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Buying a home is one of the biggest financial decisions anyone can make. For newcomers, permanent residents, and first-time home buyers in Canada, understanding the mortgage system is crucial to making smart financial choices. Fortunately, Canadian banks and government programs provide a wide range of solutions designed to make homeownership more accessible in 2025.
Here are the top Canadian mortgage options available to first-time buyers and permanent residents.
1. CMHC First-Time Home Buyer Incentive
The Canada Mortgage and Housing Corporation (CMHC) offers a shared equity mortgage program where the government contributes 5% to 10% of the home purchase price. This reduces monthly payments and makes homeownership more affordable.
2. RBC Mortgages for Newcomers
The Royal Bank of Canada (RBC) provides special mortgage programs for newcomers and permanent residents, even without a long Canadian credit history. RBC offers competitive fixed and variable rates with flexible repayment options.
3. Scotiabank StartRight Mortgage Program
Scotiabank’s StartRight program helps permanent residents and first-time home buyers by offering mortgage approvals with low down payments, credit-building opportunities, and personalized financial advice.
4. CIBC Newcomer Mortgage Program
CIBC accepts alternative credit documentation, such as international credit reports and income proof from abroad, to help new residents qualify for a mortgage. This makes it easier for immigrants to purchase their first home.
5. BMO NewStart Mortgage Options
The Bank of Montreal (BMO) offers mortgage solutions for newcomers with as little as 10% down payment, plus flexible term options and competitive interest rates.
6. TD Canada Trust Mortgage Solutions
TD Bank offers mortgage options for first-time home buyers with both fixed and variable interest rates. They also provide mortgage pre-approval, giving buyers an advantage in Canada’s competitive housing market.
7. National Bank of Canada Mortgages
Especially popular in Quebec, National Bank offers special mortgage products for permanent residents and newcomers, often with exclusive promotions on legal fees and insurance.
8. Credit Unions and Alternative Lenders
For buyers who may not qualify with a traditional bank, credit unions and private lenders offer more flexible mortgage approvals. While interest rates may be slightly higher, these options are ideal for permanent residents with limited credit history.
Tips for First-Time Buyers in Canada
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Save for a down payment: At least 5% is required for insured mortgages.
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Get pre-approved: Knowing your budget before house hunting increases your chances of securing the right property.
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Compare fixed vs. variable rates: Fixed rates offer stability, while variable rates can save money if interest rates remain low.
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Consider government incentives: Programs like the CMHC incentive or provincial tax rebates can reduce costs.
In 2025, Canadian mortgage programs provide strong support for first-time buyers and permanent residents. By exploring different bank offers, government programs, and alternative lenders, newcomers can find the right mortgage solution to achieve their dream of homeownership in Canada.
