Closed in 2022 · Published October 19, 2026
- Residential
- Prime lender
- Purchase
- First-time buyer
- Single income
- Leasehold
- Purchase price
- about $620,000 plus GST
- Mortgage
- about $520,000
- Loan-to-value
- 80% of the price including GST
- Income used
- a two-year average of about $210,000
- Rate in 2022
- 5.15% (prime less 0.30%), five-year variable, 30-year amortization
The Situation
A single first-time buyer was purchasing a new two-bedroom, two-bathroom condo near Simon Fraser University in Burnaby, priced at about $620,000 plus GST.
The Challenge
The title was leasehold, on land owned by the government, and the client's pay as a territory manager, with the same employer since May 2016, had moved from about $160,000 on the 2020 T4 to about $250,000 on the 2021 T4, so it had to be averaged.
The Solution
In 2022 we placed a mortgage of about $520,000 with a major Canadian bank, 80% of the price including GST, on a five-year variable term at 5.15% (prime less 0.30%) with a 30-year amortization. The two-year average of about $210,000 and an 824 score with every account paid as agreed carried ratios of about 23% and 28%.
The Outcome
The client bought a first home with 20% down, about $130,000: deposits of about $62,000 paid to the builder in April 2021, and the rest from savings, which also covered the closing costs.