Case Study · Residential / Prime

Two New Jobs and the Child Benefit: A Major Bank's Insured Mortgage Bought a Family Condo in Coquitlam at About 94%

A married couple with two children were buying a two-bedroom, two-bathroom condo in the Burquitlam area of Coquitlam, close to SkyTrain, valued at about $640,000.

Closed in 2022 · Published October 19, 2026

Residential
Prime lender
Insured
Purchase
Coquitlam

Value: about $640,000
Insured mortgage: about $600,000 plus a premium of about $24,000
Loan-to-value: about 94% of the value
Income used: $75,000 and about $58,000, plus the child benefit of about $11,000 a year
Rate in 2022: 4.45% (prime less 1.00%), five-year adjustable, 25-year amortization

The Situation

A married couple with two children were buying a two-bedroom, two-bathroom condo in the Burquitlam area of Coquitlam, close to SkyTrain, valued at about $640,000.

The Challenge

Both had recently changed employers within their fields: one had worked as a hydrographic surveyor since September 2021 at $75,000, the other as a coordinator at a fulfilment company since April 2022 at about $58,000. They were putting about 6% down from their own savings.

The Solution

In 2022 we placed an insured mortgage of about $600,000 plus a premium of about $24,000 with a major Canadian bank, about 94% of the value, on a five-year adjustable term at 4.45% (prime less 1.00%) with a 25-year amortization, qualified at 6.45%. The two salaries, the child benefit of about $11,000 a year, and scores of 787 and 835 carried ratios of about 38% and 43%.

The Outcome

The family bought the condo with about $39,000 down from their savings and a TFSA, which also covered the closing costs.

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Step 1 · Your purchase

Insurance program

Borrowed down payment (Flex 95) — borrowing your 5% down payment from a line of credit or loan is allowed with strong credit. It raises the 5%-down premium from 4.00% to 4.50% (the loan payment counts in your debt ratios). Only affects purchases with less than 10% down.

Purchase price

Buying new construction? Enter the price including the 5% GST — insurers calculate the premium on the GST-inclusive price. Insured mortgages cap at $1,499,999 (20% down required at $1.5M+).

Down payment

10% = $90,000

Amortization

Province

PST on the insurance premium is paid at closing in ON (8%), QC (9%) and SK (6%). Other provinces: none.

Insurance premium

$25,110

3.10% of $810,000 loan @ 90.0% LTV

Breakdown

Purchase price$900,000

Down payment$90,000 · 10.0%

Loan before insurance$810,000

Insurance premium (3.10%)$25,110

Total insured mortgage$835,110

Premium can be added to (financed in) the mortgage. PST on the premium, where applicable, is paid in cash at closing.

Premium curve · 8% → 25% down

Watch how the insurance premium drops as you raise your down payment — it hits $0 once you reach 20% (no insurance needed). The curve starts at this home's federal minimum down payment. The marker shows where you are right now.

What this calculator does that most don't

Charges the provincial sales tax on the premium where it applies (ON 8%, QC 9%, SK 6% — Manitoba removed its in 2020) — due in cash at closing, which most calculators quietly omit
Standard insured AND Sagen Insured Stated Income (self-employed) in one tool — switch the program to see the higher stated-income premium
Knows the December 2024 rules: max insured price $1,499,999 (high-ratio, under 20% down — not to be confused with the $999,999 insurable cap) and the first-time-buyer OR new-build gate on 30-year insured amortization, with the 0.20% surcharge applied

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Questions and answers

Questions about this file

Can both spouses be in new jobs and still get an insured mortgage?+

Yes, within the same fields. In this 2022 file one spouse had worked as a hydrographic surveyor since September 2021 at $75,000, the other as a coordinator since April 2022 at about $58,000, and a major Canadian bank approved the insured mortgage.

Does the child benefit count as income?+

It can. In this 2022 file the child benefit of about $11,000 a year was counted with the two salaries.

What did the insured mortgage cost?+

A premium of about $24,000. In this 2022 file the insured mortgage of about $600,000 plus the premium was about 94% of the value.

What rate did the mortgage have to qualify at?+

6.45%. In this 2022 file the five-year adjustable rate was 4.45%, prime less 1.00%, with a 25-year amortization.

How much was put down?+

About 6%. In this 2022 file the family put about $39,000 down from their savings and a TFSA, which also covered the closing costs; scores of 787 and 835 carried ratios of about 38% and 43%.

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