How to Get a Mortgage When You’re New to Canada (BC Edition)
By Jen Lowe – Mortgage Broker
New to British Columbia — and Canada — and thinking about buying your first home? Great! It’s absolutely possible. But let’s cut through the noise and get straight to what actually matters here in BC when you’re new to the country.
Whether you just landed, have recently started working here, or you’ve been on a work or study permit, this guide breaks down what lenders look for, what you need, and how to position yourself so you get a mortgage with confidence — not confusion.
Yes — Newcomers Can Get a Mortgage in BC
There’s a myth that you must be a Canadian citizen or permanent resident to get a mortgage in Canada.
That’s simply not true.
You can qualify for a mortgage as a newcomer. But the requirements vary depending on your status (work permit, study permit, permanent residency pathway, etc.) and how long you’ve been in the country.
In BC’s competitive housing market, the better your documentation and financial picture, the smoother the process will be.
What Lenders Look For
Lenders in BC focus on three basic things:
1. Income
You need to show that you have stable, verifiable income. For newcomers that can include:
-
Employment income from a BC employer
-
Income from previous years (if you’ve filed taxes)
-
Pay stubs and letter of employment
If you’ve just started a job, some lenders will want to see a few months of pay stubs before final approval.
2. Credit History
This is where many newcomers run into questions. If you don’t have Canadian credit yet — that’s fine. We can work with that.
But your credit profile needs to be built:
-
Secured credit cards
-
Timely rent payments reported to credit bureaus
-
Phone and utility bills in your name
Building credit quickly in your first year goes a long way.
Down Payment — What You Need in BC
The minimum down payment rules in Canada still apply in BC:
-
5% of the first $500,000 of the purchase price
-
10% of any amount above $500,000
If the property price is above $1 million, some lenders may require 20% down. That’s especially common in Vancouver and Victoria where prices are higher.
Tip: Lenders care about where your down payment comes from. Acceptable sources include:
✔ Personal savings in your bank account
✔ Gifts from immediate family (with a gift letter)
✔ Proceeds from the sale of another property
Cash from abroad can be used — but you’ll need a clean paper trail showing where it came from.
Work Permits & Study Permits — What You Need to Know
If you’re here on a work permit:
-
Many lenders will consider your income (even if you’ve been here less than a year)
-
Employment that’s fixed-term may still qualify
-
Some lenders want a work permit that extends past the mortgage approval date
If you’re on a study permit:
-
You can qualify
-
You may need a co-signor (like a parent or spouse)
-
Some lenders want proof of future employment or income
Every case is different, and lenders vary, so having a mortgage broker who works with your situation is key here in BC.
Alternatives If You Don’t Yet Qualify Traditionally
If you’re brand new and still building income or credit, here are alternatives:
🟢 Alternative / B-Lenders
These lenders have more flexible criteria — but typically higher rates. They can be a bridge toward a traditional mortgage once your credit and income history improve.
🟢 Private Lending
Shorter-term loans that can help you get into a home now while you build credit. Plan to refinance into a conventional mortgage later.
These options are tools — not forever solutions — and when used correctly they can accelerate your path to ownership.
How to Build Your Credit Score Fast in BC
Here’s how to establish credit quickly after arriving:
-
Open a Canadian bank account
-
Use debit at first, but transition to credit soon.
-
-
Apply for a secured credit card
-
Use it regularly and pay off the balance every month.
-
-
Get a small loan or line of credit
-
Making consistent payments builds history fast.
-
-
Rent reporting
-
Some services report your rent to credit bureaus — this helps boost your score.
-
Lenders typically want to see a credit score above ~620 for conventional mortgages — but the higher your score, the better rate you’ll secure.
Why Working With a Broker Makes This Easier
Banks aren’t all the same — and lenders don’t all see newcomer files the same way.
A mortgage broker:
✔ Shops multiple lenders
✔ Matches your specific work/permit and credit profile
✔ Helps structure your finances so you qualify sooner
✔ Saves you time and frustration
Especially in BC’s market, where demand stays high, having someone who knows the nuances matters.
A Clear Path Forward
Here’s a practical roadmap:
Step 1: Get your Canadian bank/account set up
Step 2: Build or start your credit profile
Step 3: Get pre-approved before house hunting
Step 4: Save for down payment and closing costs
Step 5: Present a strong application with the right lender
Doing this intentionally, rather than guessing, will put you ahead of 90% of buyers.
The Bottom Line
Newcomers can absolutely get a mortgage in British Columbia — and sooner than you might think.
Yes, there are unique hurdles:
-
Credit history
-
Employment duration
-
Permit status
But banks and lenders do underwrite non-traditional files. With the right guidance and preparation, you can secure financing and move into your first BC home.
Need Help Navigating It?
I’m Jen Lowe, Mortgage Broker, and I help newcomers to BC cut through the confusion and get a mortgage that actually fits your life, your status, and your future.
Let’s work together to build your Canadian credit story and make homeownership a reality — not a question mark.