Mortgage Financing for Canadians in Canada

Mortgage rates in Canada change daily based on bond yields and the Bank of Canada's overnight rate. We shop over 50 lenders—including major banks, credit unions, and monoline lenders—to find you the most competitive daily rate based on your specific profile.

For a primary residence, the minimum is 5% for the first $500,000 of the purchase price and 10% for the portion above that. For properties over $1,000,000, a minimum of 20% down is required. Investment properties also typically require 20% down.

The stress test is a government regulation that requires lenders to qualify you at a higher interest rate than what you'll actually pay. This ensures you can still afford your mortgage if rates rise in the future. We help you navigate the stress test to maximize your borrowing power.

Fixed rates offer stability and a locked-in payment, while variable rates can save you money if interest rates fall but come with the risk of payment increases. We analyze your financial goals and the current economic outlook to help you decide which is best for you.

Yes! We specialize in self-employed mortgages. If your traditional tax returns don't reflect your true income, we have "stated income" and "bank statement" programs that look at your business's success rather than just the bottom line of your T1 General.

Yes, we provide financing for non-residents looking to purchase property in Canada. These programs Typically require a 35% down payment and specific documentation, but we can manage the entire global process for you.

CMHC insurance (or insurance from Sagen or Canada Guaranty) is required if your down payment is less than 20%. It protects the lender if you default and allows you to buy a home with lower up-front capital. The premium is typically added to your mortgage balance.

Most of our clients receive a pre-approval within 24–48 hours. For a full approval on a purchase, it typically takes 3 to 7 business days once we have all your documentation and the property details.

Absolutely. Debt consolidation is one of the most common reasons our clients refinance. By rolling credit card debt (at 20%+) into your mortgage (at much lower rates), you can significantly improve your monthly cash flow and pay down debt faster.

In Canada, you can typically refinance up to 80% of your home's current appraised value. This "cash-out" can be used for renovations, investing, or any other personal or business needs.

Canadian lenders use two ratios: GDS (Gross Debt Service) max 39% and TDS (Total Debt Service) max 44%. You'll also need to qualify at the stress test rate, which is the higher of your contract rate plus 2% or 5.25%.

Yes, alternative lenders and private lenders will consider applications with lower credit scores. Rates are higher (typically 6-12%), but we can often find solutions when banks say no.

Self-employed borrowers typically need 2 years of income history. We have access to stated income programs, bank statement programs, and lenders who use gross business revenue for qualification.

Fixed rates offer payment certainty, while variable rates are typically lower but fluctuate with prime. Historically, variable rates have saved money over time, but fixed provides peace of mind during uncertain rate environments.

5-year terms are most popular in Canada, but shorter terms (1-3 years) can make sense if you expect rates to drop or plan to move. Longer terms (7-10 years) provide maximum stability.

Rates change daily. A-lender rates for well-qualified borrowers typically range from 4-5%. Alternative lenders range from 5-12% depending on credit, income verification, and property type. Contact us for current rates.

The First-Time Home Buyer Incentive offers 5-10% of purchase price as shared equity. The Home Buyers' Plan allows $35,000 RRSP withdrawal tax-free. Many provinces also offer land transfer tax rebates for first-time buyers.

Generally no. Lenders want to see that your down payment comes from savings, gifts, or other acceptable sources. Borrowed down payments are typically not allowed for insured mortgages.