(May 12, 2022)
When it comes to qualifying for a mortgage, there are two main classifications that Canadian banks look at when qualifying newcomers:
Temporary Resident: newcomers with valid work permits
Permanent Resident: newcomers that have graduated from Temporary Resident classification and have been granted extended privileges to live and work in Canada, or are continuing on the path to become Canadian citizens
Both Temporary and Permanent Residents can qualify for a mortgage in Canada.
OTHER RELATED LINKS:
Eligibility for Temporary Residents seeking a mortgage in Canada with less than 20% down payment
Qualifying for a mortgage as a BC Provincial Nominee
Can a Temporary Resident Qualify for a mortgage while working in Canada?
The First Time Home Buyer kit for New Canadians (Permanent & Temporary Residents)
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