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Mortgage Squad Advisors
Newcomer rates

New to Canada mortgage rates.

Today’s best 5-year fixed is 3.94% and variable 3.60%. Permanent residents on insured (5%-down) mortgages are priced identically to long-term Canadians — and work-permit holders get competitive newcomer-program rates. We shop 50+ lenders and work in 50+ languages.

Rates reviewed by the Principal Broker, Mortgage Squad Advisors · FSRA #13737| Updated Jun 16, 2026
As of Jun 16, 2026. Your rate depends on your file. O.A.C.

What rate can a newcomer get in Canada?

If you’re a permanent resident, the answer is simple: on an insured (5%-down) mortgage you’re priced the same as a long-term Canadian, and insured rates are often the lowest available in the market. Being new to Canada does not move your rate. We put your file out to 50+ lenders and bring back the lowest insured rate you qualify for.

If you’re on a work permit, you’re placed through the major Big-bank newcomer programs — RBC, Scotia StartRight, BMO NewStart, TD, and National Bank — at competitive rates, typically with 10% to 35% down depending on your permit. No Canadian credit yet? An international Equifax or TransUnion report, or alternative credit such as rent and utility history, keeps your rate competitive. We work in 50+ languages, so the whole file is handled in the language you’re most comfortable in. See our full newcomer mortgage guide, or if you’re buying your first home, our first-time buyer page.

Newcomer guideFirst-time buyer

New to Canada rates — FAQ

Do newcomers pay higher mortgage rates?
Not necessarily. Permanent residents on an insured (5%-down) mortgage are priced identically to long-term Canadians — and insured rates are often the lowest available. Work-permit holders are placed through Big-bank newcomer programs (RBC, Scotia StartRight, BMO NewStart, TD, National Bank), where the rate is competitive and depends on your permit and down payment rather than on being new to Canada. We shop the newcomer-friendly options across 50+ lenders.
Can I get a good rate with no Canadian credit?
Yes. With no Canadian bureau yet, lenders accept an international Equifax or TransUnion report, or alternative credit (rent, utilities, phone). On insured deals that keeps your rate the same as any other insured borrower; on the bank newcomer programs it keeps your rate competitive. Tell us what credit history you can document and we’ll match you to the lender that prices it best.
What rate do the bank newcomer programs offer?
The major Big-bank newcomer programs — RBC Newcomer, Scotiabank StartRight, BMO NewStart, TD New to Canada, and National Bank — lend at competitive posted-discount rates rather than a special "newcomer" surcharge. Live numbers move daily, so we don’t quote beyond today’s board above; we put your file to whichever program prices your permit and down payment lowest.
Do I need a bigger down payment as a newcomer (and how does it affect my rate)?
Permanent residents can buy with as little as 5% down and qualify for insured pricing — usually the lowest rate available. Work-permit holders typically need 10% to 35% down depending on the permit and program; a larger down payment can move you from a bank newcomer program to a standard insured or insurable rate, which is often lower. We’ll model both so you can see the trade-off before you decide.

Your newcomer mortgage rate, in your language.

We shop your file across 50+ lenders — permanent-resident insured pricing or a Big-bank newcomer program. 50+ languages. No bureau pull to start.