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Case Study · Residential / Alternative

One New Salary of About $52,000 and Ratios Near 55%: An Alternative Lender Financed a First Condo at 80% in Port Moody

A married couple, first-time buyers, were buying a brand-new one-bedroom condo in the Port Moody Centre area to live in, priced at about $570,000 plus GST.

Closed in 2022 · Published October 18, 2026

  • Residential
  • Alternative
  • Purchase
  • First-time buyer
  • Single income
  • Port Moody
Purchase price
about $570,000 plus GST
Mortgage
about $480,000
Loan-to-value
80% of the price with GST
Credit score
717
Rate in 2022
4.09%, one-year fixed, 40-year amortization

The Situation

A married couple, first-time buyers, were buying a brand-new one-bedroom condo in the Port Moody Centre area to live in, priced at about $570,000 plus GST.

The Challenge

One spouse had started as a building technologist a few months earlier, on about $52,000 a year; the other was still studying for a nursing exam, expected to earn about $70,000 to $90,000 once working. On the one salary the debt-service ratios came to about 55%.

The Solution

In 2022 we placed about $480,000 with an alternative lender, 80% of the price with GST, on a one-year fixed term at 4.09% with a 40-year amortization. An alternative lender was the fit because it could take ratios that high, well over the usual limit, qualified at that rate on the one salary, with a 717 score and 20% down from savings.

The Outcome

The couple have their first home, and the one-year term was chosen so they could move to a prime lender as soon as it ended.

Run the numbers

Affordability Calculator

A first condo bought on one new salary. See what your own down payment and income 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 buy a first home on one new salary?+

This couple did. In this 2022 file one spouse had started as a building technologist a few months earlier, on about $52,000 a year, and an alternative lender placed about $480,000, 80% of a new Port Moody condo's price with GST, qualified on that one salary.

Why was an alternative lender used?+

Because the ratios were too high for the usual limit. In this 2022 file the debt-service ratios came to about 55% on the one salary, and an alternative lender was the fit because it could take ratios that high, well over the usual limit, with a 717 score and 20% down from savings.

Can you get a 40-year amortization on a first condo?+

This couple did. In this 2022 file the alternative lender placed the mortgage with a 40-year amortization, on a one-year fixed term at 4.09%.

Does a spouse's future income count?+

Not in this file. In this 2022 file the other spouse was still studying for a nursing exam, expected to earn about $70,000 to $90,000 once working, and the lender qualified the couple on the one salary.

Why a one-year term?+

So the couple could move to a prime lender as soon as it ended. In this 2022 file the one-year fixed term at 4.09% was chosen for exactly that reason.

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