Closed in 2022 · Published October 18, 2026
- Residential
- Prime lender
- Purchase
- First-time buyer
- Single income
- Gift
- Value
- about $520,000
- Mortgage
- about $410,000
- Loan-to-value
- about 79% of the value
- Income used
- two years of T4 income averaged to about $79,000
- Term in 2022
- five-year adjustable, 30-year amortization
The Situation
A single first-time buyer was purchasing a one-bedroom condo in a Surrey tower close to SkyTrain, valued at about $520,000.
The Challenge
A train conductor since February 2017, the client had an income that moved from year to year, about $80,000 in 2020 and about $77,000 in 2021, and on that one income the ratios came to about 41%. The whole down payment was a grandparent's gift, not yet deposited when the file was submitted.
The Solution
In 2022 we placed about $410,000 with a major Canadian bank, about 79% of the value, on a five-year adjustable term with a 30-year amortization. The two years of T4 income were averaged to about $79,000, and a 795 score on a mature credit file, no debt at all, a car fully paid off and over $50,000 in RRSPs and stocks carried the file.
The Outcome
The client bought a first home with $110,000 down, the grandparent's gift, and the same gift covered the closing costs.