Who this is for
- Permanent residents who arrived in the last five years
- Work permit holders with a job in Canada
- International students turned graduates with a work permit
Down payment rules
Permanent residents can often buy with as little as 5% down through insured newcomer programs. Work permit holders may qualify with 5% to 10% down depending on the insurer and lender. Funds from abroad must be transferred and documented.
Building credit quickly
Open a Canadian credit card soon after arrival and pay it in full each month. Some programs accept alternative credit, such as rent and utility payment history or a letter from a foreign bank.
Employment
Most lenders want you to be in a permanent full-time job and past probation, but some newcomer programs accept a job offer letter in your field.
Foreign buyer ban
Canada's Prohibition on the Purchase of Residential Property by Non-Canadians Act has exemptions for permanent residents and some work permit holders. We confirm eligibility before you make an offer.
Worked example (example only, OAC)
- Purchase price: $550,000 townhouse in Kitchener
- Down payment: 5% of $500,000 + 10% of $50,000 = $30,000
- Mortgage before insurance: $520,000; CMHC premium 4.00% = $20,800
- Total mortgage: $540,800; sample rate 4.39%, 25 years: about $2,960/month
- Example only, OAC.
Frequently asked questions
Can I use money from my home country?
Yes. Funds must be transferred to a Canadian account and documented, usually with 90 days of statements.
Do I need a Canadian credit score?
It helps, but some programs accept alternative credit references for recent arrivals.
Can a work permit holder buy a home?
Often yes, subject to the foreign buyer rules and lender requirements. We confirm your eligibility first.
How long do I need to be in my job?
Many lenders want you past probation. Some newcomer programs are more flexible.
Do you charge a fee?
Most standard mortgages with good credit cost you nothing; the lender pays the broker. Private and some alternative mortgages carry a broker fee that is disclosed in writing before you commit.
Serving these cities
Related guides
More guides coming soon
Learn more from CMHC and the Financial Consumer Agency of Canada.
Straight answers, no cost and no obligation for most standard mortgages.
Mortgage Kraft · Affinity Mortgage Solutions Inc., Brokerage #13093 · Jay Shah, Licensed Mortgage Broker, Lic. #M22002236 · Rates and examples OAC, subject to change. Not financial advice.