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Mortgages for Newcomers to Canada

Mortgage Options for Your First Home in Canada

RBC helps newcomers to buy their first home, with mortgage options with little-to-no Canadian employment or credit history. If you are a temporary foreign worker, a foreign income earner or a permanent resident on the path to employment, you may be able to qualify for the following:

Lower down payment requirements

As little as 5% to help you buy your home soonerlegal disclaimer **

30-year amortization periods

Lowering your regular mortgage payment and making homeownership more affordablelegal disclaimer 1

Mortgage pre-approval

So you know how much you can afford before you shoplegal disclaimer 2

Interest rate lock

Your interest rate is guaranteed for 120 days upon your rate commitmentlegal disclaimer 3

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Lower down payment requirements

As little as 5% to help you buy your home soonerlegal disclaimer **

30-year amortization periods

Lowering your regular mortgage payment and making homeownership more affordablelegal disclaimer 1

Mortgage pre-approval

So you know how much you can afford before you shoplegal disclaimer 2

Interest rate lock

Your interest rate is guaranteed for 120 days upon your rate commitmentlegal disclaimer 3

RBC Mortgage Specialists are Here to Help

Get professional, personalized advice through every step of your homebuying journey. An RBC Mortgage Specialist can provide:

  • Advice in your preferred language
  • Assistance in completing your mortgage pre-approval
  • Financing options that can save you money
  • Referrals for realtors in your neighbourhood
  • Flexible meeting options – at your home, office or local RBC branch

Find Out How Much
Mortgage You Can Afford

These self-serve tools can help you explore your homebuying options, determine your budget and calculate what you can afford.

Mortgage Payment Calculator

Quickly see what your mortgage payments can look like.

Try the calculator (opens in new window)

Mortgage Affordability Calculator

Calculate your maximum affordable monthly housing cost.

See how much home you can afford

Buying Your First Home in Canada Checklist

Making the homebuying process a little easier.

Read the checklist

Houseful

Search for homes using the customized property search tool, get matched with a local agent and access resources to learn more about homebuying in Canada.

Explore Houseful (external site opens in new window)

Are you Eligible to Buy a Property in Canada?

The Government of Canada has 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 (external site opens in new window)

Learn How to Save For Your First Home Tax-Free with an FHSA

A First Home Savings Account is a registered plan introduced by the Canadian government in 2023 to help Canadian residents save up to $40,000 for their first property.

Find out more

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

  • $01 monthly banking fee for 2 years1.
  • Credit card limit up to $15,000* (no credit history required)2
  • Get up to 28,000 Avion points with the RBC ION+ Visa†. That's up to $200 of value in gift cards†!
  • $0 transfer fees on International Money Transfers3,4
Explore the RBC Newcomer Advantage

Frequently Asked
Questions

Good news – RBC has a suite of programs to support the unique needs of Newcomers, including those with limited-to-no Canadian employment or credit history. Speak to our Mortgage Specialist to learn more or help get you started.

To help make your mortgage application process smoother, please have the following items ready:

  • Identification documents
  • Information about your assets, income and debt obligations (e.g. financial statement including those from your country of origin)
  • Evidence that you can pay for your down payment, such as bank statements, investment statements or a gift letter
  • Credit bureau information from Canada, if available, or from your source country
  • Proof of employment in Canada, if available, or from your source country
  • Proof of enrolment or evidence of training or certification in Canada in the same field/industry of your previous employment from your home country, if available

This list may not be exhaustive. Speak to our Mortgage Specialist for more information.

Canadian mortgage rules require a minimum down payment for all borrowers, including Newcomers, as follows:

  • 5% for homes under $500,000
  • 5% of the first $500,000 + 10% of the rest for homes between $500,000 and $1,499,999
  • 20% for homes $1.5 million or more

Mortgage insurance is required if your down payment is under 20%.

For a list of things to consider for your home-buying journey, visit the Home-Buying Checklist for Newcomers.

How to Apply for an RBC Mortgage

Whether you’re ready to buy a home or just starting to save for a down payment, an RBC mortgage specialist can help make your home ownership dreams a reality.

Call Us:

Toll Free: 1-866-756-1107

Service available in up to 200 languages.

Find a Mortgage Specialist

You can select your preferred language.

Min. spend required. Exclusions and other Conditions Apply. Offer ends May 3, 2027. See www.rbc.com/Firsts for full details.
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:
  • 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;
  • 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,
  • 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).
You may be eligible for an RBC Royal Bank residential mortgage or mortgage within an RBC Homeline Plan, even if you have no or thin Canadian credit history, provided you meet all of the eligibility and credit criteria of Royal Bank of Canada and do not have adverse credit bureau information. All residential mortgages and lending products are provided by Royal Bank of Canada are subject to its standard lending criteria. Available to permanent residents who have been in Canada less than 5 years. Temporary residents may also apply. To take advantage of these offers, you must show proof of entry into Canada and provide supporting documents such as a passport, and landing papers (work permit/visa) or Canadian permanent resident card. Additional documents may be required to validate down payment funds sourced from another country.
The minimum down payment requirement for mortgage default insurance depends on the purchase price of the home. For a purchase price of $500,000 or less, the minimum down payment is 5%. When the purchase price is above $500,000, the minimum down payment is 5% for the first $500,000 and 10% for the remaining portion. Mortgage default insurance is available only for properties with a purchase price or appraised value below $1,500,000.
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.
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, defined as at least one person on the mortgage meeting one of the following:
  • has never purchased a home before, or
  • has not occupied a home as a principal place of residence in the last 4 years that either they or their current spouse or common-law partner own, or
  • has recently experienced the breakdown of a marriage or common-law partnership and is wishing to purchase as a solo applicant)
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.
You may complete an RBC Mortgage Pre-Approval using our online form, or by contacting an RBC Mortgage Specialist. Getting pre-approved for a mortgage is free and can help you (i) know how much you can afford to pay for your home and what your interest rate will be; and (ii) be in a better position to make an offer to purchase a property. Subject to additional terms and conditions. For additional information, speak to an RBC Mortgage Specialist.
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 date. The mortgage must fund within 120 days from the start of the rate commitment period. Other terms and conditions may apply. For additional information, speak to an RBC Mortgage Specialist.
Monthly fee will be waived for the first 24 months upon account opening of the RBC Advantage Banking account. Thereafter, the monthly fee of $12.95 will be charged. Upon opening an RBC VIP Banking account, the monthly fee will be waived for the first 12 months. Thereafter, the monthly fee of $30.00 will be charged. For the 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, 2027.
Other account transaction fees may apply. Monthly fee waiver may be replaced with any in-market offer that applies to the RBC Advantage Banking account 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 (open in a new window)terms and conditions that apply to this promotional offer. The Monthly Fee Waiver for Newcomers includes a monthly fee waiver as part of the Commitment on Low-Cost and No-Cost Accounts from the Financial Consumer Agency of Canada (FCAC), plus an additional 12-month promotional fee waiver. For more information, visit: canada.ca/en/financial-consumer-agency/services/industry/laws-regulations/low-cost-no-cost-accounts.
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.