Interested in learning more about property mortgages in Canada? Look no further!
Latest News
Mortgage arrears have yet to peak, but unlikely to reach long-term norm: BMO + MORE Aug 1st
Despite a gradual rise, Canadian mortgage arrears are expected to remain manageable due to the economic recovery and the mortgage stress test.... More »
Mortgage growth outpaced housing gains in late 2025 + MORE Apr 15th
Home values declined while borrowing increased, leaving financial markets to drive overall wealth growth..... More »
The complete guide for first-time home buyers in Canada + MORE Apr 22nd
Buying your first home is an exciting experience, but it can also be an overwhelming one—especially if you’re not sure where to start. That’s why we’ve outlined some simple steps that anyone shopping for a home should take, from figuring out what you can actually afford to getting pre-approv.... More »
Watch: What Is the First-Time Home Buyer Incentive? + MORE Apr 7th
In 2019, the federal government introduced the First-Time Home Buyer Incentive, a program designed to make homeownership more affordable. But how does it work? Who’s it for? And is it always a good option for buyers?
Through the First-Time Home Buyer Incentive, the government contributes to a .... More »
Toronto and Vancouver mortgage arrears set to hit highest levels in 10 years, CMHC warns + MORE Nov 15th
Mortgage arrears in Toronto and Vancouver are on track to rise to levels not seen in over a decade, according to a new forecast from Canada's housing agency..... More »
How does credit card debt affect a mortgage application?
– moneysense.ca
If you’re shopping around for a mortgage, you probably already know that lenders ask for a ton of financial information before determining how much you can borrow. That list includes your household income, down payment amount and how much you owe—including credit card debt, car payments and unsecured personal.
With debt being so common these days—the average Canadian consumer carried a credit card balance of $4,245 at the end of last year, according to TransUnion—you might be wondering how, exactly, outstanding credit card debt might affect your mortgage eligibility, and whether it’s something you should be worried about. Here’s what you need to know.
How credit card debt can hurt (or help) a mortgage application
If you have a relatively small credit card balance and diligently make your minimum payments on time, that debt is unlikely to have any effect at all on your mortgage application. But a history of overdue payments or a large credit card balance—especially when combined with other forms of debt—often reduces the amount you can borrow for a home purchase, and it might even disqualify you for a mortgage altogether…
With debt being so common these days—the average Canadian consumer carried a credit card balance of $4,245 at the end of last year, according to TransUnion—you might be wondering how, exactly, outstanding credit card debt might affect your mortgage eligibility, and whether it’s something you should be worried about. Here’s what you need to know.
How credit card debt can hurt (or help) a mortgage application
If you have a relatively small credit card balance and diligently make your minimum payments on time, that debt is unlikely to have any effect at all on your mortgage application. But a history of overdue payments or a large credit card balance—especially when combined with other forms of debt—often reduces the amount you can borrow for a home purchase, and it might even disqualify you for a mortgage altogether…
