New-to-Canada mortgages
Helping newcomers start new lives and find the perfect home for their families.
We believe that helping families is one way to make our whole community stronger. That’s why we’ve developed our New-to-Canada mortgage — to support you and your family with financial solutions that simplify your home buying journey.
You’re eligible for a New-to-Canada mortgage if:
- You’ve been in Canada less than seven years
- You have a valid permanent resident card, citizenship, or an active and valid work permit with at least 183 days of validity remaining as of the date you take possession of your new home
- You can provide a 25% down payment for home values less than $1,000,000, or 35% for homes valued over $1,000,000
- Your mortgage application will be for your personal home (i.e. primary residence)
- You do not currently own another Canadian residential property
- Obtain life insurance or assign existing life insurance
Benefits of our New-to-Canada mortgage
Easy approval process
Save on interest costs
Choose the mortgage solution that’s best for you
Fixed Rate
Offers a guaranteed rate of interest and set payment amounts for a specified period of time.
- Take comfort in knowing exactly how much equity you’ll build by the end of your term
- Available in 3- to 5-year terms for up to 30 years’ amortization
- Guaranteed rate of interest and set payment amounts throughout the term length
Variable Rate Closed
Offers a set payment amount each month. The amount paid toward principal and interest fluctuates as rates change.
- Could be your best bet in a declining interest rate market because you’ll build more equity as rates decrease
- Available as a 5-year term for up to 30 years’ amortization
- Prepay up to 20% of the original principal amount yearly with no penalty
Variable Rate Capped
Offers the flexibility of a variable mortgage, but capped at 1% above the current Variable Rate Closed Mortgage at the time of signing.
- An option to consider in rising interest markets that offers a protective ceiling, while still giving some of the benefits of a variable mortgage
- Available as a 5-year term for up to 30 years’ amortization
- Prepay up to 20% of the original principal amount yearly with no penalty
Get preapproved
Your preapproval meeting is a great opportunity to ask us questions and explore your options. We’ll work together to help you find the right mortgage solution and prequalify you for a maximum mortgage amount.
Learn more about the preapproval processMortgage rates
Note: For New-to-Canada mortgages, Open Variable Mortgage rates are 0.50% above rate displayed.
| Fixed 1-year Mortgage | 5.40% |
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| Fixed 2-year Mortgage | 5.20% |
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| Fixed 3-year Mortgage | 4.90% |
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| Fixed 4-year Mortgage | 4.70% |
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| Fixed 5-year Mortgage | 4.60% |
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| Closed Variable Mortgage | 5.05% |
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| Open Variable Mortgage | 5.95% |
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| Variable Capped Mortgage | Rates Vary |
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