Buying a Home as a New Immigrant in Canada (2026)

All five major Canadian banks offer "New to Canada" mortgage programs. The specific requirements differ, but the common structure is:

- 5% minimum down payment (same as for established residents) - Accept foreign credit bureau report (CIBIL from India, credit report from Pakistan, etc.) in lieu of Canadian credit history - Require 3-6 months of Canadian employment before mortgage application - Require proof of landed immigrant or work permit status

ICICI Bank Canada deserves special mention: founded to serve NRI and South Asian communities, they understand Indian banking history and employment patterns and have the most South Asian immigrants going through their process. Their mortgage specialists speak Hindi, Punjabi, and Gujarati.

For recently arrived PR holders (less than 5 years in Canada): CMHC (the federal mortgage insurer) has explicit New to Canada program parameters. An insured mortgage (under 20% down) is available to new immigrants with proper documentation.

If you're using funds from India, Pakistan, or elsewhere for a down payment in Canada, the mortgage lender and CMHC require a "gift letter" and proof of funds transfer. The process:

1. Funds must be in your Canadian bank account for 90 days before closing (seasoned funds requirement for most lenders) 2. You need a bank statement showing the transfer from the foreign account and the deposit to your Canadian account 3. A signed gift letter (if the money is a gift from parents) confirming no repayment is required

For income earned abroad before landing in Canada: some lenders will include foreign employment income in qualifying calculations, provided you have documentation (pay stubs, Form 16 from India, employer letters). A mortgage broker who works with South Asian immigrants will know which lenders are most flexible on this.

Canada implemented a ban on foreign nationals buying residential property in 2023, with extensions and modifications since. However, this ban has significant exceptions:

- Permanent residents are NOT subject to the foreign buyer ban — you can buy as a PR holder - Work permit holders working in Canada are generally exempt if they meet specific criteria - International students and those without Canadian work authorization may be affected

If you arrived on a work permit (not yet PR), confirm your exemption status with your real estate lawyer before proceeding. The rules have changed multiple times and a real estate lawyer or mortgage broker who works with immigrants will have current guidance.