Canada is attracting lots of immigrants from all over the world. As these new inhabitants arrive here they are in need of housing which leads to the need for mortgage financing. The greedy old banks hate to miss out on a profit and so they have encouraged the Government mortgage insurer CMHC (see the link to CMHC in the sidebar) to design a program to help these new immigrants purchase a home in Canada without the banks being at risk.
Basically this program is a way of creating a credit profile for an individual who has not yet established a traditional credit profile in Canada. Under this program, the immigrants short term credit history with their Canadian landlord, utility providers, or other sources can be used to establish a credit history. They need only have a 12 month history of payment of these items on a regular and agreed upon basis to use them to prove credit worthiness.
This is an amazing program and some would say that it is easier for a new immigrant to get a mortgage using this program than it is for anyone else to get one through traditional means!