Quick answer: Newcomers to Canada can get a mortgage in BC, often within months of arriving. Permanent residents can buy with as little as 5% down through the new to Canada programs from CMHC, Sagen and Canada Guaranty, even with limited Canadian credit history. Work permit holders can also qualify, but the federal ban on foreign buyers sets conditions, and lenders usually ask for a larger down payment. You will need proof of income, your down payment and some credit history, Canadian or alternative.
Surrey and the Fraser Valley welcome thousands of new families every year, and many ask me the same thing: can we buy now, or do we have to wait? Here is how it works.
Who counts as a newcomer for a mortgage?
Lenders and mortgage insurers usually treat you as a newcomer if you arrived in Canada in recent years. The three mortgage insurers have programs for newcomers:
- CMHC Newcomers: no minimum time in Canada, for permanent residents and some non permanent residents.
- Sagen New to Canada: removed its 60 month limit on February 24, 2026, so it is no longer tied to how long ago you arrived.
- Canada Guaranty Maple Leaf Advantage: no time limit since arrival.
How much down payment do you need?
| Your status | Typical minimum down payment |
|---|---|
| Permanent resident | 5% on the first $500,000, 10% on the rest, up to the insured limit |
| Work permit holder | often higher, depending on the insurer and lender |
| Purchase price of $1.5 million or more | at least 20%, because insured mortgages are not available |
CMHC requires that non permanent residents use their own funds rather than borrowed money for the down payment. Individual lenders may add their own requirements on top of the insurer rules.
What if you have little Canadian credit history?
Insured mortgages normally look for a credit score of about 600. If you are new and do not have a score yet, the newcomer programs accept alternatives, such as:
- a reference letter from your bank in your previous country;
- twelve months of rent payments;
- twelve months of utility, phone or internet payments.
Start building Canadian credit the month you arrive. A secured credit card used lightly and paid in full each month builds a score quickly.
What income do lenders accept?
Most lenders want full time employment in Canada and a letter of employment with your salary. Some want you to be past probation. If you are self employed or just started a business here, see our guide to stated income mortgages and our self employed mortgage page.
Can foreign nationals buy a home in BC right now?
The federal Prohibition on the Purchase of Residential Property by Non Canadians Act bans most foreign nationals from buying homes in urban areas until January 1, 2027. Budget 2026, tabled in November 2026, proposes to extend the ban to January 1, 2029 with an exemption for newly built homes. That extension is a proposal, not yet law.
Permanent residents are not affected by the ban. Several groups of temporary residents are exempt, including work permit holders who meet the conditions, such as having at least 183 days left on their permit on the day they buy, and buying no more than one home. Get legal advice on your exact status before you write an offer.
BC also charges an additional property transfer tax on foreign nationals who buy in certain regions, including Metro Vancouver and the Fraser Valley.
What documents will you need?
- passport and permanent resident card or work permit;
- letter of employment and recent pay stubs;
- bank statements showing your down payment, including any transfers from abroad;
- Canadian credit report or alternative credit references.
See our full pre approval document checklist.
What are the key takeaways?
- Permanent residents can buy with as little as 5% down through the newcomer programs.
- No Canadian credit yet? Alternative credit references can work.
- Work permit holders can often buy one home, with conditions and a larger down payment.
- Check the foreign buyer rules and the BC additional transfer tax before you make an offer.
Every newcomer's file is different. Book an appointment and I will tell you which program fits your status, income and down payment. We can meet in Surrey, by phone or by video.
What other questions do readers ask?
Do I need Canadian credit history to get a mortgage?
Not always. The new to Canada programs accept alternative proof, such as a reference letter from a bank in your home country or twelve months of rent and utility payments, when you have little Canadian credit.
Can I buy a home in BC on a work permit?
Often, yes. Under the federal ban on foreign buyers, work permit holders can buy one home if they meet the exemption rules, including having at least 183 days left on the permit on the day they buy. Lenders then apply their own down payment rules.
Can I use money from outside Canada for my down payment?
Yes, but lenders need to see where it came from. Move the funds early, keep the transfer records, and expect the lender to ask for bank statements showing the money in your account.
Do I pay extra tax as a newcomer?
Permanent residents pay the same property transfer tax as citizens and can qualify for first time buyer exemptions. Foreign nationals may also owe BC's additional property transfer tax in some regions, including Metro Vancouver and the Fraser Valley.
Where do these numbers come from?
- CMHC Newcomers program
- Sagen: New to Canada program
- Canada Guaranty: Maple Leaf Advantage
- Prohibition on the Purchase of Residential Property by Non Canadians Act
- Department of Finance: two year extension of the foreign ownership ban (to January 1, 2027)
- Budget 2026, chapter 3 (proposed extension)
Published November 5, 2026. This article is general information, not personal financial advice. Rates and programs change, and every approval depends on your full application. Asim Ali is a licensed mortgage broker with Dominion Lending Centres A.I.M.I. Collective Mortgage Group.