Newcomer Mortgage Programs and Requirements in Canada | November 2025
By planning ahead, newcomers can maximize their mortgage opportunities in Canada's dynamic housing market. Navigating the complex landscape of mortgage options requires strategic understanding, especially for those new to the country. Exploring credit building options can significantly enhance your mortgage approval chances.
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Summary Table for Newcomer Mortgage Programs and Requirements in Canada | November 2025
| Name | Type | Learn More |
|---|---|---|
| CIBC Newcomer Mortgage Program | Financial Service | Learn More |
| RBC Newcomer Mortgage Program | Financial Service | Learn More |
| Scotiabank StartRight Program | Financial Service | Learn More |
| BMO NewStart Program | Financial Service | Learn More |
| TD New to Canada Mortgage Program | Financial Service | Learn More |
| National Bank Newcomer Mortgage | Financial Service | Learn More |
| CMHC First-Time Home Buyer Incentive | Government Program | Learn More |
| Canada Mortgage and Housing Corporation (CMHC) Insured Mortgages | Financial Service | Learn More |
| Canada Secondary Suite Loan Program | Government Program | Learn More |
| BC Home Owner Grant | Provincial Benefit | Learn More |
| TD Home Equity FlexLine with Term Portion | Financial Service | Learn More |
| Auxilium Mortgage Newcomer Services | Financial Service | Learn More |
What Newcomers Need to Know About Canadian Mortgages
- Minimum down payments typically start at 5% for newcomers
- No Canadian credit history does not automatically disqualify you
- Several major banks offer specialized newcomer mortgage programs
- Income verification can be flexible for permanent residents and work permit holders
- Government programs like CMHC provide additional mortgage support
Our Top Recommendations for Newcomer Mortgages
- Choose banks with dedicated newcomer mortgage programs
- Prepare documentation from your home country in advance
- Consider mortgage pre-approval before house hunting
- Understand different income verification requirements
- Explore shared equity and first-time homebuyer programs
Detailed Mortgage Program Overviews
1. CIBC Newcomer Mortgage Program
Category: Financial Service
CIBC offers specialized mortgage programs designed to help newcomers to Canada secure home financing, even without an established Canadian credit history. This program provides tailored support for permanent residents and foreign workers looking to purchase their first home in Canada.
What newcomers need to know:
- Must be a Canadian permanent resident for five years or less
- May qualify without an existing Canadian credit history
- Requires permanent resident status or valid work permit
- Minimum credit score typically around 600
- Eligibility based on landed immigrant or permanent resident status within the past 5 years
Benefits for newcomers:
- Special mortgage programs for new Canadian residents
- Expert advice tailored to newcomers' financial situations
- Potential mortgage qualification without established Canadian credit
- Support for permanent residents and foreign workers
- Flexible mortgage options for recent immigrants
How to apply:
- Visit official website to learn more
2. RBC Newcomer Mortgage Program
Category: Financial Service
RBC offers specialized mortgage solutions designed specifically for newcomers to Canada, helping immigrants navigate the complex process of home ownership in a new country. The program provides flexible options for those with little-to-no Canadian employment or credit history, making homeownership more accessible for recent immigrants.
What newcomers need to know:
- Must have immigrated to Canada within 5 years
- Must have permanent residence status
- May be required to obtain a letter of reference from your bank
- Potential to qualify without minimum Canadian employment income
- Options available for temporary foreign workers and foreign income earners
Benefits for newcomers:
- Mortgage options for those with limited Canadian credit history
- Ability to factor in overseas income
- Specialty programs with no minimum income requirement
- Support for first-time home buyers in their first five years in Canada
- Tailored financial solutions for new immigrants
How to apply:
- Visit official website to learn more
3. Scotiabank StartRight Program
Category: Financial Service
The Scotiabank StartRight Program is a specialized banking solution designed specifically for newcomers to Canada, including permanent residents, international students, and foreign workers. It provides tailored financial services to help immigrants establish their banking needs during their first years in Canada.
What newcomers need to know:
- Program is available for Canadian Permanent Residents from 0-5 years in Canada
- Includes services for International Students and Foreign Workers
- Open an international bank account online
- Eligibility requires being a newcomer to Canada
- No specific minimum income requirement mentioned
Benefits for newcomers:
- Get up to $2,300 in value in the first year
- Credit card with up to $15,000 limit
- Preferred Package chequing account option
- Chequing accounts with no monthly fees
- Ability to earn rewards for everyday purchases
How to apply:
- Visit official website to learn more
4. BMO NewStart Program
Category: Financial Service
The BMO NewStart Program is a comprehensive banking solution designed specifically to support newcomers to Canada in establishing their financial foundation. By offering tailored banking services and special welcome packages, the program helps immigrants smoothly transition and start building their financial future in Canada.
What newcomers need to know:
- Must be a new immigrant to Canada
- Can open a Performance Plan chequing account
- Eligible for special newcomer banking packages
- Requires documentation proving new immigrant status
- Limited time offers for new arrivals
Benefits for newcomers:
- No monthly plan fees for two years
- Up to $2,300 in total program value
- Access to a no-fee credit card
- Free small safety deposit box for 12 months
- Global money transfers with no fees
How to apply:
- Visit official website to learn more
5. TD New to Canada Mortgage Program
Category: Financial Service
TD's New to Canada Mortgage Program is designed specifically to help newcomers navigate the Canadian housing market, offering specialized mortgage solutions for immigrants with little to no Canadian credit history. This program provides a critical pathway for new residents to achieve homeownership by offering flexible lending criteria tailored to their unique financial backgrounds.
What newcomers need to know:
- Eligible for newcomers with up to five years of experience in Canada
- Can purchase homes up to $1.5 million
- Offers low down payment options
- Provides mortgage options even without established Canadian credit history
- Requires consultation with a TD Mortgage Specialist
Benefits for newcomers:
- Interest rate holds of up to 120 days
- Specialized mortgage solutions for new immigrants
- Up to $5,100 available with a new TD Mortgage
- No minimum Canadian credit history required
- Personalized support from TD Mortgage Specialists
How to apply:
- Visit official website to learn more
6. National Bank Newcomer Mortgage
Category: Financial Service
National Bank offers specialized mortgage solutions designed specifically for newcomers to Canada, providing a pathway to homeownership even without an established Canadian credit history. Their mortgage program is uniquely tailored to help immigrants achieve their dream of owning a home while supporting their financial settlement in Canada.
What newcomers need to know:
- Can apply for mortgage financing as a newcomer
- Eligible even without established Canadian credit history
- Online pre-approval process available
- Flexible repayment options
- Support for first-time home buyers
Benefits for newcomers:
- Named best bank for newcomers to Canada by MoneySense in 2024
- Mortgage solutions with potential savings opportunities
- Guidance through entire mortgage application process
- Assistance with financial settlement in Canada
- Options for temporary foreign workers and foreign income earners
How to apply:
- Visit official website to learn more
7. CMHC First-Time Home Buyer Incentive
Category: Government Program
The First-Time Home Buyer Incentive is a shared-equity mortgage program designed to help first-time homebuyers enter the housing market with more affordable monthly payments. This innovative program offers financial support to newcomers and other first-time buyers by providing a portion of the home's purchase price as a shared equity mortgage.
What newcomers need to know:
- Offers 5% or 10% shared equity mortgage for home purchases
- Available for newly constructed homes
- Helps lower monthly mortgage payments
- Program is available until March 31, 2025
- Requires qualification as a first-time home buyer
Benefits for newcomers:
- Reduces monthly mortgage payments
- Provides financial support for home purchase
- Allows 5-10% contribution towards home price
- Helps first-time buyers enter the housing market
- No ongoing repayment required during home ownership
How to apply:
- Visit official website to learn more
8. Canada Mortgage and Housing Corporation (CMHC) Insured Mortgages
Category: Financial Service
CMHC Mortgage Loan Insurance is a critical financial tool for newcomers to Canada looking to purchase a home. This program allows immigrants to secure mortgages with lower down payments, making homeownership more accessible in the Canadian housing market.
What newcomers need to know:
- Mortgage loan insurance lets you get a mortgage for up to 95% of the home's purchase price
- The home's value must be less than $1,499,999
- The down payment must be less than 20%
- Provides a way to get a reasonable interest rate
- Required for mortgages with down payments under 20%
Benefits for newcomers:
- Enables home purchases with as little as 5% down payment
- Ensures access to competitive mortgage interest rates
- Supports first-time homebuyers in entering the housing market
- Provides mortgage financing solutions
- Helps lenders offer more flexible mortgage options
How to apply:
- Visit official website to learn more
9. Canada Secondary Suite Loan Program
Category: Financial Service
The Canada Secondary Suite Loan Program offers a unique opportunity for homeowners to create affordable rental units, which can be particularly beneficial for newcomers seeking housing or looking to supplement their income through rental opportunities.
What newcomers need to know:
- Homeowners can access loans up to $80,000 to build or renovate secondary suites
- Must obtain all necessary permits for secondary suite construction
- Program encourages offering rentals at less than market rent
- Can use both loan program and mortgage financing
- Designed to increase affordable housing supply
Benefits for newcomers:
- Potential to create additional income through rental units
- Access to more affordable housing options
- Opportunity to supplement mortgage payments
- Helps increase rental housing availability
- Supports community housing development
How to apply:
- Visit official website to learn more
10. BC Home Owner Grant
Category: Provincial Benefit
The BC Home Owner Grant provides financial relief for homeowners by reducing annual property tax payments. For newcomers to Canada, this program offers an opportunity to make home ownership more affordable and accessible in British Columbia.
What newcomers need to know:
- Must be a Canadian citizen or permanent resident of Canada
- Must live in British Columbia
- Must occupy the house as your principal residence
- Must be the registered owner of the residence
- Property's assessed value must be under $2.175 million threshold
Benefits for newcomers:
- Reduces annual property taxes by $570 to $770
- Potential savings of $17,100 to $23,100 over a 30-year mortgage
- Makes home ownership more affordable
- Applies to principal residences in various BC regions
- Can be retroactively applied under certain conditions
How to apply:
- Visit official website to learn more
11. TD Home Equity FlexLine with Term Portion
Category: Financial Service
The TD Home Equity FlexLine with Term Portion offers newcomers a flexible way to access home equity and leverage their property's value. This hybrid financial product provides unique borrowing options that can help immigrants establish financial stability in Canada.
What newcomers need to know:
- Can borrow up to 80% of home's value with Term Portion (compared to 65% in Revolving Portion)
- Term Portion offers fixed or variable interest rate options
- Term Portion can have open or closed prepayment terms
- Interest rates range from 7.00% for a one-year fixed open term to 7.60% for a five-year variable open term
- Typical draw period is 10 years, followed by a 20-year repayment period
Benefits for newcomers:
- Flexible borrowing options
- Higher borrowing percentage compared to revolving portion
- Multiple interest rate and term configurations
- Ability to access home equity
- Structured repayment plan after initial draw period
How to apply:
- Visit official website to learn more
12. Auxilium Mortgage Newcomer Services
Category: Financial Service
Auxilium Mortgage specializes in providing mortgage solutions for newcomers to Canada who may not qualify for traditional mortgages. Their unique service helps immigrants navigate home ownership by offering flexible options for those with non-traditional financial backgrounds.
What newcomers need to know:
- Can apply for mortgages with no credit history
- Options available for those with bad credit
- Services for self-employed individuals unable to verify income traditionally
- Works with specialized lenders for non-traditional mortgage approvals
- Serves newcomers in Victoria, BC and surrounding areas
Benefits for newcomers:
- Independent mortgage specialists licensed by BC Financial Services Authority
- Professional guidance through each step of mortgage process
- Flexible mortgage options for first-time home buyers
- Specialized mortgage solutions for non-landed immigrants
- Access to lenders who understand newcomer financial challenges
How to apply:
- Visit official website to learn more
Final Words
Securing a mortgage as a newcomer requires careful planning, research, and strategic financial preparation. By understanding the specialized programs available and proactively managing your financial documentation, you can successfully navigate Canada's mortgage landscape. Working with specialized mortgage brokers and leveraging newcomer-specific programs can significantly simplify your homeownership journey.
About the author
Frequently Asked Questions: Newcomer Mortgage Requirements Canada This November 2025
What are the top mortgage programs for newcomers to Canada in 2025?
CIBC, RBC, Scotiabank, BMO, and TD all offer specialized newcomer mortgage programs with unique benefits for immigrants establishing credit in Canada.
How do I qualify for a newcomer mortgage with no Canadian credit history?
Most major banks require a valid work permit, proof of employment, minimum down payment of 5-10%, and acceptable international credit documentation to qualify for newcomer mortgage programs.
Which bank has the best newcomer mortgage program for recent immigrants in Canada?
The Scotiabank StartRight Program and RBC Newcomer Mortgage Program are consistently rated as the top two options for new immigrants with flexible credit and employment verification requirements.
What documents do I need to apply for a newcomer mortgage in Canada this November?
Newcomers typically need a valid work permit, employment letter, proof of income, passport, immigration documents, and a minimum 5% down payment to qualify for a mortgage program.
How can newcomers improve their mortgage approval chances in Canada?
Building a Canadian credit history, maintaining stable employment, saving for a down payment, and working with specialized newcomer banking programs can significantly improve mortgage approval opportunities.