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.
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New to Canada by province
Land transfer tax, minimum down payment and typical prices differ by province.
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.
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.
