Closed in 2023 · Published October 18, 2026
- Residential
- Prime lender
- Purchase
- Investment property
- Rental
- Coquitlam
- Purchase price
- about $490,000
- Mortgage
- about $390,000
- Loan-to-value
- 80%
- Total debt-service ratio
- about 50%, by exception
- Rate in 2023
- about 6.7%, four-year fixed
The Situation
A married couple of scientists, permanent residents since August 2023, had bought a home and a Coquitlam rental condo that fall, then went for a third property: a one-bedroom Coquitlam condo at about $490,000, to rent at about $2,400 a month.
The Challenge
Counting both earlier mortgages, about $700,000 and about $420,000, salaries of about $100,000 and about $99,000 put the total debt-service ratio at about 50%, which needed an exception.
The Solution
In 2023 we placed about $390,000 with a major Canadian bank, 80% of the price, on a four-year fixed term at about 6.7% with a 30-year amortization. We asked for the exception on incomes with room to grow, reasonable purchase prices and rents higher than ever; the bank's rental policy counted the condo's tax, strata fees and heat at $1 each, and scores of 754 and 786 carried the file.
The Outcome
Exception made, the couple ended 2023 owning their home and two rental condos.