Case Study · Residential / Monoline

A Family Gift and a GDS Just Under 39%: A Monoline Lender's Insured Mortgage Bought a First Townhouse at About 89% in Maple Ridge

A married couple with no children were buying their first home, a Maple Ridge townhouse with three bedrooms, two and a half bathrooms and a double garage, valued at about $770,000.

Closed in 2024 · Published October 18, 2026

Residential
Monoline lender
Insured
Purchase
First-time buyer
Gift

Value: about $770,000
Insured mortgage: about $670,000 plus a premium of about $21,000
Loan-to-value: about 89%
Down payment: about $91,000, including a gift of about $40,000
Rate in 2024: 4.49%, six-month fixed, 25-year amortization

The Situation

A married couple with no children were buying their first home, a Maple Ridge townhouse with three bedrooms, two and a half bathrooms and a double garage, valued at about $770,000.

The Challenge

The down payment, about $91,000, leaned on a gift of about $40,000 from family. One spouse had worked as an engineer since October 2022 at about $120,000; the other earned about $45,000 after a raise the month before. On those incomes the gross debt-service ratio came in just under the 39% limit on an insured mortgage.

The Solution

In 2024 we placed an insured mortgage of about $670,000 with a monoline lender, plus a premium of about $21,000, about 89% of the value, on a six-month fixed term at 4.49% with a 25-year amortization, qualified at 6.49%. Scores of 790 and 747 carried a total debt-service ratio of about 43%.

The Outcome

The couple own their first home, bought on two careers in demand, with room for both incomes to grow.

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Mortgage Insurance Calculator

This first townhouse was an insured purchase. See the insurance premium on your own price and down payment.

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Step 1 · Your purchase

Insurance program

Borrowed down payment (Flex 95) — borrowing your 5% down payment from a line of credit or loan is allowed with strong credit. It raises the 5%-down premium from 4.00% to 4.50% (the loan payment counts in your debt ratios). Only affects purchases with less than 10% down.

Purchase price

Buying new construction? Enter the price including the 5% GST — insurers calculate the premium on the GST-inclusive price. Insured mortgages cap at $1,499,999 (20% down required at $1.5M+).

Down payment

10% = $90,000

Amortization

Province

PST on the insurance premium is paid at closing in ON (8%), QC (9%) and SK (6%). Other provinces: none.

Insurance premium

$25,110

3.10% of $810,000 loan @ 90.0% LTV

Breakdown

Purchase price$900,000

Down payment$90,000 · 10.0%

Loan before insurance$810,000

Insurance premium (3.10%)$25,110

Total insured mortgage$835,110

Premium can be added to (financed in) the mortgage. PST on the premium, where applicable, is paid in cash at closing.

Premium curve · 8% → 25% down

Watch how the insurance premium drops as you raise your down payment — it hits $0 once you reach 20% (no insurance needed). The curve starts at this home's federal minimum down payment. The marker shows where you are right now.

What this calculator does that most don't

Charges the provincial sales tax on the premium where it applies (ON 8%, QC 9%, SK 6% — Manitoba removed its in 2020) — due in cash at closing, which most calculators quietly omit
Standard insured AND Sagen Insured Stated Income (self-employed) in one tool — switch the program to see the higher stated-income premium
Knows the December 2024 rules: max insured price $1,499,999 (high-ratio, under 20% down — not to be confused with the $999,999 insurable cap) and the first-time-buyer OR new-build gate on 30-year insured amortization, with the 0.20% surcharge applied

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Questions and answers

Questions about this file

Can a family gift be part of the down payment on an insured mortgage?+

Yes. In this 2024 file the down payment of about $91,000 leaned on a gift of about $40,000 from family, and a monoline lender placed an insured mortgage of about $670,000 on a Maple Ridge townhouse.

What is the GDS limit on an insured mortgage?+

39%. In this 2024 file the couple's gross debt-service ratio came in just under the 39% limit, and the monoline lender placed the insured mortgage at about 89% of the value.

Can a recent raise count toward qualifying?+

In this file it did. In this 2024 file one spouse earned about $45,000 after a raise the month before, the other had worked as an engineer since October 2022 at about $120,000, and on those incomes the gross debt-service ratio came in just under 39%.

How much did the insurance premium add?+

About $21,000. In this 2024 file the premium of about $21,000 sat on top of the insured mortgage of about $670,000, for about 89% of the value.

What credit carried the file?+

Scores of 790 and 747. In this 2024 file those scores carried a total debt-service ratio of about 43%, on a six-month fixed term at 4.49% qualified at 6.49%.

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