New to Canada Mortgage

New To Canada Program

A New to Canada Mortgage applies to both permanent residents and temporary residents that have resided in Canada within the last 5 years. Each of Canada’s 3 mortgage default insurers (CMHC, Genworth Financial and Canada Guaranty) have their own program designed to help newcomers obtain a mortgage so you can purchase your first home. Easy Mortgage Strategists will prepare you accordingly based on your landed status, credit score and down payment. These factors will determine which type of mortgage you can qualify for.


If you are a permanent resident and have a strong credit rating, you may be able to qualify for a regular mortgage. If, however, you don’t meet all of the qualification criteria for a typical mortgage, you may still be able to obtain a mortgage through one of the New to Canada Programs offered by the Canada Mortgage and Housing Corporation (CMHC), Genworth Financial and Canada Guaranty.

Establishing credit is crucial. A strong credit rating will help you get a better mortgage rate. These are a few ways to increase your credit score:

  • Apply for, use and pay off a credit card each month
  • Pay your bills in full and on time, including rent, utilities and telecommunication services
  • Apply for small loans from your bank and make regular payments
  • Prove that you have a consistent source of income, by staying with the same employer for an extended period of time

If you are new to Canada and have weak credit you will be required to provide additional documentation to show your creditworthiness. Some of these documents include:

  • A valid work permit or landed immigrant status
  • Proof of income through either an employment contract or pay stubs
  • Proof of 12 months of rental payments and/or a confirmation letter from a landlord
  • Regular payments towards utilities, telecommunications, insurance, etc. and/or confirmation letter from service provider(s)
  • Letter of reference from a recognized financial institution
  • Several months of bank statements
  • Documented regular savings for 12 months
  • An international credit report

Finally, make sure you have saved up a sufficient down payment. If you are new to Canada and you have permanent resident status, you have to put down at least 5% of the purchase price. If you’re a non-permanent resident, you will need to put down at least 10% of the purchase price.

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3-10200 Yonge St
Richmond Hill, ON L4C 3B6