It is easy to assume you need years in Canada, or a long Canadian credit history, before you can get a mortgage. Neither is a requirement. CMHC’s newcomer program sets no minimum period of residency, and there are ways to establish credit if your Canadian history is limited.
Permanent resident or work permit
This is the first fork, and it decides a lot of what follows.
If you are a permanent resident, you have access to all of CMHC’s homeowner mortgage insurance products, and there is no minimum period of residency. The minimum down payment is 5% of the first $500,000 of the price and 10% of the rest.
If you are a non-permanent resident, you need to be legally authorized to work in Canada, for example on a work permit. Insurance is available on one to four unit properties, as long as at least one unit is owner-occupied.
There is one more requirement that is easy to miss. The purchase must not be prohibited under the Prohibition on the Purchase of Residential Property by Non-Canadians Act. The Act has an exception for temporary residents who hold a valid work permit with 183 days or more remaining at the time of purchase and who have not previously bought a residential property in Canada, among its conditions. If you are not yet a permanent resident, check where you stand before you start looking.
Credit, when you do not have Canadian credit yet
At least one borrower, or a guarantor, needs a minimum credit score of 600. If your Canadian credit history is limited, CMHC may consider an international credit report, or a letter of reference from your financial institution in your country of origin.
Canada Guaranty’s newcomer program, Maple Leaf Advantage, lists similar options and adds another: 12 months of rental payment history in Canada, confirmed by a letter from your landlord. Its reference letter from a bank in your home country needs to confirm at least six months of satisfactory banking.
An international credit report or a reference letter from a bank in another country can take time to arrange from here. If buying is on your horizon, it is worth requesting it early so it is ready when you need it.
What the program covers
The property must be in Canada and suitable for full-time, year-round occupancy, with a purchase price below $1,500,000. Loan-to-value can go up to 95% on one or two units, 90% on three or four units, and 80% on a small rental of two to four units.
On amortization, CMHC’s newcomer program lists a maximum of 25 years, and notes that buyers may qualify for 30 years through CMHC Home Start. Canada Guaranty’s Maple Leaf Advantage allows 30 years on an owner-occupied home when the loan-to-value is above 80% and the borrower is a first-time buyer or is buying a newly built home.
CMHC is one of three mortgage default insurers, alongside Sagen and Canada Guaranty, and their newcomer programs are not identical. One thing not to assume on any of them is a borrowed down payment. Canada Guaranty’s Maple Leaf Advantage, for example, requires at least 5% from your own resources and does not permit a borrowed down payment.
What this looks like in Edmonton
In August 2026, the average selling price across the Greater Edmonton Area was $469,602. By property type, average prices ranged from $215,422 for an apartment condo to $575,575 for a detached home.
At minimum down, that works out to $10,771 on the average condo and $14,912 on the average townhouse. I broke those numbers down by property type, with the insurance premium included, in a recent post on what it takes to buy here. You can also put your own numbers into the mortgage calculator on my homepage, which applies the minimum down payment rules automatically.
A newcomer file involves more documents than a standard application, such as proof of your residency status and a letter of employment, and lenders differ in how they handle them. That is a good reason to have the file placed carefully. It is not a reason to assume the answer is no.
Sources: Eligibility for permanent and non-permanent residents, no minimum period of residency, the minimum down payment, the 600 credit score and alternatives for limited credit history, loan-to-value limits, the $1,500,000 price limit, year-round occupancy, the 25 year maximum amortization, CMHC Home Start, and the requirement that the purchase not be prohibited under the Non-Canadians Act are from CMHC’s Mortgage financing options for new residents. The work permit exception to the Act is from CMHC’s Prohibition on the Purchase of Residential Property by Non-Canadians Act: Frequently asked questions. The rental history option, bank reference requirement, 30 year amortization terms, required documents and the prohibition on borrowed down payments are from Canada Guaranty’s Maple Leaf Advantage (New to Canada). August 2026 Greater Edmonton Area prices are from the REALTORS® Association of Edmonton release Late summer slow-down continues for Edmonton housing activity. Program rules differ between insurers and lenders and change over time. This article is general information, not advice on your specific file, and not immigration or legal advice.