If you’re thinking of buying a home in Canada, one of the first things you’ll need to do is figure out how much income you need to qualify for a mortgage. The amount of income you need will vary depending on your situation, but there are a few general guidelines you can follow. In this article, we’ll take a look at what you need to know about qualifying for a mortgage in Canada.
| Price | 200,000 | 250,000 | 300,000 | 350,000 | 400,000 | 450,000 | 500,000 | |
| Income Required | 5% | 64,000 | 75,000 | 86,000 | 97,000 | 111,000 | 123,000 | |
| 10% | 60,000 | 72,000 | 84,000 | 94,000 | 105,000 | 117,000 | ||
| 15% | 58,000 | 69,000 | 80,000 | 91,000 | 102,000 | 113,000 | ||
| 20% | 53,000 | 63,000 | 73,000 | 83,000 | 93,000 | 103,000 |
Based on a 7% qualifier rate (required 2% greater than the current average 5 year fixed rate as of date of publish November 2022)
CREDIT SCORE
Your credit score is one of the most important factors that lenders will consider when determining whether or not you qualify for a mortgage. If you have a good credit score, it means that you have been responsible with your finances in the past and that you are likely to be responsible with your finances in the future.
EMPLOYMENT HISTORY
Your employment history is another factor that lenders will consider when determining whether or not you qualify for a mortgage. Lenders like to see stability in employment history, which means that they prefer borrowers who have been employed by the same employer for a reasonable length of time.
These are just some of the factors that lenders will consider when determining whether or not you qualify for a mortgage. If you want to increase your chances of qualifying for a mortgage, it is important to make sure that all of these factors are working in your favor
