Trusted mortgage services
Your first mortgage in Canada
New to Canada and ready to buy in BC? We match your status, credit history and down payment with the lenders and insured programs built for newcomers.
- 5-yr fixed
- 4.69%
- 5-yr variable
- 3.70%
Updated Oct 8 · on approved credit · Compare to bank rates
Buying a home as a newcomer
Lenders in Canada lean on Canadian credit history and Canadian income, which is exactly what newcomers are still building. The three mortgage insurers, CMHC, Sagen and Canada Guaranty, each run a newcomer program that makes room for that. Depending on the program, they can accept an international credit report, a reference letter from your bank back home or a record of regular payments in place of a long Canadian credit file.
Your immigration status shapes your options. Permanent residents can use the same insured mortgages as Canadian citizens. Work-permit holders can qualify too, with tighter limits, and if you aren't yet a permanent resident, the federal ban on non-Canadians buying homes and BC's additional property transfer tax both need checking before you make an offer. We go through all of it with you first.
Permanent residents and work-permit holders
Permanent residents
The same down payment rules as citizens: 5% of the first $500,000 and 10% of the rest, for homes under $1.5 million. CMHC sets no minimum time in Canada, and if your Canadian credit history is thin it can consider an international credit report or a letter from your bank at home.
Work-permit holders
The insurers' newcomer programs accept valid work permits for a home you will live in. CMHC doesn't offer non-permanent residents its highest tier, above 90% of the value, so with CMHC you need at least 10% down. Sagen and Canada Guaranty set their own limits.
Foreign buyer rules
Until the federal ban ends, most non-Canadians can't buy a home in or near Canada's cities, though some work-permit holders are exempt. In much of southern BC, foreign nationals also pay a 20% additional property transfer tax.
How it works
Getting ready to buy
Start building credit
Open a Canadian credit card soon after you arrive, even a secured one, and pay it in full each month. Our newcomer credit tracker shows what lenders look for.
Gather your documents
Your PR card or work permit, a job letter, recent pay stubs, bank statements, and proof of where your down payment came from, including money sent from abroad.
Check the rules for your status
If you aren't yet a permanent resident, we confirm whether the federal ban applies to you and whether BC's additional property transfer tax would be charged, before you make an offer.
Compare programs and lenders
We compare the insurers' newcomer programs with lenders' own newcomer offers, which sometimes ask for a larger down payment instead of a credit history.
Frequently asked questions
You have questions — we have answers!
Mortgages for Newcomers to Canada
Is the ban on foreign buyers still in place?
Yes, for now. The federal Prohibition on the Purchase of Residential Property by Non-Canadians Act has been extended once and is set to expire on January 1, 2027, unless the government extends it again. It doesn't apply to citizens or permanent residents. Exceptions include work-permit holders with at least 183 days left on their permit who haven't bought more than one home, and some students, refugees and spouses of Canadians. We check the current rules before you make an offer.
What is BC's additional property transfer tax?
Foreign nationals, foreign corporations and some trusts pay an extra 20% of their share of a home's value when they register a purchase in the Capital, Fraser Valley, Metro Vancouver, Central Okanagan or Nanaimo regional districts. It comes on top of the regular property transfer tax. Confirmed BC Provincial Nominees can be exempt when buying a home to live in.
Do I need a Canadian credit score?
It helps, but depending on the program it isn't always required. The insurers' newcomer programs can consider an international credit report, a reference letter from your bank in your home country or a record of regular payments. Building Canadian credit alongside it makes your application stronger.
Can I use money from back home for my down payment?
Yes, as long as the lender can see where it came from and how it reached your Canadian account, so keep the statements and transfer records. Sagen's and Canada Guaranty's newcomer programs also accept a gift from a close family member that doesn't have to be repaid.
Does how long I've been in Canada matter?
CMHC sets no minimum time in Canada. Lenders still want to see stable income, usually through a job letter and recent pay stubs, and their rules on time in your current job vary. We tell you where you stand before you apply.
Today's rates
Our rates vs the banks'
We shop 50+ lenders, so the rate you're offered isn't limited to one bank's rate sheet. Updated Oct 8.
Apply for your mortgage in minutes
Everyone's rate is different. What's yours?
Our job is to find you a competitive rate and terms that fit. Your rate qualification depends on certain factors, such as credit score and home equity, as per Canadian regulations. Get your details fast — there's no cost and no obligation.
- Current variable mortgage rate
- 3.70%
- Current prime rate
- 4.45%
| Term | Bank posted | Our rates | Action |
|---|---|---|---|
| 6 Months | 7.89% | 4.79% | Get this rate: 6 Months |
| 1 year fixed | 5.49% | 4.64% | Get this rate: 1 year fixed |
| 2 year fixed | 5.44% | 4.44% | Get this rate: 2 year fixed |
| 3 year fixed | 6.05% | 4.54% | Get this rate: 3 year fixed |
| 4 year fixed | 6.01% | 4.39% | Get this rate: 4 year fixed |
| 5 year fixed | 6.19% | 4.69% | Get this rate: 5 year fixed |
| 7 year fixed | 6.41% | 4.79% | Get this rate: 7 year fixed |
| 10 year fixed | 6.81% | 4.79% | Get this rate: 10 year fixed |
| 5 year variable | No bank rate | 3.70% | Get this rate: 5 year variable |
Bank posted rates are the big banks' posted rates published by the Bank of Canada (1, 3 and 5 years) and by Dominion Lending Centres (other terms). Some conditions may apply. Rates may vary from province to province. Rates subject to change without notice. Rates change often and depend on your down payment, credit and property; on approved credit (O.A.C.). E.&O.E.
Contact us
Have a question about your mortgage?
Contact info
Call, email or send us a message. We negotiate with over 50 lenders to find the right mortgage for you.
- Our location525 W 8th Ave #800, Vancouver, BC V5Z 1C6
- Phone number778-838-8005
- Email addressinfo@coastalblue.ca