Skip to main content
Login

Home / New to Canada / Mortgages

Buying a home in Canada

We understand that purchasing a home in Canada is one of the biggest financial decisions you will make. At TD, we want to make it easier for you to make your home financing decisions. To help you navigate through this process, we've outlined some key things you should know.

TD Mortgage Specialists are here to help

A TD Mortgage Specialist can offer advice to help you buy your first home in Canada, even if you have no Canadian credit history.1 Here are some ways a TD Mortgage Specialist can guide you along the way:

  1. Saving for a down payment
    Get saving tips to help make it easier and understand how large of a down payment you will need for your situation.

  2. Mortgages and rates
    Understand how mortgages work, the different financing options and how they can impact your interest rate.

  3. Mortgage application process
    Understand how mortgages fit into the home buying process and what documents you will need to provide for your mortgage application.

  1. Mortgage pre-approval
    Understand the benefits of a mortgage pre-approval such as giving you a clearer idea of the mortgage amount you could get approved for and strengthen your position with realtors and home sellers that you’re a serious buyer.

  2. Paying off your mortgage faster 
    Learn about the different mortgage features to pay off your mortgage sooner. 

  3. Personalized advice in a variety of languages
    Request a call and we can connect you with a TD Mortgage Specialist. You can choose a TD Mortgage Specialist for personalized advice from a variety of languages that we offer. 

Have more questions about buying your first home as a newcomer?

Find the right newcomer mortgage solution for you

At TD, we have mortgage solutions tailored for newcomers. You could qualify for a mortgage even if you have limited or no Canadian credit history and limited employment in Canada.1 We have different solutions depending on your newcomer status and the amount of your down payment. 

Keep in mind, a lower down payment means lower upfront costs for you, however you will pay more interest over the life of the mortgage versus a larger down payment.

  • For Permanent Residents

    If you are currently a Permanent Resident and obtained your permanent resident status in Canada within the last 5 years and have at least 3 months of full-time Canadian employment, we have the following 2 options:

    • This mortgage solution requires a minimum down payment of 35% of the home purchase price or value of the home, whichever is lower. You don’t have to pay for mortgage default insurance premiums with this option.
    • If you are unable to meet a minimum down payment of 35%, you will need to pay for mortgage default insurance premiums. This option requires a minimum down payment as low as 5%, however, the purchase price of the house must be under $1.5 million.

  • For Foreign Workers

    If you are a temporary resident with a valid work permit who has relocated to Canada within the last 2 years and have at least 3 months of employment in Canada on a full-time basis, we have the following 2 options:

    • The minimum down payment for this mortgage solution is 20% of the home purchase price or value of the home, whichever is lower and mortgage default insurance is not required.
    • If you are unable to meet a minimum down payment of 20%, you will need to pay for mortgage default insurance premiums. This option  requires a minimum down payment as low as 5%, however, the purchase price of the house must be under $1.5 million.

Why choose a TD Mortgage?

  • Competitive rates & 120-day rate hold2

    We offer some special rates4, and with a pre-approved mortgage, we can hold your rate for 120 days2 so you can shop with more confidence.

  • Flexible mortgage options

    Get flexible payment options that may help fit your needs, like the ability to speed up or slow down your mortgage payments.3

  • No Canadian credit history required for newcomers1

    Speak with a TD Mortgage Specialist to see if you're eligible for a TD newcomer mortgage solution, even if you have no Canadian credit history.

Mortgage process for newcomers

If you're ready to buy your first home in Canada as a newcomer and have already arrived in Canada, let's walk you through how the mortgage process will work.

To be eligible for the TD newcomer mortgage solutions, you must have at least 3 months of full-time employment in Canada and you must be

  • a Permanent Resident and obtained Permanent Residence status in Canada within the last 5 years, OR 
  • a temporary resident with a valid work permit who's relocated to Canada within the last 2 years.

No Canadian credit history is required, provided you meet all of the other eligibility and credit criteria.

As of January 1, 2023, the Prohibition on the Purchase of Residential Property by Non-Canadians Act is in effect. This means the Government of Canada placed some restrictions on the purchase of residential property in Canada by non-Canadians. We recommend you consult with a lawyer/notary for guidance to confirm your eligibility to purchase a home in Canada.

Frequently asked questions

Common next steps for newcomers to Canada

Other ways to connect