New To Canada Mortgages

Who this is for

You may be a fit for a New to Canada mortgage approach if you’re:

• A Permanent Resident (PR) or landed immigrant

• On a valid work permit

• New to Canada (often within the last 5 years, depending on the program/lender) ​

What newcomer programs can help with

Common hurdles newcomer buyers run into:

• Limited Canadian credit history

• Short employment history in Canada

• Down payment documentation expectations

Many insurer programs allow “alternative” ways to show creditworthiness when Canadian credit is limited (for example, using an international credit report or other acceptable references). 

Minimum down payment basics

Minimum down payment in Canada is typically:

• 5% on the first $500,000

• 10% on the portion from $500,000 up to $1.5M

​Some newcomer programs also have rules around where the down payment can come from (for example, requiring a portion from your own resources, with gifting allowed in certain cases). 

What you’ll typically need

Here’s the usual starter list (exact requirements vary by lender and insurer):

1) Proof of income/employment

• Employment letter (role, salary/hourly, start date, status)

• Recent paystub(s)

2) Down payment documentation

• Bank/investment statements showing history of the funds (often 90 days)

• Gift letter + proof of gift movement (if part of the down payment is gifted)

3) Credit confirmation

If you don’t have much Canadian credit yet, programs may consider:

• International credit report, and/or

• Other accepted ways to establish creditworthiness 

4) Purchase details

• Signed purchase contract (once you have one)

• MLS listing / property details (your realtor can provide this)

What homes usually qualify

Most commonly:

• Owner-occupied homes (where you’ll live in the property)

• 1–2 unit properties are often the simplest fit under insured programs (rules vary by insurer and lender) 

How I help 

1. Quick intro call to learn your timeline + immigration status + income structure

2. Build a clean checklist (so underwriting doesn’t turn into a back-and-forth)

3. Confirm your best route

4. Pre-approval strategy + budgeting guardrails

5. Once you have an accepted offer, we finalize financing and conditions

Ready to map out your options?

FAQ

Can I buy with 5% down as a newcomer?
Often yes, depending on the purchase price and whether the deal fits an insured newcomer program’s guidelines.

What if I don’t have Canadian credit yet?
Some programs can use alternatives like an international credit report or other acceptable methods to establish creditworthiness. cmhc-schl.gc.ca

Do I need 2 years of Canadian job history?
Not always. Many newcomer approvals focus more on current employment, stability, and meeting program requirements than on a long Canadian history. (Exact rules vary by lender/insurer.)

Can part of my down payment be gifted?
Often yes, but documentation matters and some programs require a minimum portion from your own resources.