New to Canada Mortgages in British Columbia
Permanent residents and work-permit holders can buy in British Columbia with as little as 5% down, without Canadian credit history, through newcomer programs at most major lenders.
Who this covers
- Permanent residents inside their first five years in Canada
- Work-permit holders with a valid permit and Canadian employment
- Anyone with thin or no Canadian credit history but a real income
What lenders look for
| Permanent residents | Newcomer programs at every default insurer. Down payment from 5%, with an international credit report or alternative credit evidence in place of a Canadian bureau. |
| Work permits | Generally 10% down, a valid permit with reasonable time remaining, and Canadian employment. Fewer lenders, but real options. |
| Alternative credit | Twelve months of rent paid on time plus two other accounts — utilities, phone, insurance — will substitute for a credit score at most lenders. |
| Foreign income | Income earned outside Canada is difficult and generally needs to be sourced to a Canadian account. Expect a narrower lender list. |
British Columbia rates for this file
Newcomer programs price on the normal insured shelf. A newcomer with a clean file should not be paying a premium for being new.
| Lender | Type | 5-year fixed |
|---|---|---|
| Strive Capital | Monoline | 3.87% |
| MCAP | Monoline | 3.88% |
| First National | Monoline | 3.89% |
| Merix Financial | Monoline | 3.90% |
| RFA Mortgage Corporation | Monoline | 3.91% |
Lowest five-year fixed on the insured shelf, 2026-08-21. Full board →
What a typical purchase looks like
| Typical price | $1,018,000 |
| Minimum down payment | $76,800 |
| PTT | $18,360 |
Averaged across 6 British Columbia markets we track. Calculate yours →
Get notified 90 days before your renewal
Your lender contacts you at 30 days, when you have no time to shop. We reach you at 90 — early enough to lock a hold and personalize your offers.
New to Canada mortgages across British Columbia
Prices and property tax vary widely inside the province, and both feed your qualification.
| Market | Typical price | Minimum down | |
|---|---|---|---|
| Vancouver | $1,099,100 | $84,910 | Affordability → |
| Surrey | $936,004 | $68,600 | Affordability → |
| Burnaby | $1,025,316 | $77,532 | Affordability → |
| Victoria | $1,311,000 | $106,100 | Affordability → |
| Kelowna | $1,072,400 | $82,240 | Affordability → |
| Abbotsford | $665,000 | $41,500 | Affordability → |
Questions
Do I need Canadian credit history?
No. Newcomer programs accept an international credit report or alternative credit — typically twelve months of rent plus two other accounts paid on time.
Can I buy on a work permit?
Yes, at a reduced lender list and usually 10% down. The permit needs enough time remaining that the lender is comfortable, and the income needs to be Canadian.
Is there a foreign buyer ban?
Restrictions on non-Canadians purchasing residential property have applied in recent years, with exemptions for permanent residents, work-permit holders and international students meeting conditions. Confirm current status before committing — this is the area that changes most often.
What does it cost to close in British Columbia?
BC property transfer tax on a $1,018,000 purchase comes to $18,360, due in cash on closing. Full British Columbia closing costs →
New to Canada in British Columbia?
Send us the file and a licensed broker comes back with what is realistically available — which lenders will take it, at what rate, and what they will want to see.
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