Buying your first home in Canada
Buying a new home in a new country is a big step, and we're here to provide you with the expert financial advice you'll need.
A mortgage is a special type of loan you use to purchase a home. You are required to pay back the loan with interest, within a specified time (amortization period). Typically, you have up to 25 years to pay back an HSBC mortgage.
The amortization period is broken down into mortgage terms with a pre-determined interest rate, from 6 months to 10 years in length (5-year mortgage terms are common in Canada). When a mortgage term ends, you renew your mortgage for another term, until the mortgage is paid off.
Prepare to buy a home in Canada
Before you apply for a mortgage, first determine what you can afford and what your monthly payments will be. To learn how different mortgage payment amounts will affect your finances, try our online mortgage calculators.
Calculate your mortgage options
Learn more about preparing to buy a home
Build your credit rating
When you apply for an HSBC mortgage, we will need to check your credit rating. If you are already an HSBC customer in your home country, we can transfer your HSBC credit history to Canada. If you are not an HSBC customer, or need to build your credit history in Canada, we can help.
Learn more about transferring your credit history to Canada
Get a pre-approved mortgage
Before you start house-hunting, apply for a pre-approved HSBC mortgage. Pre-approval offers several advantages:
- You know your price range, so you can narrow your search
- The seller will find your offer more attractive when they know that you already have approved financing
- Your mortgage rate is guaranteed for 60 days
- Applying is free, and you are under no obligation to accept our offer
Incentives for new home buyers
The Canadian government has incentives for new home buyers that may help you with your finances.
Find out if you qualify for any of these benefits
Get a preferential mortgage rate
HSBC Advance1 and HSBC Premier2 clients are automatically eligible for preferential mortgage rates.
Find out more about the Newcomers Program
1HSBC Advance requires you to have an active HSBC Advance chequing account and:
• maintain combined personal deposits and investments with HSBC Bank Canada and its subsidiaries of $25,000, or
• hold personal HSBC mortgage balances of $150,000 or greater.
Some exclusions apply. A monthly fee of $25 may be charged if you do not meet these minimum balance requirements (fee may change from time to time). For full details regarding eligibility and any fees which may apply please refer to the Personal Service Charges/Statement of Disclosure available at any HSBC Bank Canada branch or online at www.hsbc.ca.
2 HSBC Premier eligibility requires you to have an active HSBC Premier chequing account and maintain a $100,000 balance in combined personal deposits and investments with HSBC Bank Canada and its subsidiaries, some exclusions apply. For full details regarding eligibility and any fees which may apply, please refer to the Personal Service Charges/Statement of Disclosure.