Month 0,3: Land, settle, do nothing dramatic
The single biggest mistake newcomers make is rushing into a purchase. Rent first. Use months 1,3 to:
- Open a Canadian chequing account
- Get a credit card (secured if needed) and use it monthly
- Get a SIN and begin filing taxes
- Choose a city you actually want to live in
Month 3,6: Build the file
- Establish credit history (6 months minimum for most lenders)
- Document income consistently
- Open a TFSA and FHSA (First Home Savings Account, up to $40,000 lifetime, tax-deductible contributions)
Month 6,12: Mortgage pre-approval
Newcomer mortgage programs (offered by all major banks) typically allow:
- Up to 95% financing for properties under $500,000
- Down payment from your home country (with documentation)
- No Canadian credit required for some programs
Neighbourhood selection
For newcomers I usually recommend starting in Mississauga or Etobicoke, established immigrant communities, transit, and meaningful price-per-sqft advantages over central Toronto. See Mississauga and Etobicoke.