Newcomer programs
Mortgages for newcomers to Canada
A short Canadian credit history isn't bad credit. Every major Canadian mortgage insurer runs a newcomer program that lets you show your credit and income in other ways.
No credit check, and no commitment.
A newcomer purchase, costed
Updated earlierWorked at $470,000, about the price of an average Edmonton home.
- Minimum down, permanent resident
- $23,500
- 5.00% of the price. The standard minimums apply to you the same as anyone else.Calculate mine
- Typical minimum, work permit
- 10%
- Often 10%, sometimes more, depending on the lender and the program. There's no single rule.
- Today's insured 5-year fixed
- 3.89%
- 3.94% APR · effective September 21, 2026 at 9:00 a.m. MTSee every rate
- You'd qualify at
- 5.89%
- The stress test applies the same way it does to everyone: the greater of 5.25% or your rate plus 2 points.Run the stress test
Rates as of September 21, 2026 at 9:00 a.m. MT, subject to change without notice. O.A.C. Not an offer of credit, a rate hold or a pre-approval. Daniel De Sousa, Mortgage Associate, Indi The Independent Mortgage Company Ltd. o/a Indi Mortgage, a RECA-licensed mortgage brokerage.
- Every insurer runs a newcomer programCMHC, Sagen and Canada Guaranty all have one. The rules differ.
- Permanent residents use the standard minimums5% / 10% / 20% by price band, same as anyone else.
- Edmonton is growingEdmonton has had the largest net interprovincial gain of any Canadian metro for 3 straight years.
Check what applies to you
Tick anything that sounds like you. If 2 or more do, it's worth checking which newcomer programs you fit.
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Why banks decline newcomers and how a mortgage broker helps
A bank branch’s approval system looks for a Canadian credit file with a couple of years of history. If you don’t have one, there’s no box to tick, and the answer comes back as a decline. The decline reflects the form, not you.
Every major Canadian mortgage insurer (CMHC, Sagen and Canada Guaranty) runs a newcomer program that accepts other proof: an international credit bureau report, 12 months of documented rent and utility payments, or 2 established Canadian trade lines such as a credit card and a phone bill. Which one works depends on the lender, and lenders don’t publish it. We know which lenders accept which.
The other half of the file is the money. Funds transferred from abroad need a 90-day paper trail showing where they came from. Mortgage brokerages are reporting entities under FINTRAC, so the documents are required. It’s routine, but it’s the most common cause of delay on a newcomer file, and you can start on it today.
How it works
How a newcomer mortgage works
If you're not ready yet, we'll help you build the credit you need.
Step 1: Tell us your status and your timeline
About two minutes
Permanent resident or work permit, how long you've been here, and when you want to buy. That tells us which programs are open to you.
Step 2: We match you to the right program
Same business day
Each insurer's newcomer program has different credit and down payment rules. We know which lenders read an international credit report and which want other proof.
Step 3: Build Canadian credit while you shop
3 to 6 months, if needed
If you need 6 more months, we'll give you a plan: which trade lines to open, what to avoid and what the lender will want to see. Then we check back in.
Daniel De Sousa, Mortgage Associate, works the file from the Edmonton office.
The requirements
What lenders need from newcomers
Some of these are the same for everyone in Canada. Credit, income and the source of your down payment are where a newcomer file differs.
Status
Permanent resident, or a valid work permit. Both have insured program options.
Permanent residents generally have more options than work permit holders.
Down payment
Calculate the minimumPermanent residents: the standard minimums (5% / 10% / 20% by price band). Work permit holders: often 10%, sometimes more, depending on the lender.
On $470,000, the standard minimum is $23,500.
Credit
An international credit report, 12 months of on-time rent and utility payments, or 2 Canadian trade lines.
Programs differ, and this is where comparing lenders helps most.
Income
A letter of employment plus recent pay stubs. If you’ve been here less than 3 months, some lenders will still go ahead with a strong offer letter.
Down payment source
Funds transferred from abroad need a 90-day paper trail. Start collecting statements now.
It's the most common delay on newcomer files, and the easiest one to prevent.
The stress test, the down payment minimums and the insurance premium bands apply to you the same way they apply to anyone else. Arriving recently doesn’t change them. See the standard purchase rules.
How we calculate your qualifying rate. Under OSFI Guideline B-20, lenders qualify you at the higher of your contract rate plus 2 percentage points, or 5.25% (the minimum qualifying rate). Since November 21, 2024, OSFI no longer prescribes this test for eligible uninsured straight switches at renewal between federally regulated lenders, with no increase in the loan amount or remaining amortization. Lenders still assess creditworthiness. New purchases and refinances generally require qualification. Provincially regulated credit unions (including Alberta credit unions) aren’t bound by Guideline B-20 and set their own qualifying policies, which is one reason a broker can sometimes place a file a bank cannot. Rules current as of September 21, 2026. Source: OSFI Guideline B-20.
Proving credit
How to prove your credit without a Canadian history
You need one of these. Lenders don't publish which ones they accept.
An international credit report
Pulled from a credit bureau in the country you came from. Some lenders read them directly. Others want them translated and interpreted. It's the strongest option where it's available.
12 months of rent and utilities
Paid on time in Canada and documented with cancelled cheques or bank statements, plus a letter from your landlord. More lenders accept this than people expect.
2 Canadian trade lines
A credit card and a phone bill are the usual pair. Open them the week you arrive. Your Canadian credit history starts the day your first account opens.
Non-resident, not newcomer?
If you don’t live in Canada, you need a different product. It typically needs 35% down and has fewer lenders, and there may be provincial or municipal speculation and vacancy taxes.
If you need more time, we'll give you a plan
Sometimes the right move is to wait. If your file needs 2 more trade lines and 90 more days of statements, we’ll tell you which ones to open, what to avoid and what the lender will want to see. Then we pick a date to look at it again.
That’s better for you than a decline that stays on your credit file.
Documents to gather now
The payment history and the account statements take weeks to pull together if you start late. Start today and they'll be ready.
See the full document checklist- Your PR card or valid work permit.
- A letter of employment with your role, salary and start date.
- Your 2 most recent pay stubs.
- An international credit report, if one is available in the country you came from.
- 12 months of rent payment history, or statements for 2 Canadian trade lines.
- 90 days of statements for every account the down payment comes from, including accounts outside Canada.
- Documentation of any funds transferred into Canada, showing the source.
- Government photo ID for every applicant.
Start the 90-day paper trail today. Money that arrives in a Canadian account without a documented history is the most common reason a newcomer file stalls at the last minute.
Today's rates
Today's rates for newcomer mortgages
A newcomer program is an insured mortgage, so you get the insured rate. There's no newcomer premium. If someone quotes you one, ask why.
Effective September 21, 2026 at 9:00 a.m. MT
| Term | Rate | APR | Payment per $100,000 | Who it’s for | Get this rate |
|---|---|---|---|---|---|
| 5-year fixed | 3.89% | 3.94% | $520/mo | Insured | Hold this rate |
| 3-year fixed | 3.79% | 3.84% | $515/mo | Insured | Hold this rate |
| 5-year variablePrime − 0.90% | 3.55% | 3.60% | $502/mo | Insured | Hold this rate |
| 5-year fixed | 3.99% | 4.04% | $525/mo | Insurable | Hold this rate |
Payment per $100,000 assumes a 25-year amortization, monthly payments and semi-annual compounding. We calculate it from the rate in the same row. Run it on your own number.
Rates shown are current as of September 21, 2026 at 9:00 a.m. MT and are subject to change without notice. Rates are available on approved credit (O.A.C.) only, are subject to the terms and conditions of the applicable lender, and may vary based on your credit history, income, down payment or equity, loan-to-value, property type and location, occupancy, amortization, and whether the mortgage is insured, insurable or uninsured.
Annual percentage rates (APR) shown assume a mortgage amount of $500,000, an amortization of 25 years with monthly payments, and include no lender or brokerage fees. Fixed rates are compounded semi-annually, not in advance, as required under section 6 of the federal Interest Act; variable rates are compounded monthly. Payment figures exclude property taxes, heating, condominium fees and default insurance premiums unless stated. Insured rates require mortgage default insurance and are available only on qualifying transactions.
Rates may contain errors or omissions and do not constitute an offer of credit, a rate hold or a pre-approval. Not all applicants will qualify. Contact Daniel De Sousa, Mortgage Associate, to confirm the rate available to you. Daniel De Sousa is licensed by the Real Estate Council of Alberta (RECA) and registered with Indi The Independent Mortgage Company Ltd. o/a Indi Mortgage.
If a lender quotes you well above the published insured rate on a qualifying newcomer file, that’s the lender’s pricing choice. No rule requires it. Ask us to compare it with other lenders.
Calculators
Run your own numbers
Free, with no email required. They use Canadian rules: semi-annual compounding, the down payment ladder and the stress test.
Affordability
Your maximum price at the stress-test rate, with GDS and TDS as bars.
Down payment
The minimum down payment on your price, and what each source adds.
CMHC insurance premium
The premium by band, in dollars. It's added to the mortgage, so you don't pay it in cash.
Mortgage payment
Every Canadian payment frequency, with the full amortization schedule.
Stress test
Where you stand against the qualifying rate, and what to fix if you don't clear it.
Closing costs
Your Alberta closing costs. There's no land transfer tax and no PST on the premium.
Daniel De Sousa, Mortgage Associate with Indi Mortgage
Indi The Independent Mortgage Company Ltd. o/a Indi Mortgage · RECA licensed · 4990 92 Ave NW #105, Edmonton. Verify our licence on RECA ProCheck(opens in a new tab)
Client reviews posted here are unedited, and each one names who handled the file. We don’t pay for reviews or filter them.
Daniel De Sousa
Mortgage Associate, Indi Mortgage
Handles permanent resident and work permit files, international credit reports and alternative credit proof, down payment funds transferred from abroad. Licensed by the Real Estate Council of Alberta and registered with Indi Mortgage, working out of the Edmonton office at 4990 92 Ave NW #105. Verify our licence on RECA ProCheck(opens in a new tab)
Daniel De Sousa, Mortgage Associate, is licensed by the Real Estate Council of Alberta (RECA) and registered with Indi The Independent Mortgage Company Ltd. o/a Indi Mortgage, a mortgage brokerage licensed by RECA. Verify our licence on RECA ProCheck(opens in a new tab)
Monday–Friday, 9:00 a.m.–5:00 p.m. Mountain Time. Closed Saturday and Sunday. Book 15 minutes if that’s easier.
New to Canada mortgage questions
Can I get a mortgage with no Canadian credit history?
Often, yes. Insurers accept other proof: an international credit bureau report, 12 months of documented rent payments, or 2 established Canadian trade lines. Which one works depends on the lender, and lenders don’t publish it. We know which ones accept which.
How long do I need to have lived in Canada?
There’s no set minimum. Some newcomer programs are designed for people who arrived within the last 5 years. Some lenders will work with someone who arrived 3 months ago with a strong job offer. Permanent residents generally have more options than work permit holders.
Can I use money from outside Canada for my down payment?
Yes. It must be in a Canadian account before closing, and you’ll need a 90-day history showing where it came from. Anti-money-laundering rules apply to mortgage brokerages under FINTRAC, so the documents are required. It’s a routine step.
Does anyone on the team speak my language?
Our team page lists the languages each person on the team speaks. If no one on the team speaks yours, we’ll tell you up front.
Does the stress test apply to me?
Yes, the same way it applies to everyone else. You qualify at the greater of 5.25% or your contract rate plus 2 percentage points, currently 5.89%. A newcomer program changes how you prove your credit and income. The federal qualifying rule stays the same.
Will a newcomer mortgage cost me a higher rate?
It shouldn’t. A newcomer program is an insured mortgage and is priced like one. The cost can differ on a work permit file that needs a larger down payment, or when the only option is an alternative lender. In that case, we’ll show you the extra cost in dollars and a plan to move to a regular lender later.
Related mortgages
Read next
Find out which newcomer programs you qualify for
Fill in 3 fields. Daniel, a licensed mortgage associate, will get back to you with the programs you qualify for and the proof each one needs.
- We check every insurer's newcomer program, instead of one bank's version of it.
- You'll get a realistic timeline. If you need 6 more months, you'll get a plan for them too.
- If your down payment is still abroad, we'll tell you what paper trail to start now.
Prefer to talk? (825) 797-5417 · Mon–Fri 9–5 MT
How we get paid. Daniel De Sousa arranges mortgages through Indi The Independent Mortgage Company Ltd. o/a Indi Mortgage, a licensed mortgage brokerage, not a lender. The brokerage and Daniel are compensated by the lender you choose when your mortgage funds (paid by the lender, not by you). Compensation varies by lender and product and doesn’t change the rate you’re quoted. A lender fee or brokerage fee is uncommon and happens mainly on alternative or private lending. If one applies to your file, we’ll disclose the exact amount in writing before you sign anything. We’ll tell you if any product we recommend pays us more than an alternative we considered. Before we start work on your file, you’ll receive a written service agreement setting out our services, our compensation and any fee that applies to you.
Check your newcomer mortgage options
It takes about two minutes and there's no credit check. We'll tell you which programs are open to you.
No credit check, and no commitment.