New to Canada Mortgage in Canada: Programs, Requirements and Rates
Permanent residents and work-permit holders can buy in Canada with as little as 5% down, without Canadian credit history, through newcomer programs at most major lenders.
Who a new to canada mortgage 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 on a new to canada mortgage file
| 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. |
New to Canada mortgage rates: what it costs
Newcomer programs price on the normal insured shelf. A newcomer with a clean file should not be paying a premium for being new.
| Lender | 5-year fixed |
|---|---|
| Exclusive Lender | 4.39% |
| Insured lender · sign in to see the lender | 4.49% |
| Insured lender · sign in to see the lender | 4.59% |
| Insured lender · sign in to see the lender | 4.59% |
| Insured lender · sign in to see the lender | 4.59% |
Lowest five-year fixed on the insured shelf, 2026-10-15. Full board →
Track Best Renewal Offers up to 90 Days before Maturity
Get notified on best mortgage rates for transfer and refinance to compare your monthly savings.
New to Canada by province
Land transfer tax, minimum down payment and typical prices differ by province.
Newcomer programs vs standard qualifying vs alternative lending
Most Canadian lenders run a program for people without Canadian credit history. Which route fits depends on how long you have been here and what you can document.
| Newcomer program | Standard qualifying | Alternative lender | |
|---|---|---|---|
| Credit history | Not required in Canada. An international bureau report or letters of reference are generally accepted instead. | Canadian history expected. | Flexible. |
| Down payment | Often as little as 5% under an insured program, depending on status and price. | Standard tiers apply. | Typically 20% or more. |
| Income | Canadian employment, usually with a letter and recent pay stubs. | Same. | More flexible on how income is shown. |
| Best for | A permanent resident or newly arrived worker with a job and a deposit. | Somebody who has been here long enough to build a file. | A buyer whose income or status falls outside both programs. |
Programs differ on status — permanent resident, work permit, length of time in Canada. The eligibility detail is what a broker checks before the file is placed anywhere.
New to Canada mortgage 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.
Will applying hurt my credit score?
A single mortgage enquiry has a small, short-lived effect. Several lenders pulling your bureau separately over weeks is worse than one broker pulling it once and taking that file to several lenders.
How long does this usually take?
A straightforward file takes a few weeks from application to approval. Alternative and private lending can move faster because less is being verified — sometimes days.
Have a new to canada file looked at
When you are ready to do something with these numbers, we will introduce you to a licensed broker who can put the file in front of lenders. Nothing here obliges you to.
