Mortgages for physicians moving to BC
By Asim Ali, Mortgage Broker, Dominion Lending Centres A.I.M.I. Collective Mortgage Group
Updated
Short answer: physicians moving to BC can often buy soon after arriving. A signed BC contract proves income, and newcomer insurance programs accept alternatives to Canadian credit history. Your immigration status decides how much you need down and which rules apply.
What changes when you move to Canada
- Credit history: your US or overseas credit score does not carry over. Lenders can accept an international credit report or a bank reference letter instead.
- Down payment: there are no 0% down physician loans in Canada. See our US doctor loans vs Canada guide.
- Licensure: lenders look for your licence with the College of Physicians and Surgeons of BC, or proof it is in progress, alongside your contract.
Permanent residents vs work permit holders
| Rule | Permanent resident | Work permit holder |
|---|---|---|
| CMHC newcomer insurance | All homeowner products | Homeowner loans if authorized to work in Canada |
| Minimum down payment | 5% of the first $500,000, 10% above, under $1.5 million | Up to 95% financing on 1 to 2 units with CMHC; lenders may ask for more |
| Federal ban on non-Canadian buyers | Does not apply | In place until January 1, 2027, with exceptions for some work-permit holders |
| BC additional property transfer tax (20%) | Does not apply | Applies in Metro Vancouver, Fraser Valley, Capital, Central Okanagan and Nanaimo regional districts, unless you are a confirmed BC Provincial Nominee |
| BC first-time buyer tax exemption | After a year in BC or two BC tax returns | Not available |
BC's 20% tax for foreign buyers
On top of the federal rules, BC charges an additional property transfer tax of 20% of the purchase price when a foreign national buys in the Metro Vancouver, Fraser Valley, Capital, Central Okanagan or Nanaimo regional districts. A confirmed BC Provincial Nominee can be exempt on a principal residence, once. A work permit on its own does not exempt you, so factor this in before you choose where to buy, or plan your purchase around your permanent residence.
Read BC's rules for foreign buyers →
What to prepare before you arrive
- Your signed BC contract or offer letter with a start date
- Your licence status with the College of Physicians and Surgeons of BC
- An international credit report, or a reference letter from your current bank
- Proof of your down payment, including funds moving from abroad
- Your immigration documents
Read more
- CMHC, mortgage loan insurance for newcomers →
- Province of BC, additional property transfer tax for foreign entities →
- Province of BC, first-time home buyers' property transfer tax exemption →
- TD Bank (United States), Medical Professional Mortgage →
- Government of Canada, mortgage rule changes for homebuyers (Dec 15, 2024) →
Lender programs change often. Figures on this page are current as of November 2, 2026 and are examples, not offers. Your approval depends on the lender and your full application.
