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- Where
- Home price$
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Newcomer / overseas buyer check
Can I buy? How much down? How do I prove where my down payment came from? Does foreign income count? Pick your status to see the general rules and what to prepare.
Your current status
Can I buy a home to live in?
Yes
Permanent residents are not affected by the foreign buyer ban.
Typical down payment
Usually the same as citizens, from 5%; newcomer programs often require at least 3 months of full-time work in Canada.
You can still apply without Canadian credit: use rent records, utility bills or a foreign credit report, and start a credit card you pay on time.
Down payment source and documents to prepare
- Last 90 days of bank statements; explain any large deposits
- Passport (or other government photo ID)
- Foreign account statements + records of every transfer to Canada
- Currency exchange records (match up split exchanges or transfers via relatives)
- Certified translations of documents not in English / French
- Foreign credit report, or rent, utility and phone bills as alternative credit
- PR card or COPR
- Canadian employment contract and recent pay stubs
The most common hold-up is the down payment source: money arriving in pieces from different accounts with no clear trail. Organize where every deposit came from ahead of time.
Next steps
General rules; lenders and insurers differ. For the foreign buyer ban, rely on the Government of Canada's latest notice (CMHC, Justice Laws) and consult a lawyer.