How does the Canadian credit system work with regards to getting a mortgage?

How long do you have to build up credit for? Do you need to have maintained a certain amount of money in the bank for a certain period of time? Basically any info you can give me on getting a mortgage in Canada would be much appreciated; I might be relocating to Ottawa and could use all the help I can get!How does the Canadian credit system work with regards to getting a mortgage?
Having a good credit rating and some savings is very useful in getting a mortgage, but the majority of the concentration is on whether or not you will be able to pay back the amount.





If you have relationships with any banks in Canada that helps as well. I work at a bank and I am well aware that if you have been with one of the banks for a significant period of time they are far more likely to approve you for a mortgage.





You can get mortgages with no money down, but having savings in the bank for a significant period of time does help as well.





Contact a mortgage broker, as they are specialized in ensuring that you will be able to get a mortgage. The Canadian system works much in the same way as the US one but functions at a much lower risk level, resulting in a lack of a sub-prime crisis here north of the border.