New to Canada

The mortgage type you qualify for and the documentation required by your mortgage agent depend on factors such as your permanent residency status, credit rating, and the amount you’ve saved for a down payment, along with the source of that down payment. Many lenders may also request credit history or bank statements from your previous country to aid in their decision-making process.

If you are a permanent resident with a robust credit rating, you may qualify for a standard mortgage. However, if you don’t meet the typical mortgage qualification criteria, there are still options available through the “New to Canada” programs offered by Canada’s three mortgage default insurance providers—CMHC, Genworth Financial, or Canada Guaranty. These providers have tailored programs designed to assist newcomers in securing mortgages for home purchases.