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New CanadaTo Mortgage Program

What is the new to Canada mortgage program?

The new to Canada mortgage program was developed to help new and non-immigrants purchase a home in Canada with as little as 5% down payment. In 2012, Canada had a record-breaking year for issuing permanent residence status for new immigrants. Countries that received the majority of the Visas were India, China, and the Philippines.

Welcome to Canada

New to Canada, mortgage program allows the purchaser to buy a home with minimal down payment, and limited or no credit history in Canada.

Permanent residence mortgage highlights:

  • Purchase or refinance including purchase plus improvement
  • Maximum finance for purchase is 95%
  • Maximum 2-4 units
  • Maximum finance for refinance is 80%
  • Traditional source for down payment e.g. saving, gift, borrowed funds and sweat equity
  • If insured maximum value $1,000,000
  • If no established credit history, rental letter and bank reference letter is ok
  • Loan can be registered as first mortgage or second mortgage (for refinance)
  • The eligibility requirements for this program is, new to Canada, stamped Permanent Residence Card with little or no established credit.


Non-residence mortgage highlights:

  • Purchase only – 1 unit
  • Maximum loan amount 90% of the value of the property
  • Down payment from traditional sources
  • No established credit ok, letter of reference from bank
  • First mortgage only


The eligibility requirements for this program is, foreign workers permit with a valid Canadian Employment Authorization form.


Most lenders will follow the CMHC guideline for these programs, but in some instances, they will want additional information, based on personal covenant of the borrowers. The rates for all programs will remain the same as with other

The welcome to Canada package along with the new to Canada Mortgage program is a great way to make the dream of home ownership possible.

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