Your status
Work permit, PR & new citizen: how status affects your options
Your immigration status is one of the factors lenders weigh. Here's how different statuses are generally treated. Policies vary by lender and insurer, and they change, confirm current details for your file.
Work permit holders
Many lenders consider applicants on a valid work permit, particularly with stable full-time Canadian employment. Lenders may look at how much time remains on the permit, your occupation, and the size of your down payment. Some newcomer programs extend to temporary residents; others are limited to PRs. Insured mortgages for non-permanent residents follow insurer guidelines, which can change.
Permanent residents
PRs generally have the widest access to newcomer programs. Recent arrivals with limited credit history may qualify through bank newcomer programs that typically require a larger down payment. As your Canadian credit and income history grows, more conventional options usually open up.
New Canadian citizens
Citizens are generally assessed like any other Canadian borrower. If you became a citizen recently but your Canadian credit file is still short, some of the same considerations as newcomers can still apply.
Not yet arrived / other statuses
Some situations, such as buying before arrival, or statuses like study permits or pending applications, are more limited. It's still worth a conversation to understand what preparation now could make things easier later.
Note: federal rules on property purchases by non-Canadians may apply to some temporary residents. Exemptions exist for certain work permit holders. Confirm current rules with official government sources and a real estate lawyer.
Talk through your situation, no pressure.
Every newcomer's file is different. A short conversation can clarify which routes may fit you.