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My family and I have been in Calgary since March 2013 and we are presently looking to buy a property, but with 5% down payment, meaning it has to go through CMHC.  I recently heard we need to have been in Canada for more than a year to be able to do this, can you please confirm and give further information on how we can achieve buying right away

ANSWER: Hi Olugbenga,

Thank you for your question, there is no time requirements for newcomers to purchase their own residence. Please refer to the following link for more information or consult with a mortgage professional of your choice.

Horace Cheung, - CIR Realty

---------- FOLLOW-UP ----------

QUESTION: Thanks Horace.

I have spoken to a mortgage professional and was told due to limited credit history we will need to wait one year at least, which seems to tally with the document you sent (quote below)

"For permanent residents, where there is limited Canadian credit history and where foreign credit bureaus are not available, CMHC continues to consider alternative sources of payment history for Loan-to-Value ratios between 80.01% and 95%"


"Examples of alternative sources of credit: confirmation of payment of rent or room and board, plus one additional obligation or documented regular savings, for the preceding 12 months"

The question is what is limited Canadian credit history which would enable you proceed. I have checked my beacon score and its good enough, but was informed by the mortgage professional that it would not be sufficient due to the 8 months stay period we have



Hi Olugbenga,

Given your limited credit history, do you otherwise have income verification and proof of savings as mentioned above? If so you may still be able to arrange for financing. Unfortunately, due to widely varying situations for different individuals, I am unable to provide more specific advice in regards to your personal situation.

Again, your mortgage professional would be best equipped to answer your questions regarding this topic and to arrange for any available solutions for you.

Horace Cheung, - CIR Realty  


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Horace Cheung


I am a REALTOR® (often referred to as "Estate Agents" in UK) based in Calgary, Alberta, Canada. I can answer any questions pertaining to relocation, transportation, way of life, neighbourhoods, education systems, property buying and selling process etc. in Calgary. I specialize in Condominium properties and have extensive knowledge on all aspects of living or visiting Calgary.


Residential Real Estate, Condominiums, Real Property Valuations

Calgary Real Estate Board, Alberta Real Estate Association, Canadian Real Estate Association

Calgary Real Estate Board Certified Condominium Specialist®

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