New to Canada Mortgage
Programs:
A Newcomer’s Guide.

Yes. Permanent residents and many work-permit holders can get a mortgage in Canada with as little as 5% down through insured newcomer programs, even with no Canadian credit history. Work-permit holders must also fit an exception to the federal ban on non-Canadians buying homes, in force until January 1, 2027.

For a 1-2 unit home: 5% on the first $500,000 of purchase price, 10% on the portion from $500K to $1.5M, and 20% at $1.5M or more. Owner-occupied 3-4 unit homes need at least 10% down. The under-20% mortgage is insured by CMHC, Sagen, or Canada Guaranty (premium financed into the loan, typically 2.80–4.00% depending on LTV). Insured mortgages for PRs are generally priced like any other insured borrower's.

Yes. CMHC insurance is available to non-permanent residents authorised to work in Canada, so an insured 1-2 unit purchase can start at 5% down, although some lenders ask for more depending on permit type. You must also fit an exception to the federal ban on non-Canadians buying residential property (in force until January 1, 2027): typically 183+ days left on your work permit and no more than one residential property purchased. Closed permits with an established Canadian employer are usually easier than open permits (SOWP) or short-tenure files.

Three paths: (1) International Equifax or TransUnion International report — works for 90+ countries; (2) Alternative credit letters from your home country (mortgage payment history, telecom, utilities, insurance, rent); (3) Lender-specific newcomer programs that can work without a Canadian credit history at all.

Yes. Two acceptable paths: (a) Transfer funds to your Canadian bank account at least 90 days before closing (most lenders), or (b) Provide documented international transfer history — wire confirmations, originating account statements showing 90-day history, and a source-of-wealth letter explaining how funds were earned or accumulated. We coordinate FINTRAC compliance with the lender.

Not always — most major newcomer programs do NOT require one. A co-signer or guarantor may be required if: your work permit has under 12 months remaining, your employment tenure is under 6 months, your income is variable, or your file has multiple soft spots. We'll tell you upfront if you need one.

Only in limited cases until January 1, 2027, when the federal ban on non-Canadians buying homes is set to end. Students can buy under the ban only if they meet strict conditions, including five years of Canadian tax filings and a price of $500,000 or less. The ban covers most homes in larger urban areas. Check your case with a real estate lawyer before you make an offer.

In-house advisors speak 15+ languages, including English, Punjabi, Urdu, Hindi, Cantonese, Tagalog, Spanish, Russian, Polish and Bengali. Maya AI handles 50+ languages 24/7, including French, Arabic, Mandarin, Tamil, Vietnamese, Korean, Farsi/Dari, Italian, Portuguese, and Turkish — useful for late-night questions in your preferred language.

Day 1, technically — there's no minimum residency for a mortgage. Practically, having 90 days of Canadian banking history makes underwriting much smoother because lenders can see your down payment in Canadian dollars. Many newcomer clients buy within 6–12 months of landing once they have employment and banking established.

Yes — any Canadian tax resident (including permanent residents and many work-permit holders who file Canadian taxes) can open a First Home Savings Account. Contribute up to $8,000/year, $40,000 lifetime, fully tax-deductible like an RRSP, withdraw tax-free for a first home like a TFSA. The single best newcomer down-payment vehicle if you're working in Canada.

At most major lenders, yes — if your employer transferred you to Canada or you have a confirmed Canadian employment offer, your overall employment tenure (including international time with the same employer) counts. Some lenders accept qualifying experience from international work history in the same field even with a new Canadian employer. We know which lenders are flexible here.

It applies to buyers who are neither Canadian citizens nor permanent residents. Permanent residents are exempt. In Ontario it is 25% and applies everywhere in the province. British Columbia's equivalent is 20% but only in five regional districts — Metro Vancouver, Capital, Fraser Valley, Central Okanagan and Nanaimo — so much of BC is unaffected. Work-permit holders are generally subject, but Ontario rebates it if you become a PR within four years of the purchase, hold the property alone or with your spouse, and live in it as your principal residence. We run the NRST math and rebate eligibility before you sign anything.