Status and time in Canada
Permanent residents and, at many lenders, work permit holders can qualify. Programs generally focus on people who arrived within the last five years. Your status document, work permit or PR card, is part of the file from the start.
Proving credit without a Canadian score
Lenders will accept alternatives while your domestic history builds: an international credit report, twelve months of rent paid on time with proof, or utility and phone accounts in your name. Opening a Canadian credit card and using it lightly and punctually from day one shortens the whole runway.
- International bureau report, where available
- Twelve months of rent payment history with cancelled cheques or statements
- Two Canadian accounts reporting for twelve months
Down payment and its source
Five percent can come from your own resources under the insured programs, with a larger down payment expected in some cases. Funds transferred from abroad need a clear paper trail: bank statements from the originating account and evidence of the transfer. Start gathering those before the money moves.
Income documented the Canadian way
A letter of employment, recent pay stubs, and a Canadian bank account showing the deposits land is the standard package. Income paid from abroad complicates things and usually needs a lender comfortable with foreign income, which is a shorter list.
Frequently asked questions
- Can I buy on a work permit?
- Many lenders allow it under newcomer programs, typically with a valid permit of sufficient remaining duration and Canadian employment.
- How long until I have a Canadian credit score?
- Roughly twelve months of reported activity on a couple of accounts produces a usable score.
- Can my down payment come from overseas?
- Yes, with documentation. Lenders want statements from the source account and proof of the transfer, usually over a ninety-day window.