Newcomer to Canada
As a newcomer to Canada, there are mortgage products available to obtain a mortgage for the purchase of a home. Although in some cases there may not be an established credit history, there are other criteria that may be utilized to qualify such as:
Three months' minimum full time employment in Canada
Landed Immigrant/Permanent Resident Status
Immigrated/relocated to Canada within the last 60 months
Example scenario:
Benjamin is a newcomer to Canada from the United Kingdom and wishes to purchase a property for him and his family. Since there is no credit history, the traditional mortgage products will not be available; however, he has been in Canada for 5 years and has worked 3 years full time. This allows him to potentially qualify for a product that is geared towards those considered new to Canada.