Mortgages for People New to Canada aim to support newcomers in understanding the Canadian real estate market and the associated costs, such as closing costs and adjustment costs. The program encourages individuals to build equity instead of renting, taking advantage of employment and credit sources. It also assists newcomers in finding the best rates and mortgage options, particularly for loans exceeding $1 million, requiring a minimum 20% down payment, but also offering flexibility with down payments as low as 5%. Additionally, the program provides guidance on homebuyer incentive programs and down payment assistance options. By collaborating with various lenders, including banks, mortgage finance companies, credit unions, and alternative financers, the program ensures customized solutions that cater to specific mortgage needs. Moreover, Canada's innovative tools are accessible to enhance the efficiency of the first-time home buying experience.