Newcomers to Canada

Effective January 1, 2023, the Prohibition on the Purchase of Residential Property by Non-Canadians Act came into effect. This act prohibits non-Canadians and non-residents from purchasing a residential home in Canada for the next 2 years. Properties that are exempt from the act are: buildings containing more than 3 dwellings and recreational properties.

Individuals on a work visa are able to purchase a property if they are:

Purchasing outside of a Census Metropolitan Area/Census Agglomeration or
Purchasing in a Census Metropolitan Area/Census Agglomeration and ALL of the following apply:

  • They have worked full-time in Canada for at least 3 years within the last 4 taxation years
  • They can provide 3 years Income Tax filings in Canada by way of the T1 Generals and Notices of Assessment.
  • They have not purchased a residential property in Canada while the prohibition is in effect.
    Click here to check if a property is located in a Census Metropolitan Area/Census Agglomeration.



Permanent Residents

  • Refugees
  • Non-Canadians who purchase property with their spouse or common-law partner who are eligible.
  • Foreign Nationals, Indigenous, property inheritance and other exemptions under the act.

Temporary Residents Who Are Either

  • Enrolled in a program of authorized study.
  • Have a purchase price that does not exceed $500,000
  • Have filed 5 years of Tax. Returns in Canada before the purchase date.
  • Present in Canada for a minimum of 244 days for each of the 5 calendar years prior to the purchase.

Holding a Work Permit

  • Purchase within a Census Metropolitan Area.
  • Have worked full-time in Canada for at least 3 years of the 4 years before the purchase year.
  • Filed all tax returns for the 3 years of the 4 years before the purchase year.
  • Have not purchased more than 1 property.

There is a penalty of $10,000 for any non-Canadian or anyone who knowingly assists a non-Canadian and is convicted of violating the act. If found guilty, the court may order the sale of the property.

There are a lot of rules and exceptions surrounding this new act, so please reach out if you have any questions!

Are you new to Canada?

Extensive New to Canada products available with as little as 5% down! We can finance both non-permanent residents pending your work or student visa has been in place less then 5 years, or new permanent residents with limited to no established Canadian credit. 

If you are new to Canada, whether you have been in the country for less than 6 months, 12 months or 5 years, we have solutions for you under a Newcomers to Canada Financing Program. Whether you are a permanent resident, on a work permit, or a temporary resident, there are different options available and different banks that are happy to entertain the mortgage. 

Requirements to qualify for a new Canada Mortgage

Income &

Job letter and most recent pay stub required.

3 months minimum full-time employment in Canada (borrowers being transferred under a corporate relocation program are exempt).


Minimum down payment regardless if you are a permanent resident or on a Visa is 5%.

5% down payment must be from own resources. Any additional down payment may be gifted from an immediate family member.

Down payment sources including personal savings, non-repayable gift from immediate family member(s), proceeds from sale of property are all acceptable.


An international credit report (Equifax or Transunion) demonstrating a strong credit profile.


Two (2) alternative sources of credit demonstrating timely payments (no arrears) for the past 12 months.

• Rental payment history
• Utility bills, telephone, cable, cell phone and auto insurance Letter of reference from a recognized financial institution OR six (6) months of bank statements from primary account.


Must have obtained landed immigrant status within the last 5 years or,

Must have a valid work permit.


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