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Buying Your First Home in Canada Checklist

Home-Buying Checklist for Newcomers

We know there are some extra challenges to buying a home in a new country. We’re here to help! Here are some things you can do (and ways we can help) to make the home-buying process a little easier3:

Figure out what you can afford

Before you start looking for a home, get a general idea of how much you may be able to afford and what your mortgage payments would be. This will help you set a realistic price range so you can balance home ownership with your lifestyle needs.

Try our quick calculator now to estimate how much home you may be able to afford.

There’s more to buying a home than just the purchase price. Be sure to also budget for:

  • Closing costs such as a home inspection, legal fees and land transfer taxes
  • Property taxes and property insurance
  • Mortgage insurance (if needed)
  • Heating, hydro, water and other services
  • Home maintenance and repairs

Save for your down payment (if applicable)

Considering the high cost of home ownership in Canada, most newcomers (and most Canadians) don’t pay the full price of their home all at once. Typically, buyers make a down payment on a home using money they’ve saved and then borrow the rest (through a mortgage) from a lender such as RBC Royal Bank.

In Canada, you need a down payment of at least 5% to buy a home. However, make as large a down payment as you can to lower your mortgage payments and potentially avoid paying additional costs such as mortgage insurance.

  • Generally, if your down payment is equal to or more than 20% of the home purchase price, you may qualify for a ‘conventional’ mortgage, which doesn’t require you to purchase mortgage insurance.
  • If you don’t have 20% to put down, you may qualify for a mortgage but it will need to be insured against default with mortgage insurance4.
  • If you are just starting out and do not have an employment history in Canada, you may qualify to obtain a mortgage if you have a down payment of 35% or more.

Find out more about mortgage down payments for newcomers.

If you need to save up for your down payment you have many options. For advice on your particular situation, talk to an RBC mortgage specialist.

Understand your mortgage options

There are a lot of mortgage features to choose from in Canada. Talking to an RBC mortgage specialist is one of the best ways to make sense of all the options — and to help you save money over the lifetime of your mortgage.

  • Offer advice on saving for your down payment
  • Help you complete your mortgage pre-approval
  • Explain Canada’s home-buying and mortgage process
  • Explain your financing options and help you save money
  • Refer you to a realtor to help you find a home

Did you know? We offer mortgage solutions created specifically for newcomers to Canada.

Get a mortgage pre-approval

Once you’re ready to buy a home, be sure to get a mortgage pre-approval. A pre-approved mortgage means the bank has made a commitment (subject to conditions such as a property valuation) to loan you the money for your home.

  • You’ll know how much you can afford to borrow for your new home
  • You’ll be in a better position to negotiate with sellers once you have found a home
  • You’ll also know your interest rate

At RBC, there’s no cost to get pre-approved for a mortgage and you are under no obligation. We also guarantee your quoted rate for 120 days, even if rates go up.5

Find a real estate agent

Also consider hiring a reputable local real estate agent. Your agent, like your mortgage specialist, can be an invaluable resource for you throughout the entire home-buying experience.

Start your home search!

As you start looking at homes, don’t just think about the type of home you want — also think about your lifestyle and how close you want to live near amenities such as schools, highways, medical services, shopping, restaurants and recreation.

Check if you’re eligible to purchase

Effective January 1, 2023, the Government of Canada placed certain restrictions on the purchase of residential property in Canada by non-Canadians. We recommend you speak with a lawyer/ notary to confirm whether you’re eligible to buy a residential property in Canada before you start your home search.

View Government Regulations

The RBC Newcomer Advantage^ is your first step to unlocking:

  • No-monthly-fee banking for a year1
  • Credit card limit up to $15,000* and up to 12% cashback† for the first three months (no credit history required)2
  • $0 transfer fees on International Money Transfers~
Explore the RBC Newcomer Advantage

How to Apply for an RBC Mortgage

Talk to an RBC mortgage specialist today to discover how we can help make your home ownership dreams a reality.

Call Us:
Toll-Free: 1-866-756-1107

Service available in up to
200 languages.

You can search by language spoken.

Available to newcomers who are (i) permanent residents or international students who arrived in Canada within the last 12 months, or (ii) temporary resident workers who arrived in Canada within the last 48 months, provided you meet all of the eligibility and credit criteria of Royal Bank of Canada.

You must apply for the RBC Cash Back Mastercard by January 31, 2026, at an RBC Royal Bank branch, and be approved by us. You will earn an additional $10.00 back for every $100.00 (10% Cash Back Credit) in Net Purchases (including pre-authorized bill payments) charged on your RBC Cash Back Mastercard account within the first 3 months of account opening, up to a maximum total combined spend of $2,000 (“Welcome Bonus”). Thereafter, the standard Cash Back Credit earn rates of up to 2% on Grocery Store Purchases and up to 1% on other Net Purchases (that are not Grocery Store Purchases) apply. The Welcome Bonus is in addition to the standard Cash Back Credit earn rates. Cash Back Credits are not earned on cash advances (including balance transfers, cash-like transactions and bill payments that are not pre-authorized charges that you set up with a merchant), interest charges or fees, and credits for returns and adjustments will reduce or cancel the cash back credits earned by the amounts originally charged. The Welcome Bonus will appear on your next monthly statement after it was earned, and will be credited as set out in disclosure 35 (below). For complete details on the RBC Cash Back Program including standard earn rates and crediting of Cash Back Rewards, please refer to the RBC Cash Back Program Terms and Conditions at www.rbc.com/cashbackterms (opens in new window). Offer applies to new RBC Cash Back Mastercard accounts only.

One offer per eligible account. Existing cardholders of any RBC personal credit card, applying for or transferring to an RBC Cash Back Mastercard card, are not eligible for this offer. This offer may not be combined or used in conjunction with any other offer except as otherwise set out. Royal Bank of Canada reserves the right to modify, cancel or withdraw this offer at any time. This offer may be revoked at any time if we suspect you may be manipulating or abusing it, or engaging in any suspicious or fraudulent activity, as determined by Royal Bank of Canada in its sole discretion.
Available to newcomers to Canada who are Eligible Personal Clients and do not have an existing credit card account with Royal Bank of Canada.

“Eligible Personal Client” means a client who meets all of the following conditions:

a. Is a newcomer to Canada having arrived in Canada within the last five years of the date an Eligible Personal Banking Account is opened. Must show proof of entry into Canada and provide supporting documents such as landing papers or permanent resident card;

b. Is a resident of Canada and is of the age of majority in the province in which they reside as of the date that an Eligible Personal Banking Account is opened. Residence is determined by the jurisdiction (province or territory) where a person has their primary tax filing obligation based on their regular place of residence; and,

c. Does not have an existing Personal Banking Account with us. For full details, including defined terms, visit https://www.rbc.com/newcomers/_assets-custom/pdf/Terms-and-Conditions.pdf(PDF opens in new window).
Currency conversion fees and service fees by an intermediary or receiving bank may apply. Individual limits may vary. Please refer to your RBC Online Banking or your RBC Mobile App.
Must be enrolled in RBC Online Banking or the RBC Mobile app and have either a Canadian RBC Royal Bank chequing or savings account. Some restrictions may apply. Cannot send funds from a US dollar account, the RBC High Interest e-Savings account, or Foreign Currency Accounts.
Your credit limit will be based on financially related information about you, including income. Offer available to RBC Newcomers who are (i) permanent residents who arrived in Canada within the last 12 months, or (ii) temporary resident workers who arrived in Canada within the last 48 months, applying for a new RBC Royal Bank personal credit card (excluding the RBC Rate Advantage Visa). Existing RBC Royal Bank personal credit card cardholders are not eligible. Royal Bank of Canada reserves the right to cancel, modify or withdraw this offer at any time. Higher credit limits are subject to higher income.
Monthly fee will be waived for the first twelve months upon account opening of the RBC Advantage Banking account or RBC VIP Banking account. Thereafter the monthly fee will be charged: monthly fee of $12.95 for the RBC Advantage Banking account or monthly fee of $30.00 for the RBC VIP Banking account. For RBC VIP Banking account, $10,000 CAD must be deposited into the account within 20 days of account opening to qualify for the promotional offer, and offer expires October 31, 2026. Other account transaction fees may apply. Monthly fee waiver for the first twelve months may be replaced with any in-market offer that applies to the RBC Advantage Banking or RBC VIP Banking account. Available only to newcomers; please see the eligibility requirements in above note *. Offer may be withdrawn or amended at any time without notice. See complete terms and conditions (PDF opens in a new window) that apply to this promotional offer. The monthly fee waiver for newcomers is offered as part of the Commitment on Low-Cost and No-Cost Accounts from the Financial Consumer Agency of Canada (FCAC).
An RBC Royal Bank credit card with no credit history required is available to Newcomers who are (i) permanent residents and international students who arrived in Canada within the last 12 months, or (ii) temporary resident workers who arrived in Canada within the last 48 months, provided you meet all of the eligibility and credit criteria of Royal Bank of Canada.
This information is in summary form and is intended for general guidance and information only. It is not intended to provide financial, legal or other advice. It should not be regarded as comprehensive or a substitute for professional advice.
In cases where down payment is less than 20% of the value of a property, the maximum 30-year amortization will apply only to (i) all first-time home buyers provided they satisfy the definition of a first-time homebuyer, or (ii) all purchasers of newly built homes. In addition, if your down payment is less than 20%, you must pay a mortgage default insurance premium charged by a mortgage insurer. This insurance protects the financial institution if you ever default on your mortgage. Available for Conventional Newcomer Equity and Standard Programs. Default insured programs that do not fit within the qualifying criteria above will have a maximum amortization period of 25 years.
For applications that result in a written mortgage pre-approval or approval, containing an interest rate commitment, the interest rate is guaranteed for up to 120 days from the rate commitment. The mortgage must fund within 120 days from the start of the rate commitment. Other terms and conditions may apply. See your RBC mortgage specialist or find an RBC Mortgage Specialist for more details.