Closed in 2022 · Published October 18, 2026
- Residential
- Prime lender
- Purchase
- First-time buyer
- Single income
- Burnaby
- Value
- about $760,000
- Mortgage
- about $600,000
- Loan-to-value
- 80% of the value
- Income
- about $160,000 a year plus bonuses
- Rate in 2022
- 3.10% when approved, five-year variable, 30-year amortization
The Situation
A single permanent resident was buying a first home: a two-bedroom, two-bathroom condo in the heart of Burnaby, valued at about $760,000.
The Challenge
The client had been a staff software engineer at a tech company since March 2021, on about $160,000 a year plus bonuses. The down payment and part of the savings sat in U.S.-dollar accounts, and each balance had to be converted to Canadian dollars before it could count.
The Solution
In 2022 we placed about $600,000 with a major Canadian bank, 80% of the value, on a five-year variable term at 3.10% when approved, with a 30-year amortization, qualified at 5.25%. Each U.S. balance was converted at the Bank of Canada's weekly average exchange rate, and a 733 score with every account paid as agreed carried ratios of about 29%.
The Outcome
The client bought a first home with 20% down from those accounts, closing costs paid from their own resources and about $1.3 million in savings and investments behind the file.