New to Canada program

Now qualified homebuyers who have immigrated or relocated to Canada can qualify for default mortgage  with as little as a 5% down payment.


Terms/qualifying interest rates

Fixed, standard variable, capped variable and adjustable rate mortgages are permitted.

For terms less than 3 years, the qualifying interest rate is the greater of three-year posted rate or contract rate; for terms of three years or more, the contract rate is used.


Borrower qualification 

Must have immigrated or relocated to Canada within the last 24 months.

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

Must have a valid work visa or obtained landed immigrant status.

All debts held outside of the country must be included in the total debt servicing ratio (Rental income earned outside of Canada is to be excluded from the GDS/TDS calculation).


Documentation Requirements

Work Visa or verification of landed immigrant status, and:

Depending on the loan-to-value you will be required to submit the following:

– 95% LTV: An international credit bureau.

– 90% LTV: Either a letter of reference from a recognized financial institution, or Six (6) months of bank statements confirming satisfactory account operation with no NSF’s.

– 85% LTV: If Guarantor on file, only the work visa or verification of landed immigrant status is required, otherwise document requirements are the same as 90 percent LTV.


We are here to help you secure the best possible second mortgage loan. As a mortgage broker, it is my job to get you the loan on the best terms and for lowest payments possible. Contact me today or call at 416-402-7264 for a free consultation!

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