New to Canada Mortgages in Kelowna

Buying a home as a newcomer to Canada is absolutely possible—even if you’ve only recently arrived. Special mortgage programs are designed to help new residents and immigrants purchase a home sooner, often with a down payment as low as 5%.

These programs are intended to support newcomers as they establish themselves financially, making homeownership more accessible during the early stages of settlement.

A New to Canada mortgage is a specialized lending program available to recent immigrants, permanent residents, and individuals relocating to Canada for work. Through insured lending programs, qualified buyers may be able to purchase a home with loan-to-value ratios of up to 95%.

This type of mortgage is particularly helpful for first-time buyers who may not yet have a long Canadian credit history or significant savings due to relocation costs.

To qualify, applicants generally need to demonstrate financial stability in Canada, even if their residency is recent.

Typical requirements include:

• Minimum employment history in Canada, usually three months or more with a full-time employer
• Down payment of approximately 5%, sourced from personal savings, gifted funds from immediate family, or employer relocation assistance
• Disclosure of existing financial obligations, such as:
  • Credit cards
  • Loans or lines of credit
  • Existing mortgages or other debts

You will also be required to provide standard mortgage documentation, including:

• Purchase and Sale Agreement – to confirm the property value and location
• Proof of employment – a letter from your employer confirming income and job status
• Proof of down payment – recent bank or investment statements showing available funds

The New to Canada program is primarily intended for owner-occupied residential properties.

Eligible properties typically include:

• Single-family homes
• Homes with up to two units, provided you live in one of them

Properties must meet lender and insurer standards and, in the case of newly built homes, be covered by an approved new home warranty program. Existing homes may also qualify if they are located in established residential areas with stable market activity.

This program offers several advantages for newcomers, including:

• Competitive interest rates, supported by insured mortgage financing
• Low down payment options, often as low as 5%
• No minimum residency period, allowing qualification shortly after arrival
• Access to insured mortgage products for permanent residents and eligible non-permanent residents
• No additional fees based on residency status
• Availability across Canada, with no fixed maximum loan limits

In some cases, employer-assisted relocation packages can further improve affordability by contributing toward the down payment.

If you’ve recently moved to Canada and your savings have been impacted by relocation costs, a New to Canada mortgage can provide a strong pathway into homeownership.

These mortgages are available with fixed, adjustable, and variable rate options, allowing flexibility based on your financial goals. With minimal residency requirements and accessible qualification guidelines, the program is a practical solution for many newcomers looking to put down roots.

Every newcomer’s financial situation is unique. Navigating mortgage rules, insurance requirements, and lender criteria can feel complex—but with the right guidance, the process becomes much clearer.

If you’re new to Canada and considering buying a home in Vancouver or elsewhere in BC, I can help you understand your options and determine whether a New to Canada mortgage is the right fit.

Let’s review your situation and create a clear path toward homeownership in Canada.