The short answer
Who qualifies
- Permanent resident: insured loan for a 1 to 4 unit property of which you occupy a unit.
- Non-permanent resident authorized to work (work permit): owner-occupied loans only. They must also comply with the Prohibition on the Purchase of Residential Property by Non-Canadians Act.
- Length of residence: no minimum.
The down payment
| Building | Minimum down payment |
|---|---|
| 1 or 2 units | 5% of the first $500,000 + 10% of the rest |
| 3 or 4 units | 10% |
| Small rental building | 20% |
A lender may ask for more depending on status and history. CMHC sets the minimum, not the lender’s appetite.
The credit file
With no Canadian history, CMHC may accept an international credit report, a reference letter from your home-country financial institution, or other ways to establish creditworthiness. Build the history in parallel: a credit card used and paid in full, bills and rent in the account holder’s name.
The documents to gather
ID and status, proof of employment and income, bank statements, source of the down payment (documented transfers from abroad), a foreign credit report if available. The other limits are those of any purchase: 25-year amortization, a loan of at most 95% for 1 to 2 units, ratios of 39% and 44%.
Frequently asked questions
Do I need to wait a year in Canada?
Not according to CMHC. The lender looks at employment, income and credit.
Is a work permit enough?
It is required for a non-permanent resident, but it is not always sufficient: its remaining validity matters to the lender.
Can I use funds from abroad?
Yes, with documented origin.