Your Mortgage Knowledge Hub

The minimum down payment in Canada depends on the purchase price. For homes under $500,000, the minimum is 5%. For homes between $500,000 and $999,999, it's 5% on the first $500,000 and 10% on the remainder. For homes $1 million or more, the minimum is 20%. Most Toronto homes exceed $500,000, so first-time buyers often need at least $50,000–$75,000 saved.

Most lenders in Canada require a minimum credit score of 680 for insured mortgages (less than 20% down) and 600 for conventional mortgages. However, the higher your score, the better your rate options. We work with buyers at all credit levels — if your score needs improvement, we'll tell you exactly what steps to take.

With all documents ready, we can typically obtain a pre-approval within 24–48 hours. The documents you'll need include proof of income (pay stubs or Notice of Assessment for self-employed), bank statements, and ID. A pre-approval rate hold lasts up to 120 days, giving you time to shop with confidence.

The mortgage stress test requires you to qualify at the higher of the Bank of Canada's qualifying rate (currently 5.25%) or your actual mortgage rate plus 2%. This ensures you could still afford your mortgage if rates rose. During our free consultation, we'll calculate exactly what purchase price you can qualify for under the stress test.

Mortgage brokers typically have access to far more options than a single bank — we work with over 40 lenders, including banks, credit unions, and private lenders, and our service is free to borrowers (lenders pay our fee). Many clients find they qualify for lower rates through a broker. That said, the best choice depends on your situation — we're happy to give you an honest comparison.