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There are two HST rebate programs. One program is for purchasers who intend to reside in the property and the other program is for purchasers who intend to rent the property. Since a foreigner will likely be purchasing the property for rental purposes, the foreigner will be able to apply for the HST rebate through the rental rebate program. This amount is the same as the amount provided under the owner-occupied HST rebate program. The difference being is that on closing, the builder will not credit the HST rebate to the purchaser and the purchaser will have to pay this amount to the builder in addition to the purchase price. After closing, however, once the purchaser has rented out the property he will be able to apply for the HST rebate through the rental program.

Yes. Given that mortgage payments, potentially maintenance payments, property taxes, and utilities will need to be paid using a local bank account, the foreigner will need to open one. Also, rents will need to be deposited somewhere, obviously.

Not in and of itself alone. Unlike some Caribbean countries that give out permanent residencies upon the purchase of a property, this is not the case in Canada.

Generally, NO. A spouse only needs to sign consent on a mortgage that is being arranged on a matrimonial (family) residence. Given that the foreigner will not be residing in the property with his spouse, then the spouse's signature is not required. This of course does not apply to situations where both spouses are purchasing the property and taking title. In this case, both will have to be present to sign the documentation.

In theory, you can. Again, you must think of the two step process referred to above. If you are able to find a lender willing to lend you money even though you are underwater with your current mortgage, then your lawyer will proceed to complete this new loan transaction according to the instructions that he receives from the new lender.