Closed in 2022 · Published October 18, 2026
- Residential
- Alternative
- Purchase
- First-time buyer
- Stated-income
- Commission income
- Value
- about $960,000
- Mortgage
- about $770,000
- Loan-to-value
- 80%
- Income used
- 2021 commission statements, about $190,000
- Rate in 2022
- 2.59%, one-year fixed
The Situation
Our client, a licensed realtor, was buying a first home to live in: a penthouse condo in Coquitlam with three bedrooms, two bathrooms and three side-by-side parking stalls, valued at about $960,000.
The Challenge
A realtor's income is commission, and the client, a little over two years into the career, had declared under $50,000 of personal income on the tax returns, far too little to qualify on at this price.
The Solution
In 2022 we placed about $770,000 with an alternative lender under its stated-income program, 80% of the value, on a one-year fixed term at 2.59% with a 30-year amortization, qualified at the Bank of Canada benchmark rate. An alternative lender was the fit because the declared income was too low: it read the 2021 commission statements instead, annualized less expenses to about $190,000, and a 750 score with no late payments carried ratios just over 31%.
The Outcome
The client bought a first home with 20% down from personal savings.