New to Canada
mortgage rates —
no newcomer penalty.
Today's best 5-year fixed is 4.14% and variable 3.00%. Permanent residents on insured mortgages are generally priced like long-term Canadians. Work-permit holders can qualify from 5% down. We work in 15+ languages and shop 100+ lenders.
As of Oct 24, 2026. Your rate depends on your file. O.A.C.
Four reasons you don't
pay a newcomer penalty.
Being new to Canada doesn't move your rate — your status and program do. Here's how it works.
PRs are priced like long-term Canadians
Permanent residents on an insured mortgage are generally priced like long-term Canadians. CMHC, Sagen and Canada Guaranty newcomer programs don't add a surcharge — insured rates are often the lowest on the board.
Work-permit programs at competitive rates
CMHC, Sagen and Canada Guaranty newcomer programs can serve eligible work-permit holders at competitive insured rates from 5% down, provided the purchase fits an exception to the federal non-Canadian buyer rules (183+ days of permit validity and no other residential property owned).
International credit accepted
No Canadian bureau yet? Lenders accept an international Equifax or TransUnion report, or alternative credit like rent, utilities, and phone history. Your rate stays competitive while you build your Canadian credit profile.
Your entire file in your language
We handle the full mortgage process — application, documents, conditions, and advice — in the language you're most comfortable in. Nothing gets lost in translation, and no detail slips through the cracks.
How we get you
your newcomer rate.
Status first, lender second, rate last.
That order protects your file.
Share your status and goals
Tell us your immigration status (PR or work permit), intended down payment, and target property price. Takes about 5 minutes — no bureau pull to start and no commitment required.
We shop 100+ lenders
We match your status, down payment, and credit profile to the newcomer-friendly programs that price it best — insured options, Big-6 bank newcomer offers, or monoline lenders. We bring you the lowest rate you qualify for.
Approve and close in your language
We handle documents, lender conditions, and the closing process in the language you're most comfortable in. Most A-lender insured files close in 3–5 weeks from approval.
We have a program
for every status.
Tap your situation below to see how we approach it.
If you’re…You're a permanent resident buying your first Canadian home
You're a permanent resident buying your first Canadian home
On an insured mortgage you're generally priced like a long-term Canadian — often the lowest rate available. We put your file to 100+ lenders and bring back the lowest insured rate you qualify for.
Get my PR rateIf you’re…You're on a work permit with 183+ days of validity remaining
You're on a work permit with 183+ days of validity remaining
CMHC, Sagen and Canada Guaranty newcomer programs can serve you from 5% down at competitive insured rates. We check the federal non-Canadian buyer exception criteria for your specific permit type.
Check my eligibilityIf you’re…You have no Canadian credit history yet
You have no Canadian credit history yet
Lenders accept an international Equifax or TransUnion report, or alternative credit such as rent, utility, and phone history. We match you to the lender that prices your specific credit profile best.
Get startedIf you’re…You're a newcomer buying your first home in Canada
You're a newcomer buying your first home in Canada
You may qualify for both newcomer insured programs and first-time buyer benefits like the FHSA and the Home Buyers' Plan. Let's stack every advantage that applies to you.
See first-time buyer benefitsIf you’re…You're self-employed with a short Canadian history
You're self-employed with a short Canadian history
There are B-lender and monoline options for self-employed newcomers. We'll model the full picture for your income documentation and find lenders that accept foreign income history.
Explore self-employed optionsIf you’re…You're not sure how much you can afford in Canada
You're not sure how much you can afford in Canada
We'll run the Canadian stress test for your status, down payment, and income — and show your maximum purchase price across insured and conventional newcomer scenarios.
Run my affordabilityOwn sooner —
with less saved up.
How waiting to save 20% compares to buying now with a newcomer insured program.
- Home price$650,000
- Down payment target (20%)$130,000
- Monthly rent while saving~$2,200
- Monthly savings rate~$2,000
- Time to reach target~5.4 years
- Total rent paid~$142,000
- Monthly cash outflow~$4,200
- Down payment (5%)$32,500
- CMHC premium (financed)~$24,700
- New balance~$642,200
- Insured newcomer ratecompetitive
- Canadian credit buildingfrom day 1
- Equity ownershipimmediate
- Monthly cash outflow~$3,350
Illustrative only — your rate, CMHC premium, and monthly payment will differ based on your file, income, and lender. Model your own numbers.
Newcomer rates,
answered plainly.
Down payments, credit, work-permit rules, bank programs — covered without the jargon.
Do newcomers pay higher mortgage rates?
Not necessarily. Newcomers on an insured mortgage are generally priced like any other insured borrower, and insured rates are often the lowest available. CMHC, Sagen and Canada Guaranty all run newcomer programs, and CMHC’s is open to permanent residents and to non-permanent residents authorized to work in Canada (CMHC). The big banks also run newcomer programs; pricing depends on your status, credit and down payment. We shop the newcomer-friendly options across 100+ lenders.
Can I get a good rate with no Canadian credit?
Yes. With no Canadian bureau yet, lenders accept an international Equifax or TransUnion report, or alternative credit (rent, utilities, phone). On insured deals your rate is generally the same as any other insured borrower’s; on bank newcomer programs it keeps your rate competitive. CMHC requires at least one borrower (or guarantor) with a 600+ score and may accept an international report or alternative credit when Canadian history is limited. Tell us what credit history you can document and we’ll match you to the lender that prices it best.
What rate do the bank newcomer programs offer?
The Big-6 banks (RBC, TD, Scotiabank, BMO, CIBC and National Bank) each offer newcomer mortgage options, generally at discounted rates rather than a special "newcomer" surcharge; terms vary by bank and by your status. Live numbers move daily — we put your file to whichever program prices your permit and down payment lowest.
Do I need a bigger down payment as a newcomer (and how does it affect my rate)?
Permanent residents, and work-permit holders who qualify, can buy a 1-2 unit home with as little as 5% down through insured newcomer programs (CMHC). Work-permit holders must also fit an exception to the federal ban on non-Canadians buying residential property (in force until January 1, 2027), such as a work permit with at least 183 days of validity left and no other residential property owned (Regulations). Some lender programs ask for 10% or more depending on the permit; a larger down payment can move you from a bank newcomer program to a standard insured or insurable rate, which is often lower. We’ll model both so you can see the trade-off before you decide.
Your newcomer rate,
in your language. If we can’t, we pay you $500.¹
¹ Rate Beat: eligible Big-6 bank written offers only · same product, term & amount · $500 paid to you or your nominated charity at closing · conditions apply
Newcomer mortgage rates by city
We serve newcomers across Ontario and Canada-wide. Find the best newcomer rates and programs in your city.