Canadian tax purposes, even when the US considers it fiscally transparent. This difference could cause unexpected tax complications.

Before registering the title, have a cross-border tax adviser review your proposed ownership structure under both countries' tax rules. The CRA's guidance on LLCs and tax treaty assistance is a useful starting point.

Count your US visits for tax purposes

Spending fewer than six months in the US each year does not automatically prevent US tax residency. For Canadians who are not US citizens or green-card holders, the IRS substantial presence test generally considers whether you have spent:

• At least 31 days in the US during the current calendar year.
• At least 183 weighted days across three years: all current-year days, plus one-third of the previous year’s days and one-sixth of the days from two years earlier.

For example, 150 countable days in each of three consecutive years gives you 150 + 50 + 25 = 225 weighted days. You would meet the test even though you spent fewer than 183 days there in the current year. US tax residents are generally taxed on worldwide income, so the implications can extend beyond your US property.

You may still qualify for the closer connection exception if you spend fewer than 183 actual days in the US during the current year, maintain your tax home in Canada throughout that year and have stronger ties to Canada. You must also meet the other conditions, including restrictions on taking steps towards US permanent residence, and normally file Form 8840 on time. Keeping a Canadian address alone does not establish eligibility.

Keep a record of all your US visits, including trips unrelated to the property. If your planned stays bring you within the test, get your eligibility for an exception or treaty relief assessed before committing to that travel schedule. 

What should Canadians check before buying a US property?

Ask your agent and attorney to help you obtain the following, with deadlines recorded in writing:

• Contract conditions: financing, appraisal and inspection provisions, cancellation deadlines and deposit-refund terms.
• Title information: ownership, liens, easements and restrictions affecting your intended use.
• Property condition: an independent inspection and estimates for repairs that could change your budget.
• Insurance: a written quotation showing the address, occupancy and proposed rental use.
• Association documents: the budget, reserves, rules, financial statements and any proposed or approved assessments.
• Rental permission: confirmation from the relevant local authority and association for the type of letting you intend.

For a Florida condo, check which inspection and reserve documents apply. Florida's condominium legislation identifies information buyers may be entitled to receive, including budgets, financial statements and applicable inspection or reserve-study documents.

If the property needs rental income to be affordable, run the budget with an extended vacancy and an unexpected repair. Decide whether you can fund both before removing purchase conditions.

What are the steps to buying and closing on a US property from Canada?

Use the contract's deadlines and your lender's requirements to build the timeline with your closing professional.

1. Make the offer. Confirm the price, intended ownership, deposit, conditions and proposed closing date with your agent and attorney.
2. Pay the agreed deposit. Verify the recipient and instructions independently, and retain proof of payment.
3. Complete the checks. Arrange inspections, any required appraisal, title work, insurance and the lender's pending documents before the relevant deadlines.
4. Review the final figures. Check the mortgage terms, fees, adjustments and deposit credit against the earlier estimates.
5. Arrange signing and funds. Confirm how documents will be signed and when cleared funds must reach the settlement provider.
6. Verify completion. Obtain the closing documents, payment confirmation and instructions for receiving the recorded ownership documents.

For mortgages covered by the Closing Disclosure rules, the CFPB says you must receive the disclosure at least three business days before closing. Use that review period to settle discrepancies in the loan terms or cash required.

How can MTFX help you fund your US property purchase?

Your US property purchase may involve an earnest-money deposit, a down payment and a final closing balance. MTFX helps you plan these CAD to USD payments around the amounts and dates in your purchase agreement, with a personal contact to help you through the transfer process.

Zero MTFX transfer fees on large property payments

MTFX waives its transfer fees on large money transfers, including large US property down payments and closing balances. The waiver covers the MTFX transfer charge; your lender, legal and settlement costs remain part of the purchase budget. Ask for any third-party bank charges to be confirmed before sending.

Competitive CAD to USD rates for your property budget

Get a CAD to USD quote for your US property payment and confirm the Canadian dollars required to deliver the agreed USD amount. Compare quotes for the same recipient amount and include all applicable charges. The MTFX currency calculator can help you estimate the budget; request a transaction quote before committing.

A personal currency expert for your US property transfers

MTFX provides a dedicated personal account manager for guidance on your transfer plans and currency timing. Share your payment schedule, closing date and required USD amounts so you have a clear point of contact for questions about funding, documentation and conversion. If the closing date changes, contact your manager to review the payment plan.

• Watching rates for your purchase: Your MTFX specialist monitors CAD-to-USD movements and can flag opportunities to buy USD when the rate moves in your favour.
• Setting alerts around your budget: Your specialist helps identify a target rate and set up an alert, so you know when it’s reached.
• Guidance on when to buy USD: Get advice on converting now, waiting or buying in stages, based on market conditions, your budget and closing deadline.
• Making market movements easier to understand: Your specialist explains what’s driving the dollar and how those changes affect your property payment.
• Exploring a rate lock-in: Where available and suitable, your specialist explains how to secure a rate for a future payment, including the terms and commitments.

Payment planning around your US closing deadline

Before sending, confirm that the lender and settlement provider accept your proposed funding route and can trace the payment to you. Keep the deposit credit separate from the remaining balance, and ask when cleared funds must arrive. If you want currency certainty for a later payment, discuss MTFX rate lock-ins for property purchases and confirm the terms for date changes or cancellation.

Verify wiring instructions using a trusted phone number obtained independently. The CFPB warns about closing scams that use fraudulent last-minute changes to divert purchase funds.

Which professionals should you involve in your US property purchase?

Arrange your team before making an offer so you can check financing, ownership and tax questions before committing.

• Local US real estate agent: Choose someone familiar with Canadian buyers and your intended property type. Confirm who they represent, how they are paid and what their service includes.
• US real estate attorney: Have your purchase agreement, ownership arrangements and property restrictions reviewed. The lender’s or seller’s attorney does not represent your interests, as the CFPB explains.
• Cross-border tax adviser: Find someone experienced in Canadian and US taxation. Ask them to assess personal use, rental income, reporting, an eventual sale and estate implications before you choose how to hold title.
• Mortgage lender or broker, if borrowing: Confirm eligibility, down payment, documentation, borrowing costs and the conditions remaining after pre-approval.
• Independent home inspector: Obtain an inspection and identify repairs that could affect your offer or ownership budget.
• Insurance broker or insurer: Request an address-specific quote covering your intended occupancy, rental use and periods away.
• Title, escrow or settlement provider: Confirm who will handle closing documents, title transfer and purchase funds; the arrangements vary by state.

Ask each professional for written fees, their scope of work and the deadlines they need you to meet.

Prepare for your US property purchase with a clear budget

Shortlist the places you would use regularly, obtain financing terms and build the budget around an actual property. Before committing, have the contract, ownership structure, insurance and tax implications checked by the appropriate professionals.

Once your funding requirements are clear, register with MTFX to discuss converting Canadian dollars and preparing your property payment around the closing deadline.

FAQs

1. Do Canadians need a US bank account to buy property in the US?

Ask the lender and settlement provider what they require for your transaction before opening an account solely for closing. For ongoing ownership, work out how you will pay USD bills and, if applicable, receive rent; confirm that the chosen account and payment arrangements support those tasks.

2. Can I buy and close on a US property from Canada without travelling?

It can be possible: RBC Bank describes mail-away closings and approved power-of-attorney arrangements for buyers staying in Canada. Confirm your lender's and settlement provider's accepted process, notarisation requirements and delivery deadlines before making an offer or booking travel.

3. Do Canadians need an ITIN before buying a US property?

An ITIN is issued for a federal tax purpose to someone who is ineligible for an SSN; it is not a general ownership permit. The IRS ITIN guidance identifies qualifying situations. Ask your lender and tax adviser whether your purchase or expected filings require one and when to apply.

4. What should Canadians agree on before buying a US property jointly?

Before buying, agree on how much each person will contribute, what percentage each will own, and how you will split mortgage payments, taxes, maintenance and repairs.

Also discuss what happens if someone wants to sell, cannot pay their share or dies. Have a US real estate attorney document the arrangement and explain how ownership would transfer. Ask a cross-border tax adviser to review the tax implications for each owner.

5. What happens if my US property closing is delayed after I convert CAD to USD?

Tell your payment provider and settlement professional promptly. Confirm where the USD will be held and how the new payment deadline will be met. Before booking any rate agreement, ask about the terms for changing or cancelling it if the transaction is delayed or does not complete.

Disclaimer: This guide provides general information, not legal, tax, mortgage or investment advice. Rules and costs vary by location, ownership, residency and property use. Verify current requirements with qualified advisers; market figures and illustrative calculations are not purchase or transfer quotes.