MORTGAGES FOR NEWCOMERS TO CANADA
Newcomers to Canada have the opportunity to purchase a home with as little as 5% down. Mortgages for people who are New to Canada have more lenient guidelines than traditional mortgages if you do not yet have a Canadian credit history or employment history. To be considered for a mortgage you will have to have been in Canada for less than 5 years to be considered a new Immigrant. You are able to qualify for a mortgage as a permanent resident as well as a non-permanent resident. As a non permanent resident you will be required to provide confirmation of a Work Permit. In the absence of a work permit you may be required to have a larger down payment.
To prepare for home ownership and mortgage qualification you should begin to establish your Canadian credit history as soon as possible. There are some banks who offer credit cards to newcomers without a credit history. This should be one of your first steps to establishing your Canadian Credit History.