New to Canada and thinking about buying? You may be able to get a mortgage sooner than you expect, even without a long Canadian credit history. There are programs built for newcomers. Here is what makes it possible and what to gather.
Permanent residents and many work-permit holders can qualify.
From 5 percent for permanent residents; non-permanent residents often need more.
An international credit report, a bank reference, or 12 months of rent and utility payments can help.
A job letter, recent pay stubs, and a few months of employment.
CMHC newcomer programs may be available, subject to eligibility.
Proof of status (PR card, confirmation of permanent residence, or work permit), your Social Insurance Number, income documents, and whatever credit history you can show, Canadian or international.
Requirements vary by your immigration status and the lender, and down payment and credit rules differ for permanent versus non-permanent residents. We will tell you what applies to your situation.
Tell us your status and your situation, and we will walk through your options and what you will need. A licensed member of our team will follow up.
Start a conversationInformation here is general and educational. It is not financial, legal, immigration, or lending advice, and it is not an offer of financing. Eligibility, down payment, and credit requirements for newcomers vary by immigration status, lender, and insurer program, and can change. Any figures are illustrative only. All financing is subject to lender review, property review, and supporting documentation. Submission of a form does not guarantee approval or financing.