Case Study · Residential / Prime

Ratios Near 46% and a Job Under a Year Old: A Major Bank Financed a First Home With a Suite in Delta at 80%

Q: Can you get a mortgage with a job under a year old?

This couple did, in 2025, with a major Canadian bank: one spouse had started as an automotive mechanic at an airline in November 2024, after 8.5 years as a heavy-duty mechanic.

Q: Will a bank accept debt-service ratios of 46%?

In this 2025 file it did: at 80% the ratios came to about 45% and 46%, and a major Canadian bank placed $1,118,400 on a five-year adjustable term at 4.55%.

Q: Does part-time income count for a mortgage?

Here the bank counted the teacher spouse's part-time instructing income, averaged over two years, along with both salaries.

Q: Can rent from a suite help a first-time buyer qualify?

In this file the bank counted the suite's estimated rent; the one-bedroom suite is expected to rent for about $1,600 a month.

Q: Where did the down payment come from?

The $279,600 down payment came from savings, investments and a $160,000 gift from a parent.

A married couple set out in 2025 to buy their first property: a five-bedroom Delta home with a one-bedroom suite, priced at about $1.4 million. Both had excellent credit, almost no debt.

Closed in 2025 · Published October 18, 2026

Residential
Prime lender
Purchase
First-time buyer
Gift
Rental suite

Purchase price: about $1.4 million
Mortgage: $1,118,400
Loan-to-value: 80%
Down payment: $279,600, including a $160,000 gift
Rate in 2025: 4.55%, five-year adjustable

The Situation

A married couple set out in 2025 to buy their first property: a five-bedroom Delta home with a one-bedroom suite, priced at about $1.4 million. Both had excellent credit, almost no debt.

The Challenge

One spouse had started as an automotive mechanic at an airline in November 2024, after 8.5 years as a heavy-duty mechanic, and at 80% the debt-service ratios came to about 45% and 46%.

The Solution

In 2025 we placed a mortgage of about $1.1 million with a major Canadian bank, 80% of the price, on a five-year adjustable term at 4.55%. The bank counted both salaries, the teacher spouse's part-time instructing income averaged over two years, and the suite's estimated rent. The roughly $280,000 down payment came from savings, investments and a $160,000 gift from a parent.

The Outcome

The couple own their first home, its suite expected to rent for about $1,600 a month.

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A first home bought with a suite and a family gift. See what your own down payment and income support.

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Income & debts

Household gross income (annual)

Monthly liabilities

How lenders count these: car loan = actual payment; credit cards + unsecured personal LOC = 3% of balance each; student loan = 1–1.5% of balance even on a $0 plan.

Car loan payment (monthly)

Credit card + unsecured personal LOC balance

Student loan balance

Down payment

Mortgage terms

Mortgage rate (%)

Amortization

Term

Rate type

Housing carrying costs (monthly)

Property tax

Heat

Condo / strata

Suite rent

Heat: CMHC standard $100/mo. Condo: only 50% counts toward your housing ratio.

I own other propertiesCheck this if you own any other real estate (owner-occupied, vacation, or rental). Leave unchecked if none.

Max purchase price

$738,567

$638,567 mortgage + $100,000 down · limited by down payment

Total monthly debt (stress-tested)$4,550

Qualified at 6.50% (OSFI B-20 stress test).

Two ways to buy

Same income, same down payment — two strategies. Insured pricing assumed ~0.25% below conventional.

Conventional

20% down (uninsured)

$500,000

Down: $100,000 (20.0%)

Mortgage: $400,000

Rate assumed: 4.75%

Monthly payment

$2,075/mo

Principal & interest at 4.75% over 30-yr amort

Saves $19,796 in CMHC premium

− Extra interest @ +0.25% over 5-yr term: $4,750

Est. net savings: $15,046

Limited by 20% down rule — extra income capacity is unused.

Insured

Less than 20% down (CMHC-insured)

$738,567

Down: $100,000 (13.5%)

Mortgage: $638,567

Rate assumed: 4.50%

Monthly payment

$3,320/mo

Principal & interest at 4.50% over 30-yr amort

+ CMHC premium: $19,796 (financed)

Total loan w/ premium: $658,363

30-yr insured amort (first-time buyers / new builds only) adds a 0.20% premium surcharge — not included above.

Limited by income — your cash covers more than the minimum down at this price.

What this calculator does that most don't

Models liabilities the way lenders actually do: credit cards at 3% of balance, student loans at 1–1.5% of balance even on $0 payment plans
A multi-property builder that applies 100% rental add-back to income and full carrying costs to TDS — portfolio buyers get real numbers
Compares insured vs conventional side by side, netting the CMHC premium saved against the extra interest of the higher conventional rate
Discloses the exception ratios brokers actually place files at: A-lenders to 50/50, alternative lenders to 60/60 — numbers no bank calculator will print

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Contract vs stress-test payment

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Exceptions — you may qualify for more▾

• Conventional (A-lender) — strong files: as an exception, may be considered up to 50% / 50% GDS / TDS.
• Alt-lender (minimum 20% down): up to 60% / 60%, and even higher at ≤65% LTV.
• Insured deals (< 20% down): hard capped at 39% / 44% — no exceptions.

This calculator shows the standard 39/44 case. Exceptions depend on file strength and lender — get in touch to find out your true qualification.

Questions and answers

Questions about this file

Can you get a mortgage with a job under a year old?+