Can you get a mortgage on a work visa in BC?

Joel Olson • January 12, 2022

New to Canada? Worried that you can’t buy until you have residency? 


It should come as no surprise to most people that Canada has some really great immigration policies, which means that a lot of people buying homes in Canada are new to Canada, or they've immigrated at some point, or they're still on some type of temporary visa or something like that.


A constant thing we get is people misunderstanding some of the policies around that.


So if you do not have your PR card... once you have your PR card and/or you're a resident of Canada, you can definitely get a mortgage under our programs.


Now we're probably going to look at some alternate credit, like if you don't have a lot of established credit in Canada, we're going to have to look at some landlord letters, some utility letters, some credit bureaus in the country that you originated from.


All those things are possible.


But what if you're not a permanent resident?


So if I'm on a work visa, can I still get a mortgage?


Yes, you can get a mortgage if you're on a work visa.


10% is usually the going down payment on that with some alternate credit and making sure that you have an extension on that visa and that type of thing.


Now here's another important thing to be aware of.


So you can get a mortgage if you are on a PR card, not a citizen.


You can get a mortgage if you're on a work visa.


Now here's the type of mortgage that you can't really get very easily... is if you're a Canadian citizen living overseas, working overseas and not residing in Canada, that's a much harder mortgage to get.


So generally where the mortgages are easy to get are people that are living and working in Canada.


The way to think about that, too, is that a bank wants to think about, if you don't pay, they want to be able to track you down.


If you're out of the country, that's a very difficult thing to do.


So if you're on a work visa, you can get a mortgage.


If we can help you out with that, please reach out to us.


Please also share this video with anyone you know where this information can be helpful to them.


And, please subscribe to our channel and we would be happy to give you as many mortgage tips as possible.

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Finance Your Home Renovations

By Joel Olson • November 18, 2025
If you’re looking to do some home renovations but don’t have all the cash up front to pay for materials and contractors, here are a few ways to use mortgage financing to bring everything together. Existing Home Owners - Mortgage Refinance Probably the most straightforward solution, if you’re an existing homeowner, would be to access home equity through a mortgage refinance. Depending on the terms of your existing mortgage, a mid-term mortgage refinance might make good financial sense; there’s even a chance of lowering your overall cost of borrowing while adding the cost of the renovations to your mortgage. As your financial situation is unique, it never hurts to have the conversation, run the numbers, and look at your options. Let’s talk! If you're not in a huge rush, it might be worth waiting until your existing term is up for renewal. This is a great time to refinance as you won’t incur a penalty to break your existing mortgage. Now, regardless of when you refinance, mid-term or at renewal, you’re able to access up to 80% of the appraised value of your home, assuming you qualify for the increased mortgage amount. Home Equity Line of Credit Instead of talking with a bank about an unsecured line of credit, if you have significant home equity, a home equity line of credit (HELOC) could be a better option for you. An unsecured line of credit usually comes with a pretty high rate. In contrast, a HELOC uses your home as collateral, allowing the lender to give you considerably more favourable terms. There are several different ways to use a HELOC, so if you’d like to talk more about what this could look like for you, connect anytime! Buying a Property - Purchase Plus Improvements If you’re looking to purchase a property that could use some work, some lenders will allow you to add extra money to your mortgage to cover the cost of renovations. This is called a purchase plus improvements. The key thing to keep in mind is that the renovations must increase the value of the property. There is a process to follow and a lot of details to go over, but we can do this together. So if you’d like to discuss using your mortgage to cover the cost of renovating your home, please connect anytime!
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Smart Steps to Get Your Home Market-Ready

By Joel Olson • November 4, 2025
Thinking About Selling Your Home? Start With These 3 Key Questions Selling your home is a major move—emotionally, financially, and logistically. Whether you're upsizing, downsizing, relocating, or just ready for a change, there are a few essential questions you should have answers to before you list that "For Sale" sign. 1. How Will I Get My Home Sale-Ready? Before your property hits the market, you’ll want to make sure it puts its best foot forward. That starts with understanding its current market value—and ends with a plan to maximize its appeal. A real estate professional can walk you through what similar homes in your area have sold for and help tailor a prep plan that aligns with current market conditions. Here are some things you might want to consider: Decluttering and removing personal items Minor touch-ups or repairs Fresh paint inside (and maybe outside too) Updated lighting or fixtures Professional staging Landscaping or exterior cleanup High-quality photos and possibly a virtual tour These aren’t must-dos, but smart investments here can often translate to a higher sale price and faster sale. 2. What Will It Actually Cost to Sell? It’s easy to look at the selling price and subtract your mortgage balance—but the real math is more nuanced. Here's a breakdown of the typical costs involved in selling a home: Real estate agent commissions (plus GST/HST) Legal fees Mortgage discharge fees (and possibly a penalty) Utility and property tax adjustments Moving expenses and/or storage costs That mortgage penalty can be especially tricky—it can sometimes be thousands of dollars, depending on your lender and how much time is left in your term. Not sure what it might cost you? I can help you estimate it. 3. What’s My Plan After the Sale? Knowing your next step is just as important as selling your current home. If you're buying again, don’t assume you’ll automatically qualify for a new mortgage just because you’ve had one before. Lending rules change, and so might your financial situation. Before you sell, talk to a mortgage professional to find out what you’re pre-approved for and what options are available. If you're planning to rent or relocate temporarily, think about timelines, storage, and transition costs. Clarity and preparation go a long way. The best way to reduce stress and make confident decisions is to work with professionals you trust—and ask all the questions you need. If you’re thinking about selling and want help mapping out your next steps, I’d be happy to chat anytime. Let’s make a smart plan, together.