New to Canada
You didn’t bring your credit history with you — and lenders know that. There are programmes built specifically for this, and they don’t require you to spend two years proving yourself first.
You can often qualify with as little as 5% down, using alternative proof instead of a Canadian credit file — a reference letter from your bank back home, twelve months of rent payment history here, or utility bills showing you pay on time. Many newcomers buy far sooner than they expect to.
The answers in this centre
- I just moved here and have no Canadian credit history. Can I get a mortgage?
- I’m on a work permit, not a permanent resident. Does that disqualify me?
- Can I use my savings from overseas for the down payment?
- My income is in foreign currency and I’m still setting up work here. What now?
- How big a down payment do I really need as a newcomer?
The three things newcomers get wrong
1. Assuming you need years of Canadian history. You don’t. New to Canada programmes exist precisely because the insurers know your credit didn’t travel with you.
2. Moving money at the last minute. Down payment funds need a documented trail — and the time to build one is before you need it, not during a closing.
3. Taking one bank’s answer as the market’s answer. Big banks are often the strictest on newcomer files. Alternative lenders and some credit unions are considerably more comfortable, and a few are specifically set up for particular communities.
What to do next
Tell me how long you’ve been here, your status, where your income comes from and where your down payment is sitting. I’ll tell you what’s realistic and what to start documenting now.
Start early even if you’re not buying yet. Almost everything on a newcomer file gets easier with a few months of preparation.
Talk it through → · Back to all answers →
General information about Ontario mortgages — not financial, legal, tax or immigration advice. Lender and insurer programmes vary and change. Speak to a real estate lawyer about any provincial taxes that may apply to non-resident purchasers. Every file is reviewed individually.