Just Moved to Canada and Have No Canadian Credit? Here’s How to Become a Homeowner in Alberta
Renee Huse, founder of Spire Mortgage Team in Alberta, has helped hundreds of newcomer families settle into Alberta homes — even when they’ve just arrived and have no Canadian credit score.
We know the feeling: you’ve packed your life into suitcases, started over in a new city, and now that you’re ready to buy a home, you’re told that your file is “too thin.” That you need more history. That you need to “wait.”
But here’s the truth — you don’t have to wait years to buy a home just because your Canadian credit score hasn’t caught up. With the right lender, the right documentation, and the right team behind you, we can help you get approved sooner than you think.
What We’ll Cover
- What Happens If You Don’t Have Canadian Credit?
- What We Look At Instead
- Alberta Case Study: Buying a Home in Edmonton with No Credit History
- How to Build Canadian Credit While You Wait
- FAQs: What Newcomers Ask Us Most Often
- Next Steps
What Happens If You Don’t Have Canadian Credit?
This is one of the most common concerns we hear from newcomers — and we get it. In most parts of the world, when you apply for a mortgage, your history with bills, rent, and savings carries weight. But in Canada, most big banks rely almost entirely on your credit score, which means if your file is blank, they’ll say no — even if you’ve done everything right.
But we work with lenders who think differently. These lenders understand what it means to start fresh. Through special New to Canada mortgage programs, they allow us to present a full picture of who you are — not just what’s missing from your credit report.
What We Look At Instead
Instead of just focusing on your score, we’ll show lenders other signs that you’re financially stable. If you’ve landed a job in Alberta — whether it’s in Calgary, Edmonton, Red Deer, or anywhere in between — and have income coming in, that’s our starting point.
Next, we’ll look at your housing and payment history from back home. If you can provide a letter from your former landlord or bank showing that you paid rent, utilities, or credit cards on time, we can use that as a credit reference. Even better if you’ve been paying bills here in Canada — rent, utilities, or even a phone bill in your name all help us build a strong case using alternative credit.
And if you’ve brought savings with you, you may be able to purchase with as little as 5% down, depending on your immigration status and the property value. Some work-permit holders may need to put down more — closer to 10–20% — but we’ll help you plan for that.
Alberta Case Study: Buying a Home in Edmonton with No Credit History
Client: Mei and Carlos, newcomers from Brazil
City: Edmonton
Challenge: No Canadian credit, just landed, both employed
They had about 8% saved for a down payment, and both had just landed jobs — one in healthcare and the other in tech. We helped them collect alternative documents: a rent letter from their landlord in Brazil, utility bills in their names, and a letter from their Brazilian bank confirming good standing on past loans.
Because they’d already started renting in Edmonton and had paid two months’ rent on time, we added that to the file. Then, we submitted everything to a New to Canada–friendly lender and secured a 5-year fixed rate at 3.99% on a $390,000 home in west Edmonton.
| Mortgage Amount | Rate | Term | Monthly Payment |
|---|---|---|---|
| $351,000 | 3.99% | 5 years fixed | $1,670 |
The Outcome: They moved in just ten weeks after arriving. Their children started school in the new neighbourhood, and they now feel fully settled in Alberta.
How to Build Canadian Credit While You Wait
Even though you can buy a home without a traditional score, we’ll still help you start building one. One of the best ways is with a secured credit card — where you deposit $500 or $1,000 as security and use the card normally. Making one small payment per month can start building your score within 3–6 months.
We also recommend paying all your Canadian bills — rent, utilities, phone, internet — in your own name and on time. Some rental reporting services will even report your rent payments to the credit bureaus for you, which can fast-track your credit file.
This all helps position you for even better rates when it’s time to renew — like 4.34% on a conventional mortgage or 4.54% on a rental property.
FAQs: What Newcomers Ask Us Most Often
Can I qualify for a mortgage if I just arrived in Alberta and haven’t built credit yet?
Yes, if you have proof of employment, some form of payment history (from here or back home), and the right immigration status, we can often get you approved through our New to Canada programs.
What kind of immigration status do I need?
Most programs are open to permanent residents or those on valid work permits. Refugees or students usually need more history or a co-signer — but there are exceptions we can explore.
How much do I need for a down payment?
If you’re a permanent resident buying a home under $500,000, you may only need 5% down. If you’re on a work permit or buying above that price, you may need 10% or more. We’ll walk you through it.
What if I’m self-employed?
We’ve helped many newcomers who run their own business or work as contractors. The approval process is more detailed, but far from impossible.
Can I use money I brought from overseas?
Yes — as long as it’s traceable and sitting in a Canadian account for at least 30 days, we can use it as part of your down payment.
Next Steps
Give us a call or fill out an application at this link: https://spiremortgage.ca/apply-now and our team will get in touch with you to start building a plan that suits you.
Written by the Spire Mortgage Team, Alberta’s strategic mortgage planning experts.
Learn more: https://spiremortgage.ca
