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Just moved to Canada

You are a newcomer to Canada and buying property with a bank loan looks like an impossible dream? Don't fret - meet with a Multi-Prêts broker. We have experts that can find a solution for your situation. 

In the meantime, you can learn about the basic requirements for buying property in Canada below:

Qualifying for a mortgage

As a newcomer to Canada, the two main criteria before applying for a mortgage are:

  • Permanent resident status (IMM form 5292). Non-permanent resident status: Landed immigrant (IMM Form 5292)
  • Full time work for at least 3 months, not including the probation period (a letter from your employer is required)

Depending on your employment and credit history, mortgage application conditions will vary. 

Qualification criteria

Credit
Your credit rating
Your work history

Speak with a broker. Call us at 1 800 798-7738

Before buying a property

Before looking or buying a property, it is important to carefully follow the process. Take the time to get your affairs in order and do things properly so that you will be happy once you move into your new home.

Establish your ability to pay

Buying a property within your means requires calculating your borrowing capacity and other factors before you start your search. Costs associated with purchasing property include one-time costs, recurrent costs and maintenance costs. 

Recurring costs
 

Utilities (electricity, heat, telephone, cable, internet etc.)

Maintenance costs

Keep your home in good condition to protect your investment

Get a mortgage pre-approval

Before starting on your property search, you can get a mortgage pre-approval.

Narrow down your property search

Before you start house hunting, define the type of property and area where you want to live, based on your current and future needs.

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