The benefit you have as a newcomer to Canada is that you are not expected to have established Canadian credit history. Whether you have a work permit or have permanent residency it is possible for you to purchase a home of your own with a minimum of 5% down.  If there are more than one person going on the mortgage or required to be on the mortgage to qualify, the below information would apply to each person.
 
To qualify to purchase with a minimum of 5% down payment you will need to provide:
  • 12 month’s bank statements of the bank account (s) that is used to pay your monthly rent and bills 
  • Rental payment history confirmed via letter from landlord.
  • One other alternative source such as hydro/utilities, telephone, cable, auto insurance.
  • Valid work permit with a minimum of 6 months remaining or landed immigrant status.
  • Employment and Income confirmation.
  • Down Payment that demonstrates it is from your own resources.
It is simplified if you are able to come up with a 10% down payment as you need: 
  • Six (6) months of bank statements from a primary account that is used to pay your rent and bills.
  • 5% still must come from your own resources.
  • Valid work permit with a minimum of 6 months remaining or landed immigrant status.
  • Employment and Income confirmation.
Lets work together to get a strategy in place that best prepares you for you new home in Canada.