Closed in 2023 · Published October 17, 2026
- Residential
- Alternative
- Purchase
- Self-employed
- Stated-income
- Realtor
- Purchase price
- about $1,265,000
- Mortgage
- about $570,000
- Loan-to-value
- 45%
- Down payment
- about $695,000
- Rate in 2023
- about 7.3%, one-year fixed
The Situation
Our client, a real estate agent licensed in both British Columbia and Ontario, had commuted to Ontario for five years to be near family while keeping clients in BC. In July 2023 the sale of the client's share in a BC property paid out about $1,075,000, and the client set out to buy a detached home in Burlington, Ontario, priced at about $1,265,000.
The Challenge
Commission income of about $105,000 a year, stated on commission statements, put the debt-service ratios at about 60%, even with more than half the price paid in cash.
The Solution
In 2023 we placed a mortgage of about $570,000 with an alternative lender, 45% of the price, on a one-year closed fixed term at about 7.3%, a rate that included a 0.25% premium for the higher ratios. The down payment of about $695,000 came from the property sale, and three personal debts were paid off before the mortgage advanced.
The Outcome
The client now owns a home near family in Ontario, with more than half the price paid in cash, and keeps serving clients in BC.