Homebuyers who have immigrated or relocated to Canada within the last 5 years are eligible under New to Canada program to purchase a property with as little as a 5 downpayment. Acceptable Loan Purpose & Applicable Loan-To-Value Limits: Purchase transactions: 95 LTV

  • Property value ≤ $500,000 – 5 down payment required
  • Property value > $500,000 and < $1,000,000 – 5 down payment required up to $500,000, with an additional 10 down payment on the portion of the home value above $500,000

Borrower Qualification:

Income & Employment

  • Standard income and employment verification requirements apply.
  • 3 months minimum full time employment in Canada (borrowers being transferred under a corporate relocation program are exempt)


  • 01-95: International credit report (Equifax or Transunion) demonstrating a strong credit profile OR two (2) alternative sources of credit demonstrating timely payments (no arrears) for the past 12 months. The two alternative sources required are:
    • Rental payment history
    • One other alternative source (hydro/utilities, telephone, cable, cell phone and auto insurance)
  • Up to 90:Letter of reference from a recognized financial institution OR six (6) months of bank statements from primary account

Down Payment

  • Qualified home buyers may use traditional down payment sources including personal savings, non-repayable gift from immediate family member(s), proceeds from sale of property.
  • 95 LTV, 5 of the down payment must be from own resources
  • < 95 LTV, the remainder may be gifted from an immediate family member or from a corporate subsidy

Additional Criteria

  • Must have immigrated or relocated to Canada within the last 60 months
  • Must have a valid work permit or obtained landed immigrant status
  • Guarantors are not permitted
  • Foreign Diplomats who do not pay tax in Canada are ineligible for this program