Closed in 2023 · Published October 18, 2026
- Residential
- Prime lender
- Purchase
- First-time buyer
- Gift
- Pitt Meadows
- Value
- $650,000
- Mortgage
- $470,000
- Loan-to-value
- about 73%
- Credit scores
- 825 and 769
- Rate in 2023
- 6.19%, three-year fixed, amortization over 25 years
The Situation
A long-time common-law couple were buying their first home: a renovated two-bedroom, two-bathroom condo in central Pitt Meadows, close to transit, schools and shopping, valued at $650,000.
The Challenge
Both had excellent scores, 825 and 769, but thin credit files. One partner, a senior animator since 2019, earned about $100,000; the other, a tester at a studio since 2018, had income that moved from year to year, about $71,000 in 2021 and about $77,000 in 2022.
The Solution
In 2023 we placed $470,000 with a major Canadian bank, about 73% of the value, on a three-year fixed term at 6.19% with an amortization over 25 years. The bank averaged the tester's two years to about $74,000, and with no debts the ratios came to about 28% and 29%.
The Outcome
The couple put $180,000 down from their savings plus a $20,000 family gift, and bought their first home together.