Mortgage Options for Newcomers to Canada

Newcomers to Canada, including permanent residents within 5 years and some temporary residents with valid work permits, can obtain mortgages without established Canadian credit history through specialized programs. These programs consider international credit, income, and savings, often requiring down payments starting at 5%. Mortgage default insurance is typically needed for down payments under 20%. Various banks and lenders offer tailored newcomer mortgage options with specific eligibility and documentation requirements.