How much down payment is required for New to Canada Mortgages?
Author: Boychuk Mortgage Group |
All three Canadian default insurance companies, including CMHC, Sagen, and Canada Guaranty, provide their own unique New to Canada Mortgage programs giving all Canadian newcomers the mortgage solutions you’re looking for.
With a permanent residency status, the minimum down payment is 5%.
If you have a landed immigrant or work visa status, this falls into the Temporary Residence Mortgage program and requires a minimum down payment of 10%.
If you have more than 20% down, there are additional mortgage solutions available on a lender-by-lender basis.