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Case Study · Residential / Prime

A New Employer and a Fresh Raise: A Major Bank Financed a First Condo at About 77% in Port Coquitlam

A long-time common-law couple were buying their first home: a central Port Coquitlam condo with two bedrooms, two bathrooms and a den, close to transit and schools, priced at about $730,000.

Closed in 2024 · Published October 18, 2026

  • Residential
  • Prime lender
  • Purchase
  • First-time buyer
  • Gift
  • Port Coquitlam
Purchase price
about $730,000
Mortgage
about $560,000
Loan-to-value
about 77% of the price
Down payment
$170,000, including a $40,000 family gift
Rate in 2024
5.57%, three-year fixed, 30-year amortization

The Situation

A long-time common-law couple were buying their first home: a central Port Coquitlam condo with two bedrooms, two bathrooms and a den, close to transit and schools, priced at about $730,000.

The Challenge

One partner, a social worker, had joined a new employer in September 2023 on about $80,000, after more than two years in the same work elsewhere. The other, a field manager with the same employer since November 2018, earned about $130,000 after a raise that same September, so both incomes rested on employment letters and pay stubs.

The Solution

In 2024 we placed about $560,000 with a major Canadian bank, about 77% of the price, on a three-year fixed term at 5.57% with a 30-year amortization. Scores of 811 and 860 on clean, mature credit files carried ratios of about 25% and 30%.

The Outcome

The couple put $170,000 down, $130,000 from their own savings and a $40,000 family gift, and bought their first home together.

Run the numbers

Affordability Calculator

A first condo bought on two incomes that had both just changed. See what your own incomes and down payment support.

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Income & debts
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.

Mortgage terms
Amortization
Term
Rate type
Housing carrying costs (monthly)

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

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

Lenders qualify you on the taller bar — even though you actually pay the shorter one. That's the OSFI B-20 stress test in one picture.

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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 soon after changing employers?+

Yes, with continuity in the same work. In this 2024 file one partner had joined a new employer in September 2023 on about $80,000, after more than two years in the same work elsewhere, and a major Canadian bank approved it.

Does a recent raise count as income?+

It can. In this 2024 file the other partner earned about $130,000 after a raise that same September, and both incomes rested on employment letters and pay stubs.

Can a family gift be part of the down payment?+

Yes. In this 2024 file the couple put $170,000 down, $130,000 from their own savings and a $40,000 family gift.

What carried the file?+

Strong credit and low ratios. In this 2024 file scores of 811 and 860 on clean, mature credit files carried ratios of about 25% and 30%.

What rate did the couple get?+

5.57% on a three-year fixed term. In this 2024 file the bank placed about $560,000 with a 30-year amortization.

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