Closed in 2022 · Published October 18, 2026
- Residential
- Prime lender
- Purchase
- First-time buyer
- Cross-border income
- Port Coquitlam
- Value
- about $1 million
- Mortgage
- about $800,000
- Loan-to-value
- 80% of the value
- U.S. salary used
- about $130,000 in U.S. dollars, converted to about $170,000
- Rate in 2022
- 5.05%, five-year fixed, 30-year amortization
The Situation
A married couple, first-time buyers, were buying a three-bedroom, three-bathroom townhome in Port Coquitlam, close to transit, shopping and schools, valued at about $1 million.
The Challenge
On June 1, 2022, less than three months before closing, one spouse had moved to a senior technical artist role with a U.S.-based company, paid about $130,000 a year in U.S. dollars, after four years and nine months in the same industry on about $86,000 (2021 T4). The other, a project manager since November 2019, earned $67,000.
The Solution
In 2022 we placed about $800,000 with a major Canadian bank, 80% of the value, on a five-year fixed term at 5.05% with a 30-year amortization, qualified at 7.05%. The bank made a large exception to count the new U.S.-dollar salary, from the employment letter, converted at the Bank of Canada's one-week average to about $170,000, and scores of 724 and 776 carried ratios of about 29% and 35%.
The Outcome
The couple bought their first home with 20% down, about $200,000, from their savings and investments, which also covered closing costs.