Newcomers program is available to Resident and Non-Resident status in Canada. This program helps them access housing afford and meets their needs.

A permanent resident - is someone who has been given permanent resident status by migrating to Canada, but it is not Canadian citizen.

Non-permanent resident - is legally authorized to work in Canada (ie: work permit)

Newcomers program is mainly catering to those people who have just become PR (Permanent Resident) within 5 years or returning Canadian citizen. As long as the client can provide with the following conditions:

  • Past working history including the name of the employer and position
  • Last 2 years of tax assessment in the home country
  • Credit report from overseas and in Canada as well
  • 3 months bank account statement (to prove the source of their down payment)

Foreign income program - For those people who needs to use their home country income to qualify for the mortgage so mostly for those non residence and non-Canadian but are planning to immigrant here. (maximum loan amount would be 65% of the property value so they need to come up with 35% down payment)

Work Visa program - it works for the exact same with the local income people. For those people who are from the US and come to work in Canada then the bank will also treat them the same as local income people.

Relocation to British Columbia - relocating from another province then as long as clients find a new job already and pass the 3 months’ probation then the bank can qualify them with local income as well.

***Local Income People: It depends on clients’ income so if their income can support 80% loan amount then they only need to pay 20% down payment!

High value clients - that are from Canada or from the US then they should consider a high value program since this program can help them to lend around 10-25 times of their income compared to the traditional income way that’s only 5 times of their income.
Requirements for high value clients - they need to have the most recent Notice Of Assessment and also have $250,000 assets (investment plus cash) after the 35% down payment.


  • Primary home and rental property LTV 65% of first $1,250,000 CAD, 50% of the remaining
  • Applicants must have PR card and within 5 years of the date arrived in Canada
  • Maximum term loan $3,000,000 CAD 
  • Applicants must have sufficient liquid assets in Canada financial institutions to service the debts
  • Standard income verification and debt servicing ratios are not required
  • Property must be located in Lower Mainland
  • Real Estate purchase only

Disclaimer: Some of these requirements subject to change without notice.

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