Maria, a new Canadian immigrant in Vancouver, wishes to purchase her first home for $750,000 with a down payment of $200,000. She has been employed full-time for six months. Which mortgage product is most suitable for Maria given her recent arrival and employment history?

Question: Maria, a new Canadian immigrant in Vancouver, wishes to purchase her first home for $750,000 with a down payment of $200,000. She has been employed full-time for six months. Which mortgage product is most suitable for Maria given her recent arrival and employment history?

Answer options:

• A standard high-ratio insured mortgage, as she meets the minimum down payment requirements. ✅ A New-to-Canada mortgage program mortgage, potentially requiring a larger down payment or demonstrating a strong international credit history.
• A B-lender mortgage, due to her limited Canadian credit history and employment duration.
• A private mortgage, as institutional lenders will likely decline her application without two years of Canadian employment.

Correct answer: A New-to-Canada mortgage program mortgage, potentially requiring a larger down payment or demonstrating a strong international credit history.

Explanation: New-to-Canada programs are designed for immigrants with limited Canadian credit or employment history, often offering more flexible qualification criteria than standard mortgages, as long as certain conditions like a strong international credit report or a larger down payment can be met.