Can you get a mortgage if you are new to Canada?
Down payment, credit history, the foreign buyer ban and the newcomer programs, explained in plain English.
Written and reviewed by Asim Ali, Mortgage BrokerUpdated 5 November 2026
Licensed: BCFSA (BC) · RECA (Alberta) · FSRA (Ontario) · check our licences
Yes. Permanent residents can buy like any Canadian, with as little as 5% down through the newcomer programs at CMHC, Sagen and Canada Guaranty. CMHC sets no minimum time in Canada. Work-permit holders can buy one home if they have at least 183 days left on their permit, and they qualify for the same programs. No Canadian credit history? Insurers accept an international credit report, 12 months of rent or bank statements, or a letter from your bank back home.
Which mortgage route fits you?
Answer three quick questions. The result shows the route most newcomers in your position take, and where to read more.
Can a non-Canadian buy a home in Canada in 2026?
Usually not, unless an exception applies. The federal ban on buying homes by non-Canadians has applied since 1 January 2023 and, under the law today, ends on 1 January 2027. Budget 2026, tabled on 5 November 2026, proposes to extend it to 1 January 2029 for existing homes and to exempt new homes. That change is not law yet. We will update this page when it is.
Permanent residents
Not covered by the ban at all. You buy like a citizen.
Work-permit holders
At least 183 days left on the permit on the purchase date, and no more than one home.
International students
Five years of Canadian tax returns, 244+ days a year in Canada, price $500,000 or less, one home.
Protected persons and spouses
Protected persons, eligible refugee claimants, and anyone buying with a spouse who is a citizen or PR.
The ban covers homes of up to three units in and around cities. It does not cover inheritance, a gift or a property split on separation. The fine is up to $10,000 and a court can order the home sold.
How much down payment do newcomers need?
The same as everyone else: 5% of the first $500,000, 10% of the part from $500,000 to $1.5 million, and 20% at $1.5 million or more.
| Home price | Minimum down payment | Mortgage insurance |
|---|---|---|
| $500,000 | $25,000 | Required |
| $800,000 | $55,000 | Required |
| $1,200,000 | $95,000 | Required |
| $1,600,000 | $320,000 | Not available |
- Where the money can come from. Your own savings, or a gift from close family with a signed gift letter. Non-permanent residents cannot use a borrowed down payment with CMHC.
- Money from abroad. Lenders must check where it came from. Most ask for about 90 days of statements, from Canada or abroad, that show the funds and the transfer trail. Start the transfer early.
- 30-year amortization. First-time buyers can get 30 years on an insured mortgage since 15 December 2024, which lowers the payment.
How do you get a mortgage without Canadian credit history?
Use proof that you pay your bills, from Canada or from home. The three insurers each accept at least one of these:
International credit report
A credit report from your home country, accepted by CMHC, Sagen and Canada Guaranty.
12 months of payments
Bank or billing statements showing rent, utilities, phone or car insurance paid on time.
A letter from your bank
A reference from a recognised financial institution. Canada Guaranty wants a relationship of at least six months.
Start building now
Get a Canadian credit card, use a little and pay it in full. Six to twelve months makes a real difference.
Which newcomer mortgage programs are there?
| CMHC Newcomers | Sagen New to Canada | Canada Guaranty Maple Leaf | |
|---|---|---|---|
| Who | PRs; work-permit holders for homeowner loans | PRs and valid work-permit holders | PRs and valid work-permit holders |
| Time in Canada | No minimum | No limit since February 2026 | None stated |
| Minimum down | 5% | 5% | 5% |
| Price limit | Under $1.5M | Under $1.5M (above 80% LTV) | $1.5M (above 80% LTV) |
| Credit without Canadian history | International report, bank letter or other | International report, 12 months of statements, or bank letter | International report, rent history, statements, or bank letter |
| Amortization | 25 years (30 for first-time buyers) | 30 years for first-time buyers or new builds | 30 years for first-time buyers or new builds |
From each insurer's own program page, checked 5 November 2026. Debts you still owe abroad count in your ratios. Foreign rental income cannot be used with Canada Guaranty.
What extra taxes do newcomers pay when buying?
Non-Resident Speculation Tax, 25%
Applies to foreign nationals buying anywhere in Ontario. Not to permanent residents. A rebate is possible if you become a PR within four years.
Additional property transfer tax, 20%
Foreign buyers in Metro Vancouver, the Fraser Valley, the Capital region, Central Okanagan and Nanaimo. Not permanent residents.
No foreign buyer tax
Alberta has no land transfer tax. You pay Land Titles fees: $50 plus $5 per $5,000 of value.
When does a B-lender or private mortgage help a newcomer?
Most newcomers should start with a bank or an insured program, because it is cheapest. A B-lender or private lender helps when timing or paperwork gets in the way:
- New job, still on probation. Some banks wait. A B-lender may not.
- Self-employed with less than two years of Canadian tax returns. A B-lender can use bank statements. Self-employed mortgages.
- Money still on its way from home. A short private bridge can close the purchase while funds clear. Bridge loans.
- The bank said no and the closing date is close. A private first mortgage with 25% or more down, for 12 months, then refinance once you qualify.
B-lenders charge about 6-8.5% for 1-3 years. Private lenders charge more and are only a short-term tool. We show you the bank, B-lender and private numbers side by side before you choose.
How do you get a mortgage through us as a newcomer?
Status, job, savings and where the money is today. Two minutes.
Insured newcomer program, bank, B-lender or a short bridge.
Your budget, payment and the documents to gather.
We stay with you through the lawyer and closing.
New to Canada mortgage questions
Can I get a mortgage on a work permit?
Yes. You need at least 183 days left on your permit on the purchase date, and you can own only one home under the foreign buyer rules. CMHC, Sagen and Canada Guaranty all insure mortgages for work-permit holders with 5% down.
How long do I need to be in Canada before I can get a mortgage?
CMHC sets no minimum. Sagen removed its old five-year limit in February 2026, and Canada Guaranty's page states none. Lenders may still ask how long you have been in your job, often at least a few months.
Does income from my home country count?
Usually not for qualifying. Lenders count income earned in Canada. Debts you still owe abroad do count against you, and Canada Guaranty does not accept foreign rental income.
Can my parents abroad gift me the down payment?
Yes, a gift from close family is allowed. You need a signed gift letter saying it does not have to be repaid, plus a clear record of the transfer into your account.
Will the foreign buyer ban end in 2027?
The law says 1 January 2027. Budget 2026 proposes to extend it to 1 January 2029 for existing homes, but not new homes. Until that becomes law, the 2027 date stands. Permanent residents are not affected either way.
Sources. Prohibition on the Purchase of Residential Property by Non-Canadians Act and Regulations · Budget 2026, chapter 3 · CMHC Newcomers · Sagen New to Canada · Canada Guaranty Maple Leaf Advantage · FCAC, down payment · OSFI stress test · Ontario NRST · BC additional property transfer tax. All checked 5 November 2026.
Talk it through with a licensed broker before you decide
Tell us what is going on in a few lines. We call you back the same day with what lenders will say, what it costs in dollars, and how you get back to a bank. If private is the wrong tool, we say so.
- Your full cost, in dollars, before you commit
- The lender named on your commitment letter
- A written plan to exit within 12-24 months
Asim Ali, Mortgage BrokerSurrey office · BC, Alberta and Ontario
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- 1Same-day call from Asim Ali or a licensed colleague
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Asim Ali, Mortgage Broker
Licensed in BC, Alberta and Ontario · (604) 591-3590