New to canada
New to canada
We are here for you
Helping you and your family immigrate into your new home
Are you hoping to become a homeowner in Canada? Our professional and experienced brokers can guide you through the process. We will assess your needs, explain your various options, and offer you the best available interest rate. When you are ready to proceed, you can complete the mortgage process over the phone, online, or in person at one of our branches. We take care of the negotiations with lenders on your behalf, and we provide unbiased recommendations to help you get the best deal on your first mortgage in Canada. The three main mortgage default insurance providers in Canada (CMHC, Sagen, and Canada Guaranty) all offer programs for new residents of the country, which allow borrowers with permanent and non-permanent residency status to qualify for insured mortgage financing. We have written a blog specifically to help you better understand these options, give it a read here.
Mortgage programs for Canadian newcomers
- A newcomer with permanent resident status has access to all mortgage insurance products offered by CMHC, Sagen, and Canada Guaranty (subject to product-specific eligibility requirements).
- A Loan-to-Value (LTV) ratio of up to 95% may be considered for permanent residents with limited Canadian credit history and no foreign credit bureaus.
- Borrowers must not be prohibited from purchasing a property under the "Prohibition on the Purchase of Residential Property by Non-Canadians Act"
- Borrowers must have a valid work permit or permanent residency
- Borrowers must have a minimum of 3 months full-time employment in Canada (those transferred under a corporate relocation program are exempt)
Benefits of these “New to Canada” programs
Owning a home is accessible to everyone. With permanent residence status, newcomers can purchase a home with as little as 5% down.
Competitive Interest Rates. CMHC-insured financing is available through most Canadian banks at competitive interest rates.
Cross-Canada Options. From near to far, you can find a solution that fits you wherever you decide to move.
Important note on building your Canadian credit history.
Before you apply for a mortgage, you must consider your credit history and down payment. All lenders will ask for this information. Applying for a Canadian credit card is also the right step to take if you want to begin building a credit history and improving your chances of getting approved. If you do not have any established credit, then you can qualify for a mortgage with three months of employment history. You can also demonstrate creditworthiness in the following ways:
- Provide proof of rent payments and bank statements
- Credit report from another country from international credit reporting companies such as Equifax or TransUnion
- Pre-authorized payments such as utilities, telephone, internet, and insurance
It's important to keep in mind that you are only considered new to Canada for 5 years after your initial arrival.
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