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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

Income verification is not required for our New-to-Canada mortgage.

Save on interest costs

You have the ability to pay your mortgage off early with our prepayment privileges, which allow you to pay an additional 20% of your original mortgage amount each year.

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 posted rate for a 5-year term.

  • 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
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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 process

Mortgage rates

Rates displayed below are for conventional mortgages. For New to Canada Mortgages and Rental Property Mortgages add 0.50%

Interest Rate
Fixed 1-year Mortgage 6.20%
Fixed 2-year Mortgage 6.00%
Fixed 3-year Mortgage 5.60%
Fixed 4-year Mortgage 5.50%
Fixed 5-year Mortgage 5.30%
Closed Variable (APR†) Mortgage 6.30%
Open Variable (APR†) Mortgage 7.20%
Variable Capped Mortgage Rates Vary
Rates last updated March 22, 2024. Rates subject to change without notice. †The annual percentage rate (APR) is equivalent to the annual interest rate (AIR), and assumes that no fee(s) apply.

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Tips & tools

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Switching your mortgage to SCU?

Discover the benefits of an SCU mortgage, considerations for moving your mortgage, and documentation we’ll need from you.
Learn more about moving your mortgage
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Crunch the numbers

Use our mortgage calculators to help you plan how much you can afford to spend on a home, your monthly payment schedule, and how much you’ll need for your down payment.
Explore our mortgage calculators
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Apply for a credit card

We're here to support you through the process. Sign up for a new Collabria® credit card and receive $50 cash back upon approval.

Terms and conditions apply
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