Mortgages for newcomers to Canada
You can buy a home in Canada before you have a long credit history here. We explain what lenders look for and which options fit your situation.
- Residency and work permit documents
- Canadian and international credit
- Down payment source
- Employment in Canada
Lenders ask about your status and income
Most lenders need proof of permanent residence or a valid work permit, plus proof of employment in Canada. Some accept limited Canadian credit history. Others may look at rent payments or a credit report from your home country.
Your down payment needs a clear paper trail
Lenders want to see where your down payment came from, usually through recent bank statements. Funds from abroad usually need to be in a Canadian account some time before closing. Federal rules limit some non-Canadians from buying residential property, with exceptions, so confirm your eligibility with a lawyer early.
Answers
All answersCan I get a mortgage as a newcomer to Canada?
Yes. Most lenders need proof of permanent residence or a valid work permit, plus proof of employment in Canada. Some programs accept limited Canadian credit history.
Can I get a mortgage on a work permit in Canada?
Yes, many lenders work with work permit holders and look at your job in Canada and how long your permit has left. Federal rules on non-Canadians buying residential property also apply, with exceptions such as some work permit holders, so confirm your eligibility with a lawyer first.
Can I get a mortgage with no Canadian credit history?
Sometimes. Some lenders accept other proof, such as a record of rent payments or a credit report from your home country. Opening a Canadian credit card early and paying it in full each month helps build your file.
Can I use money from outside Canada for my down payment?
Yes, most lenders accept funds from abroad. They want a clear record of where the money came from, and it usually needs to be in a Canadian bank account some time before closing.
How much down payment do newcomers need to buy a home?
It depends on your status, your credit history and the lender. Some newcomer programs allow the standard minimum down payment, while others ask for more when credit history is limited.