New To Canada

New to Canada? Here’s How You Can Achieve Homeownership

Moving to a new country comes with its challenges, but purchasing a home in Canada is more achievable than you might think. With the right knowledge and preparation, you can navigate the mortgage process confidently, whether you’re a permanent resident or just starting to establish yourself in Canada.

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For Permanent Residents

If you’ve already achieved Permanent Resident (PR) status or have received confirmation, you’re eligible for a typical mortgage with as little as a 5% down payment, provided you have a good credit history. To qualify, you need to meet the following criteria:

Immigration Timing: Must have immigrated or relocated to Canada within the last 60 months.
Residency Status: Must have a valid work permit or permanent residency.
Debt Consideration: All debts held outside of Canada must be included in the Total Debt Servicing Ratio (GDS/TDS).
Rental Income: Rental income from outside Canada cannot be included in the GDS/TDS calculation.
Guarantors: Not permitted.
Down Payment: Less than 20% down payment requires the property to be owner-occupied.

Limited Credit or Not Yet Permanent Resident?

If you’re a Permanent Resident with limited credit or have not yet obtained permanent residency, there are still mortgage options available through the “New to Canada” programs offered by CMHC, Sagen™, and Canada Guaranty Mortgage Insurance. To qualify, you must:

01

Immigration Timing

Have immigrated or relocated to Canada within the last 60 months.

02

Employment

Have been employed full-time in Canada for a minimum of three months.

Steps to Success: Preparing for Your First Mortgage in Canada

Preparing for Your First Mortgage in Canada

Organize Your Supporting Documents:

Have proof of income, proof of 12 months’ rental payments or a letter from your landlord, documented savings, bank statements, and a letter of reference from a recognized financial institution ready to go.

Build Your Credit Rating:

Start building your credit by getting a credit card and paying it off each month. Additionally, timely payments on utilities, cell phones, and rent can help improve your credit score.

Save for Your Down Payment:

Your down payment can range from 5% to 20% depending on your residency status and the home price. For homes priced over $500,000, expect to pay 5% on the first $500,000 and 10% on any amount above that.

Choose a Mortgage Provider:

Partner with a mortgage specialist who can help you understand your options and find the best mortgage solution for your needs.

Ready to buy your first home in Canada? Let’s make it happen.

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Navigating the Canadian mortgage landscape as a newcomer can be complex, but you don’t have to do it alone. Explore your options and find the best path to homeownership in Canada with expert guidance every step of the way.

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