For permanent residents and people on a work permit
A first home in your first years in Canada.
You don't have to wait years to buy here. What changes is what lenders ask to see, and how they check where your money came from. We'll explain it in English, Punjabi, Hindi or Urdu.
01Your first years here
Four things lenders look at when you've just arrived.
Your status
Permanent residents can usually apply with most lenders. Many also work with people on a work permit, and some ask how long the permit has left.
Your work here
Many lenders like to see a few months of steady work in Canada. Some also count your work abroad if it's the same line of work.
Your down payment
The minimum depends on the price of the home and whether the mortgage is insured. Lenders also want to see where the money came from; more on that below.
Your credit
A thin Canadian credit file is normal at the start. Some newcomer programs will look at a credit report from your home country or a landlord's letter.
02A down payment from abroad
Money from home is welcome. Lenders just need to follow it.
Your account abroad
Statements in your name showing the money, usually covering the last 90 days, translated if they aren't in English or French.
The transfer
The wire confirmation or the record from the transfer service, showing it leaving your account.
Your Canadian account
A statement showing it arriving. Large deposits get questions here, so keep every piece of paper.
Your lawyer's trust account
At closing, the down payment goes to your real estate lawyer, who passes it on.
Family helping with a gift? Most lenders ask for a signed gift letter and proof the money reached your account. Moving money in pieces over months is fine; just keep each record.
03Building Canadian credit
- A card in your name
- Use a small part of the limit and pay it in full each month. A secured card works if a regular one isn't offered yet.
- Phone and utilities
- Put the phone plan and the hydro account in your name, and pay on time.
- Keep the first account
- The age of your oldest account counts, so don't close your first card once you have a better one.
- Rent on time
- Some lenders accept a landlord's letter or a year of rent transfers as extra proof that you pay what you owe.
- Check your report
- Equifax and TransUnion both let you see your Canadian report for free. Look at it after your first six months here.
04Your checklist
Who you are
- Passport
- PR card, confirmation of PR or work permit
- Government photo ID from Canada
- Your current address and how long you've lived there
- Landlord's letter or rent records (if you have them)
Money and work
- Job letter with your role, pay and start date
- Recent pay stubs
- 90 days of statements, abroad and here
- Records of each transfer to Canada
- Gift letter (if family is helping)
- Credit report from home (if you have one)
Not sure where to start? Start with a call. We'll sort the list with you.