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Newcomers to Canada

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New to Canada?

New to Canada and eager to establish yourself with a place to call your own? You’ll need to meet certain qualification and eligibility criteria as a newcomer. Here’s what you’ll typically need to purchase a primary residence in Canada:

Permission to work in Canada and a valid work permit (additional requirements may apply)
Permanent residency status
Refugee status or temporary worker status (additional requirements may apply)

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New To Canada Downpayment Requirements

No matter which bank you’re currently with, when you move to Canada, there may be opportunities to find a mortgage with another lender that could save you more money. We handle negotiations with banks and lenders on your behalf, ensuring you get the best deal possible.

If you have permanent residence status (subject to federal eligibility), you can purchase a home with as little as a 5% down payment, although home price restrictions may apply.

For individuals with non-permanent residence status, a minimum of 10% down payment may be required.

With a down payment of less than 20%, mortgage default insurance may be necessary. However, having this insurance could also help you qualify for a better interest rate.

Navigating the home-buying process as a newcomer can feel overwhelming, but we’re here to guide you every step of the way. Let’s work together to turn your dream of homeownership in Canada into a reality!

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New to Canada Program

Access to Mortgage Insurance Products

Newcomers with permanent resident status have access to all CMHC mortgage insurance products subject to specific eligibility requirements.

Alternative Payment History Consideration

For permanent residents with limited Canadian credit history and unavailable foreign credit bureaus, alternative sources of payment history may be considered for Loan-to-Value (LTV) ratios up to 95%.

Financing for Non-Permanent Residents

Newcomers with non-permanent resident status, subject to federal eligibility requirements, may access insured financing of up to 90% Loan-to-Value (LTV) ratio for the purchase of a 1-unit, owner-occupied residential property.

No Additional Fees or Premiums

There are no additional fees or premiums as a result of residency status. Standard product-specific premiums apply for all applicants.

Get Pre-Approved

Here are the features of the Newcomer Mortgage Programs that aim to provide newcomers with accessible and flexible mortgage options, ensuring a smoother transition into homeownership in Canada.