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Are you new, first time home buyer in Canada and want to own / buy your own house?

Buying a home for new immigrants to Canada just got easier!!!!

Are you new in Canada and want to own / buy your own house?

But have deposit or savings for down payment of just 5%!

With a down payment of 5%!

If you have immigrated or relocated to Canada in the last 5 years and are a qualified homebuyer, you are eligible to purchase a house property with a mere 5% down payment in Ontario, Canada.

Some of the rules that qualify for a new immigrant to Canada Mortgage or housing loan are:

  1. You must have relocated or immigrated to Canada in the last 5 years
  2. You must have a minimum of 3 months of full time Employment in Canada (Exception being if you have been relocated under a Corporate Relocation Program)
  3. You must have a Confirmation of Permanent Residency (PR) or Landed Immigrant Status
  4. You must have your own resources or savings to arrange for the Down payment
  5. You must have a history of at least 12 months of rent paid in Canada and 12 months of 2 regular monthly obligations eg. Phone/ Cable/ Hydro
  6. If the above condition is not met, you can still be eligible for 10% down Payment

With a down payment of 20% or more!

If you have immigrated or relocated to Canada in the last 5 years and are unable to provide income confirmation but have a strong profile, you could buy a property with a 20% down payment.

You must be a Canadian Resident with a Permanent Residency or Landed Immigrant Status or you should have a confirmation from Immigration Canada that your application for permanent Resident Status has been received.

What if you still don't qualify but have large funds, yes you may still qualify for a new to Canada Mortgage with a 35% Down Payment with most Canadian Banks

  1. You don’t need a GDS or TDS test for conventional Financing
  2. In addition to your 35% down payment, you should have liquid funds in Canada amounting to at least 12 months of mortgage principal, interest and tax payment
  3. If you can provide evidence of debt service capacity, exception to the above condition can be made
  4. You must have a full appraisal of the house you are buying.
  5. You can get a maximum of 25 years of amortization

Most Canadian Lenders need to see your Credit History. As a new immigrant to Canada, you might not have one. You must try to build your credit history as soon as possible if you plan to purchase a property.

Hints to help you show you can repay the mortgage:

  1. You must open a bank account and use it regularly
  2. Pay all your bills on time eg. Rent/ Cable/ Phone/ Insurance etc
  3. You should apply for small loans from your bank and pay them back on time. This will help build your credit history
  4. You should apply for a credit card
  5. You should try to stay with the same employer for long periods.

If you have any further query on this or if you are thinking of buying or selling your home in Ontario, Canada in Mississauga, Brampton, Oakville, Milton, Toronto, please feel free to contact us at 905 363 2883..


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