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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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.
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4 Signs You’re Ready for Homeownership

By Joel Olson • October 21, 2025
Buying your first home is a big deal. And while you may feel like you’re ready to take that step, here are 4 things that will prove it out. 1. You have at least 5% available for a downpayment. To buy your first home, you need to come up with at least 5% for a downpayment. From there, you’ll be expected to have roughly 1.5% of the purchase price set aside for closing costs. If you’ve saved your downpayment by accumulating your own funds, it means you have a positive cash flow which is a good thing. However, if you don’t quite have enough saved up on your own, but you have a family member who is willing to give you a gift to assist you, that works too. 2. You have established credit. Building a credit score takes some time. Before any lender considers you for mortgage financing, they want to see that you have an established history of repaying the money you’ve already borrowed. Typically two trade lines, for a period of two years, with a minimum amount of $2000, should work! Now, if you’ve had some credit issues in the past, it doesn’t mean you aren’t ready to be a homeowner. However, it might mean a little more planning is required! A co-signor can be considered here as well. 3. You have the income to make your mortgage payments. And then some. If you’re going to borrow money to buy a house, the lender wants to make sure that you have the ability to pay it back. Plus interest. The ideal situation is to have a permanent full-time position where you’re past probation. Now, if you rely on any inconsistent forms of income, having a two-year history is required. A good rule of thumb is to keep the costs of homeownership to under a third of your gross income, leaving you with two-thirds of your income to pay for your life. 4. You’ve discussed mortgage financing with a professional. Buying your first home can be quite a process. With all the information available online, it’s hard to know where to start. While you might feel ready, there are lots of steps to take; way more than can be outlined in a simple article like this one. So if you think you’re ready to buy your first home, the best place to start is with a preapproval! Let's discuss your financial situation, talk through your downpayment options, look at your credit score, assess your income and liabilities, and ultimately see what kind of mortgage you can qualify for to become a homeowner! Please connect anytime; it would be a pleasure to work with you!