Our New to Canada Mortgage Program is designed to make homeownership accessible for individuals who:

• Have been in Canada for less than 5 years.
• Are either permanent residents or temporary residents with a valid work permit.
• May not yet have established a Canadian credit history.

Eligibility Requirements

To qualify for a New to Canada mortgage, you’ll need:

1. Proof of Residency

   • Permanent Resident Card or Temporary Resident Visa with a valid work permit.

2. Proof of Income

   • Employment letter, pay stubs, or tax returns.
   • Self-employed individuals may need 2 years of financial statements or tax filings.

3. Down Payment

   • 5% down payment for homes priced up to $500,000 (insured mortgage).
   • 10% for the portion of the price between $500,000 and $1,000,000.

4. Credit History Alternatives

   • If you lack a Canadian credit history, provide proof of rent payments, utility bills, or bank statements from your home country.

Documents Required for a New to Canada Mortgage

• Government-issued ID (passport or PR card).
• Proof of residency status (work permit or PR confirmation).
• Employment verification (offer letter, pay stubs, or tax returns).
• Proof of down payment (bank statements or a gift letter if applicable).
• Credit history or alternative credit references.

Read about how fixed and variable rates compare on the Government of Canada website.