New to Canada Mortgages in Quebec

Discover mortgage solutions for newcomers in Quebec, including low down payment programs, alternative credit options, and flexible lender solutions.

Understanding Newcomer Mortgages in Quebec

Canada has welcomed a growing number of newcomers over the last several years, and many families are looking to establish roots through homeownership.

Even if you are new to Canada and do not yet have an extensive Canadian credit history, several mortgage programs may still help you qualify for financing in Quebec.

Mortgage qualification depends on factors such as residency status, employment history, available down payment, and credit profile.

Permanent Residents & Confirmed PR Status

If you are already a Permanent Resident or have received confirmation of Permanent Resident Status, you may qualify for a traditional mortgage with as little as 5% down payment, assuming you have good credit and meet lender requirements.

For homes with a purchase price above $500,000, a minimum 10% down payment is typically required on the portion above $500,000.

Limited Credit or No Permanent Residency Yet?

If you have limited Canadian credit history or have not yet qualified for Permanent Residency, mortgage options may still be available.

In many cases, a minimum 15% down payment may be required. This typically includes:

• 5% on the first $500,000
• 10% on the remaining purchase amount

New to Canada Mortgage Programs

Several newcomer mortgage programs are available through CMHC, Sagen™, and Canada Guaranty Mortgage Insurance.

These programs generally require:

• Relocation to Canada within the last 60 months
• At least 3 months of full-time employment in Canada
• Proof of income and available down payment

Alternative Credit Options

For 90% Financing

Lenders may require:

• A reference letter from a recognized financial institution
• OR six months of bank statements from a primary account

For 90.01% to 95% Financing

You may need:

• An international credit report demonstrating strong credit history
• OR two alternative credit sources showing timely payments over the last 12 months

Alternative credit sources may include:

• Hydro or utility bills
• Telephone or cell phone payments
• Cable or internet bills
• Auto insurance payments

Bank-Level Newcomer Programs

Some Canadian banks including RBC, Scotiabank, and CIBC also offer newcomer mortgage solutions.

These programs may require:

• Minimum 20% down payment
• Up to 2 years of employment history
• Additional income and residency verification
  

Need Help Understanding Your Mortgage Options?

Every newcomer situation is different. I can help you compare lender programs, understand qualification requirements, and find the mortgage solution that best fits your needs.

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