Mortgages For New Canadians


No one knows how to secure mortgages for new Canadians better than we do. By meeting a few specific lender criteria, home ownership becomes a reality.

Mortgages for new CanadiansMortgages for new Canadians is an incredible way to get settled into your new country. Home ownership is a possibility for new Canadians and can be achieved by meeting some specific lender criteria.

As with all mortgages, lenders want to know where your down payment is coming from and how you are going to make your regular mortgage payments. We’ve broken down the main criteria lenders look at when reviewing a mortgage application for new Canadians.


As with all mortgage applications the lender wants to see proof of income. With most lenders, New Canadians must be employed for at least three months before being eligible for a mortgage. Lenders will request a job letter and pay stub as proof of income.

If you are self-employed a two-year history of Canadian self-employment will have to be shown with supporting documentation.


The lender wants to know if you are a permanent resident or are on a temporary work visa. Permanent residents are considered as Canadian citizens, and have an easier time qualifying for a mortgage. A temporary resident may have a more difficult time with a mortgage approval, as there is always the possibility you do not get permanent residency. Lenders are looking for a sense of security when approving mortgages. You will be required to provide supporting documentation.

Down Payment

The minimum down payment required is 5% of the purchase price for an insured mortgage. Lenders want to see that the down payment funds have been in Canada for a minimum of 30 days and come from your own resources. Be aware, lenders may request a larger down payment depending on the results of your income and credit history.

Credit History

Lenders want to know you pay your debits on time. Showing credit history is often a hurdle for new Canadians as lenders typically want to see a 3 year history.

A credit report provided by Equifax or Trans Union is the standard review process, but exceptions are sometimes made to compensate for shorter Canadian histories.

At a minimum, lenders like to see a 12-month Canadian credit history of two “trades.” Trade is the word used to describe a credit account such as a credit card, bank loan, or car loan.

Some lenders may accept a landlord’s letter stating that you have paid on time for a period of one year, or utility statements reflecting the same. Lenders may also look at international credit report as a supplement to your Canadian credit history.

Moving to Canada

Free Guide: Buying Your First Home In Canada

There are many considerations to take into account if you are new to Canada and want to own your own home. Here is a free guide titled Buying Your First Home In Canada (credit: CMHC) to get you started.