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Federal · Canada-wide / Housing, real estate & moving

Prepare for mortgage qualification

Prepared by · Sources checked

Can I qualify for a mortgage in Canada?

A lender checks income, debts, credit history, down payment and the property before approving a mortgage. A stress test checks whether higher payments would be affordable. Preapproval helps you shop, but is not final mortgage approval.

Where to begin

  1. Review your credit report and correct errors before applying.
  2. Prepare income, employment, debt, down-payment and closing-cost evidence.
  3. Include property taxes, heating, applicable condo costs and other debt payments in your budget.
  4. Ask which stress-test and insurance rules apply to the mortgage you are seeking.
  5. Compare preapproval terms and any conditions that remain before committing to a purchase.

Before you open the official service

  • Income and debt records requested by the lender.
  • Down-payment source, estimated property costs and purchase details.

Keep your actual documents and account details off this website. Use the official service’s current checklist before applying.

What to check for your situation

As reviewed 3 November 2026, OSFI’s uninsured minimum qualifying rate is the higher of 5.25% or the contract rate plus two percentage points. Qualifying straight switches have an exception; lender approval is still required.

Fees, processing times and document rules can change. This page helps you navigate; it does not confirm eligibility or replace the government’s instructions.

Official sources

Prepared by Active K Digital from the linked public guidance. Read our source approach.