Key takeaways
- Options exist for newcomers, but requirements vary a lot by lender, immigration status and time in Canada.
- Building Canadian credit early makes a big difference.
- Have your documents ready, including any from abroad.
- Plan for a larger down payment and closing costs.
Moving to a new country is big, and buying a home is a major step. Many newcomers successfully buy homes in Ontario. Here's what to expect.
What lenders consider
- Immigration status: permanent residents and some work-permit holders may qualify. Programs and requirements differ by lender.
- Employment and income: lenders look at stability and how long you've been working in Canada
- Credit history: arriving with no Canadian credit history is common, and lenders may treat it differently
- Down payment: some lenders need more from newcomers; others have programs designed for them
Build your Canadian credit early
- Open a bank account and a credit card as soon as you can
- Use the card for small purchases and pay the full balance on time
- Consider setting up recurring bills (phone, utilities) in your name
- Avoid applying for lots of credit at once
More on this in how your credit score affects your mortgage.
Documents to gather
- Passport and immigration documents (PR card, work permit, etc.)
- Proof of income: employment letter, pay stubs, tax documents if available
- Bank statements showing your down payment, and where it came from
- If funds are coming from abroad: records of the transfer. Lenders will want to see the source.
- Foreign credit reports or references, if a lender will consider them
Documents in another language may need to be translated.
Down payment and costs
Minimum down payment rules are the same for everyone buying a home to live in (see how much you need), but your lender's requirements may be higher. Remember to budget for closing costs. Programs like the FHSA may be available if you qualify as a first-time buyer. See first-time buyer programs.
Next steps
- Speak with a mortgage professional early, before you start looking.
- Build credit and keep your documents organized.
- Get a pre-approval when you're ready.
Questions about your specific situation? Book a call.
Sources and further reading
This article is general information, not personalized mortgage, legal, tax or financial advice. Rules, rates and eligibility change and depend on your circumstances and lender criteria. Confirm details before you make decisions.
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