New to Canada

Your new country. Your new home.

Mortgage programs exist specifically for new permanent residents and work permit holders, even without a long Canadian credit history.

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Can newcomers to Canada get a mortgage?

Yes. Lenders run dedicated newcomer programs for permanent residents and many work permit holders, so a short Canadian credit history doesn't rule you out. What matters most is stable Canadian employment, a documented down payment, and some proof that you manage credit well, whether that's from Canada or abroad.

Permanent residents who arrived within the past 5 years: from 5% down on homes under $500,000 through newcomer programs.
Work permit holders: commonly 10% or more down, with at least a year left on the permit.
International credit reports, bank reference letters or rent history can stand in for Canadian credit.
Down payment funds from abroad are fine if you can document their source.

Min down payment

Years Canadian credit needed (some programs)

5 yrs

Since arrival for newcomer programs

65+

Lenders in our network

Programs designed for newcomers

New permanent residents

Arrived within 5 years

Landed within the past 5 years? You may qualify for a mortgage with just 5% down and no Canadian credit history. International credit can sometimes be used.

Work permit holders

1+ year remaining on permit

Valid work permit with a minimum of 1 year remaining? Several lenders offer mortgages to non-permanent residents working in Canada.

International students

With employment offer

Graduate students with full-time employment offers may qualify. Some programs accept co-signers who are permanent residents.

Foreign buyers (non-resident)

Case-by-case

Federal rules restrict non-Canadians from buying residential property, with limited exceptions for some workers and other groups. We can check whether an exception applies and which lenders will consider the file.

Example: a newcomer couple's down payment (illustrative)

Ana and Rahul became permanent residents two years ago and are buying a $550,000 townhouse. The minimum down payment is 5% of the first $500,000 ($25,000) plus 10% of the remaining $50,000 ($5,000), or $30,000 in total.

They have $45,000 saved: $20,000 in a Canadian account and $25,000 still in a bank account abroad. The lender will want 90 days of statements for both, plus a record of the transfer when the overseas money moves to Canada. The extra $15,000 above the minimum goes toward closing costs and land transfer tax, which you can estimate with the land transfer tax calculator.

What you'll typically need

Documents

• Confirmation of Permanent Residence (COPR) or valid work permit
• Employment letter with salary details
• 3 months bank statements (Canadian or international)
• Proof of down payment source
• International credit report (if available)

Tips to strengthen your application

• Open a Canadian bank account as soon as you can and start depositing
• Get a secured credit card to start building credit
• Keep international banking records accessible
• Save all pay stubs from your Canadian employer
• Get a pre-approval before house hunting so you know your budget

Use the mortgage affordability calculator to see what price range fits your income, or visit our Knowledge Hub for newcomer guides.

If this is your first home anywhere, you may also be able to use the FHSA and first-time buyer rebates; our first-time home buyer guide explains who qualifies. Running a business since you arrived? See how lenders assess self-employed income.

Frequently asked questions

Questions newcomers ask us most often.

Can I get a mortgage if I just moved to Canada?

Yes. Newcomer mortgage programs are built for people with little or no Canadian credit history. Permanent residents who arrived within the past five years can often buy with as little as 5% down on homes under $500,000, provided they have stable employment in Canada and can document their down payment.

Do I need a Canadian credit history to get a mortgage?

Not always. Many newcomer programs accept alternative proof of credit, such as an international credit report, a reference letter from your bank abroad, or 12 months of rent and utility payments. Building some Canadian credit with a secured card as soon as you arrive gives you more lender choice.

Can work permit holders buy a home in Canada?

Often, yes. Several lenders offer mortgages to work permit holders, usually with at least a year left on the permit and steady Canadian employment. Down payment requirements are typically higher than for permanent residents, commonly 10% or more. Federal rules limit purchases of residential property by non-Canadians, with exceptions that include some work permit holders, so confirm your eligibility before you make an offer.

Can I use money from outside Canada for my down payment?

Yes, if you can show where it came from. Lenders want to see the funds in your account for a set period, usually 90 days, or a clear paper trail of the transfer into Canada. Gifted funds from immediate family are usually acceptable with a signed gift letter.

Do newcomers pay extra taxes when buying in Ontario?

Permanent residents and citizens pay the normal land transfer tax and may qualify for the first-time buyer rebate. Foreign nationals buying residential property in Ontario pay the Non-Resident Speculation Tax on top of land transfer tax, unless an exemption applies.

Welcome home

Tell us about your status, income and savings, and an agent will walk you through the programs that fit. Free to apply, no obligation.

Start your newcomer application