How many residential mortgages can I have?

The number of mortgages you can have is unlimited. Rather, people are constrained by their capacity to manage several mortgages or their financial status. First and second mortgages are two mortgages that are typically held concurrently on a same property.

What is a second mortgage Canada?

Second mortgage is a second loan or funding you take on your residential property. Interest rates on second mortgages are usually higher than first mortgages and you need to pay both your mortgages at the same time.

What is a conventional mortgage Canada?

A conventional mortgage in Canada is a loan where the down payment is at least 20% of the property's purchase price. This means that the loan amount is 80% or less of the property's value.

How long can you mortgage a home in Canada?

In Canada, you can mortgage a home for 25 years. If you are a first-time buyer or purchasing a new build you can mortgage it for 30 years. These rules took effect on December 15, 2024.

Can I buy a home with less than a 20% down payment?

The minimum amount you need for your down payment depends on the purchase price of the home. If your down payment is less than 20% of the price of your home, you'll typically need to buy mortgage loan insurance. If you're self-employed or have a poor credit history, your lender may require a larger down payment.

Should I choose a fixed rate or variable rate mortgage?

Interest rates either rise or fall. But a study suggests that homeowners with a variable mortgage fair better than a fixed rate one.

First Time Homebuyer Mortgage

19 Feb First-Time Home Buyer Mistakes That Cost Thousands — And How to Avoid Them in Canada

Posted at 20:36h in First Time Homebuyer Mortgage

Buying your first home is one of the most exciting milestones in life. It represents independence, security, and the beginning of long-term wealth building. But in Canada’s high-cost housing environment—especially across British Columbia—first-time buyers face more financial traps than ever...

31 Jan Rent vs Buy vs Co-Own in High-Cost BC Markets: What Makes Sense for Canadians in 2026?

Posted at 10:41h in First Time Homebuyer Mortgage

In British Columbia’s high-priced housing markets, one question dominates every kitchen table conversation, financial planning session, and late-night online search: “Should I continue renting, buy on my own, or co-own with family or partners?” In places like Surrey, Abbotsford, Langley, Vancouver, and...

13 Dec How Lower BoC Rates Are Shaping Real-Estate Demand — Who Benefits (and Who Should Wait)

Posted at 09:16h in First Time Homebuyer Mortgage

Lower interest rates set by the Bank of Canada often act as a powerful catalyst in the real estate market. After a prolonged period of elevated borrowing costs, recent Bank of Canada (BoC) rate cuts are beginning to shift buyer...

16 Oct Buying a Home in a 2.5% Rate Market: A 2026 Roadmap for First-Time Buyers in Surrey and Abbotsford

Posted at 10:14h in First Time Homebuyer Mortgage

For many Canadians, 2025 has been a turning point in the housing market. When the Bank of Canada lowered its policy rate to 2.5% in September 2025, it didn’t just make borrowing cheaper—it reignited confidence among first-time homebuyers across British...

12 May The Ultimate Guide to First-Time Home Buyer Mortgages in BC

Posted at 10:16h in First Time Homebuyer Mortgage

Buying your first home is a major milestone — and one of the biggest financial commitments you’ll make. For residents of Abbotsford, Surrey, and nearby areas in British Columbia, navigating the mortgage process can be overwhelming, especially with changing government...

09 Apr Pre-Election Housing Package: Promises, Policies, and What It Means for You

Posted at 14:02h in First Time Homebuyer Mortgage

With the federal election approaching on April 28, 2025, housing affordability has become the central issue for both voters and policymakers. In recent weeks, government leaders have signaled a comprehensive pre-election housing package that includes a mix of tax relief,...

02 Apr GST Exemption Is Just the Beginning: What More Can First-Time Buyers Expect?

Posted at 12:06h in First Time Homebuyer Mortgage

The Canadian federal government’s recent pledge to remove the 5% Goods and Services Tax (GST) on new homes under $1 million for first-time homebuyers has made headlines—and for good reason. With affordability at the forefront of national concern, this measure...

first-time buyers and self-employed individuals

03 Mar Co-Ownership Mortgages in BC | Affordable Homeownership

Posted at 17:49h in First Time Homebuyer Mortgage

Introduction: The Rising Cost of Homeownership in BC British Columbia's housing market remains one of the most expensive in Canada, with cities like Surrey, Abbotsford, and Vancouver seeing continuous price hikes. The dream of homeownership feels out of reach for many,...

07 Oct What Are The Mortgage Options For Newcomers In Canada?

Posted at 15:54h in First Time Homebuyer Mortgage

Are you a newcomer in Canada and planning to buy a home you can call yours? The journey to homeownership is both complex and complicated, especially if you are an immigrant and recently gained a permanent residency or citizenship. Finding...

09 Aug 6 Proven Tips for First-Time Home Buyer Mortgage Approval

Posted at 12:13h in First Time Homebuyer Mortgage

Are you looking to buy your first home in Canada? If you're a first-time home buyer, you may be very excited to purchase a home you can proudly call your own and may require financial assistance to achieve this dream...