New to Canada and Ready to Buy? Mortgage Options in Vancouver & Vancouver Island

Canada continues to welcome newcomers from around the world—including many families relocating from the United States. If you’re new to Canada and planning to settle in Vancouver, Vancouver Island, or surrounding communities like Nanaimo, you may be surprised to learn there are mortgage programs specifically designed for newcomers.

As mortgage professionals serving Vancouver Island and beyond, we help new residents understand their options and navigate the additional steps that can come with buying property in British Columbia.

Here’s what you need to know about New to Canada mortgage programs.

 

Vancouver Island neighbourhood homes for newcomers buying property

 

What Is a New to Canada Mortgage Program?

Many lenders offer insured and uninsured mortgage options for individuals who have recently settled in Canada.

These programs are available to:

  • Permanent Residents who have relocated to Canada within the past 60 months
  • Temporary Residents / Foreign Workers with valid Canadian work authorization (work permit)

Each lender has slightly different guidelines, so reviewing your specific situation early is key.

 

Down Payment Requirements

New to Canada programs can fall under insured, insurable, or uninsured mortgage categories.

For insured mortgages, the minimum down payment is:

  • 5% on the first $500,000
  • 10% on the portion above $500,000

Your exact down payment requirement will depend on a full review of:

  • Income
  • Credit history
  • Employment status
  • Property type

Every application is assessed individually, which is why working with an experienced Nanaimo mortgage broker can make the process smoother.

 

 

People relocating to British Columbia with moving boxes and exploring mortgage options

 

What About Work Permits and Credit History?

For temporary residents, most lenders require:

  • A valid work permit
  • Typically at least 6 months remaining on that permit

Establishing Canadian credit strengthens your application. In many cases, lenders may also request:

  • An international credit report from your country of origin
  • Confirmation of employment income in Canada

Because of these additional layers, underwriting can take slightly longer than a standard mortgage approval.

Starting the conversation early gives you time to prepare documentation and avoid unnecessary delays.

 

Important: Property Must Be Your Principal Residence

New to Canada mortgage programs are generally available for owner-occupied homes only. Rental or investment properties are not eligible under these programs.

Additionally, eligibility related to Canada’s foreign buyer regulations, foreign buyer ban, and applicable taxes must be confirmed by a lawyer. It is important for buyers to understand all associated costs before proceeding with a purchase.

 

Why Work With a Mortgage Professional Early?

Buying a home in a new country can feel overwhelming. Mortgage guidelines, documentation requirements, and timelines may differ from what you’re used to.

Our role is to:

  • Review your full financial picture
  • Identify the most suitable lender program
  • Help you prepare required documentation
  • Guide you through the approval process step by step

If you’re new to Canada and considering buying a home in Nanaimo or the surrounding areas, speaking with a mortgage professional early in the process can make all the difference.

 

Thinking About Buying in BC or Alberta?

Whether you’ve just arrived or have been settling in for a few years, understanding your financing options is the first step toward homeownership.

If you’re exploring a New to Canada mortgage, reach out to our team at Mid Island Mortgage today. We’re here to help you navigate the process with clarity and confidence.