r/MortgagesCanada

Cross Posted

I’m hoping someone can help me understand how Equifax Canada handles charged-off accounts because I’m getting conflicting information.
Back in 2021, I had three accounts charged off during a rough period. The balances were relatively small: about $300, $353, and $2,700.
One important detail is that all three accounts remained with the original creditors. They were never assigned or sold to a collection agency, and I was never contacted by a collection agency. They simply stayed as charged-off accounts with the original lenders.
They were all originally expected to fall off my Equifax report in 2027. Last month, I decided to pay all three in full. The balances have now updated to $0, and the R9 ratings remained the same, which is what I expected.
Since they updated, I noticed that the closed date changed to reflect when I paid them, but the last payment date still shows the original date from 2021.
The problem is that I’m getting conflicting information about how long they’ll remain on my report.
I’ve spoken with Equifax several times. Some agents have told me the reporting period is based on the date of last activity, while others have told me it’s based on the first delinquency that led to the charge-off.
I’ll attached links from Equifax’s website that seem to say different things, which is why I’m so confused.
Since my accounts never went to collections, I’m not sure whether the collections rules even apply. I’m planning to apply for a mortgage next year, so this is really important to me.
Based on your experience, should I still expect these accounts to fall off in 2027 based on the original delinquency, or is there something I’m missing? I’d really appreciate hearing from anyone who has dealt with a similar situation in CanadaCharge Off Negative Info

Hi everyone,

My sibling is transferring ownership of their condo to me, and they currently have a mortgage with RBC that matures at the end of June 2027.

To keep things simple and avoid breaking the existing mortgage, I’m looking into assuming the mortgage instead of discharging it and getting a new one.

I’ve got a few questions:

What does the actual process look like with RBC? Is it as simple as booking an appointment with a mortgage specialist and formally applying for an assumption, or is it more involved behind the scenes?

Our lawyers have mentioned that mortgage assumptions are quite rare nowadays and that many lenders have stopped offering them in practice. Is that accurate for RBC and the other big banks?

Under what circumstances would RBC deny an assumption other than me not qualifying financially? Especially since they still advertise mortgage assumptions as an available feature on their website.

Has anyone here actually gone through a sibling-to-sibling mortgage assumption with RBC or any of the major Canadian banks? I’d really appreciate hearing your experience—either here or via DM.

Thanks in advance.

Buying a $1.415M house, closing in days. Need a sanity check before I sign.

Original plan:
$375k down, mortgage ~$1,040,000 @ 4.06 blended, payment “just under $5k/mo”

What changed at signing:
Broker says the whole approval was actually based on $283k down, not $375k ($92k gap)

His fix: close with a bigger mortgage ($1,132,000), then immediately make a $92k lump-sum payment after funding. Claims this brings my payment back to the original quote.

What my TD contract actually says:
Payment locked at $5,423.17/mo for the term

$92k lump sum is under my prepayment limit — no penalty

But nothing says a lump sum automatically lowers the payment. Default behavior is: payment stays the same, amortization just shortens

When I asked him to confirm in writing, he said:
“Yes correct, you would be able to reduce your payment after making the lump sum, to stretch your payments back out to the contract amortization.”
No actual number given, and “you would be able to” sounds like a manual request to TD, not something automatic.
Questions for the sub:
Is re-amortizing after a lump sum a normal TD process, or is he just hand-waving?

Does this actually land me at the same effective payment as if I’d put the full $375k down originally — or is there a real gap (interest accrued on the extra $92k in the meantime, processing delays, does TD do this automatically or do I need to call in)?

Anyone done this with TD — prepay right after closing, then get re-amortized down? How long did it take?

Trying to decide if I push back and delay closing, or if this is genuinely fine. Thanks!

📍Quebec, Canada

My husband’s parents recently approached us about the possibility of buying a house together.
The plan would be for the property to be under my mother-in-law’s name for the first five years. The home price is approximately $350,000, with monthly payments of around $1,650. They would cover the down payment of $17,500 as well as the welcome tax, & notary without us having to pay them back. Since they qualify as first-time home buyers again (it has been over four years since they owned a home), they would receive a refund on the welcome tax along with two tax credits.
All ongoing expenses, including the mortgage, utilities (hydro), and renovations, would be split evenly between both couples. The goal is to convert the single-family home into a duplex so that we each have our own separate living space.
After five years, during the mortgage refinancing, we would be officially added to both the property title and the loan. Prior to purchasing the home, we will meet with a notary to formalize the agreement, including adding a promise to sell and other necessary legal protections.

They did give us the option, that if we wanted to, before adding us to the title, we could walk away with nothing under our name and from there they would take care of everything themselves (if we ever decided that we don’t want to do this anymore because of xyz). But I’m not sure that I would want to go that route since we’d be losing all that renovation money (it’s expensive to convert a single home into a duplex).

We are a young couple currently living with my parents for $250/month.

What do you guys think?

We bought our first townhouse in Calgary in 2024, and we’ve realized it was the wrong choice for us. We don’t like the house or the area, and we’d like to move as soon as it makes financial sense.

Our 3 year fixed mortgage is up for renewal in April 2027. The problem is that townhouse prices in our area have dropped, and we think we’d be looking at a loss of at least $50,000 if we sold today.

If we’re not able to sell before renewal, what type of mortgage would you recommend? Should we go with a short term fixed, variable, or something else if we hope to sell within the next year or two?

Also, is there anything else we should be doing now to put ourselves in the best position to move when the time is right?

Any advice from people who have been in a similar situation would be appreciated.

Looking to purchase first home.
Down payment 60k
Income 125k before tax (last few years have been same). No car loan.
Liquid cash after down payment ~40k
Credit score 700+

Target price 550k-625k range

Have got pre approval.

My husband (22M) and I (21F) are currently trying to buy our first home in Alberta.
We found a house we absolutely love that’s listed at $490,000. We have about $40,000 saved for a down payment and are hoping to qualify for a mortgage of around $450,000.
Unfortunately, we’ve run into a major obstacle.
My husband hasn’t filed his income taxes since 2022.
The situation is a bit complicated.
Throughout most of 2025, he drove truck for his parents’ trucking business. His dad paid him by e-transfer, but there wasn’t a normal payroll system. As far as we know, CPP, EI, and income tax weren’t deducted, and he wasn’t issued the tax slips you’d normally expect from an employer.
Toward the end of the 2025 winter season, the company his dad was subcontracting for hired my husband directly as an employee to drive one of their trucks, so he does have proper employment records for that portion of the year. Winter is also when he earns the majority of his income.
Based on what he remembers, he earned somewhere around $60,000–70,000 that year, although we’ll know the exact amount once everything is sorted out.
For my side, I earn about $25,000/year, my taxes are completely up to date, and I have no debt. I don’t have an established credit history because I’ve never had a credit card or loan before. My husband’s credit score is around 635.
Before anyone asks, yes-he knows he should have filed. He takes responsibility for that. I also think he grew up seeing his parents run their business differently than a typical employer, so he genuinely didn’t realize how much this would affect something like qualifying for a mortgage.
We’re trying to fix everything now and do things properly.
My questions are:
Should our very first step be hiring an accountant and getting all of his outstanding tax returns filed?
Since he was primarily paid by e-transfer, is that enough documentation for an accountant to prepare his tax returns if bank records are available?
Once his taxes are caught up, how much will the previous late filings affect our ability to qualify for a mortgage?
Will the documented employment from the trucking company he worked for at the end of the winter help lenders?
Has anyone else dealt with buying a home after working for a family business where payroll wasn’t handled properly?
We’re not trying to avoid paying taxes or blame anyone. We just want to get everything corrected and put ourselves in the best position to buy our first home.
Any advice would be greatly appreciated.

Edit/Clarification: I realized I wasn’t very clear in my original post. My husband has worked consistently over the years and has had T4 employment in previous years. The biggest issue is that he hasn’t filed his tax returns, and 2025 became more complicated because most of his winter income from working for his dad was paid by e-transfer instead of regular payroll before he later became an employee with the company his dad was subcontracting for. We’re still gathering all of the paperwork, so I’m learning more as we go. Sorry for any confusion.

We are thinking of building but the situation is very complex , As it is on my parents property in vancouver. I own a condo and am will to sell or borrow against if thats what it takes to get the build done, there is at least 200k equity in the i would think.. how much of a percentage would the i have to put out for the building?

Im Looking to build a duplex at the back half of the house. Roughly 650-700k build

Hi everyone,

Looking for some perspective on whether I am being paranoid or if my mortgage specialist is trying to play me to increase their loan volume.

We are purchasing a property for $865K. From day one, I was explicit that we have a $550K down payment and want a mortgage around $315K. I provided all investment statements upfront to prove the funds. We also wanted a HELOC attached to the file.

Today was our subject removal date. When I asked for the final numbers, the specialist told me we were approved for a $540K mortgage. When I pushed for specifics, they told me that the underwriter had only verified $330K of our down payment due to "capacity issues" over the last 4 weeks. Because a $540K loan + $330K verified cash covers the purchase price, they just pushed the maximum loan approval through to hit the subject deadline.

They also sent this in an email:

"We’ve, according to the previous approval letter, approved you $540,000. You can choose to adjust the amount as to how much exactly a mortgage and a HELOC limit you want as long as they’re together within $540,000. But please make sure you can finalize this on or before July 10th."

My question to the community: Is this normal behavior for a big bank?

It feels like a bait-and-switch tactic to get me to accept a massive mortgage at closing because they haven't actually done the work to verify the remaining $220K of my down payment. If I don't force them to verify that cash before July 10th, I don't see how they can actually fund a lower $315K mortgage on closing day.

Has anyone else dealt with an advisor pushing a "global limit" approval while refusing to do the legwork on the down payment verification until the last minute? Am I dealing with institutional laziness or a pushy sales tactic?

Thanks.

I'm struggling to find information about whether this is actually possible. I live in a LCOL area in Ontario and housing prices are starting to come down, but my rent is currently 1900 + all utilities per month (3rd year of lease). I make 6 figures with permanent employment but I have a consumer proposal with 15k left on it. Currently the sole income earner so I'm covering all of the bills right now but my spouse is actively looking for work. We had intended to pay off the proposal by year end, but with the job loss, our plans are set back by another 1-2 years unless I can swing it on my own.

Decent starter homes in my area can run from 150-200k, so potentially cheaper than rent even with a subprime mortgage, and we already have 20-30 percent down. Am I delusional to think that I could find a subprime lender who would be willing to extend a relatively small mortgage (125k) + pay out the consumer proposal at closing? I've seen online that it is theoretical possible but struggling to find more information. Thank you in advance.

We signed a mortgage with TD bank in December 2025. paid on time so far. We may go on strike or get lock out by employer at my job setting. What are the chances for TD to defer my payments ? Or offer me some sort of help to get thru this phase. Has anyone have experience?

HELP- we have a home with a mortgage for a traditional property big bank -20% down all good.

We plan to knock down the house and build a custom home. Well in our way here in the planning process, in with committee of adjustments build timeline starting September or October.

We have the ability to loan ourself the funds from family/business to cover the cost of the build until we refinance.

Any suggestions on companies who will cover just the mortgage for the property in the interim? Thanks :)

Im not great at judging character and often give people the benefit of the doubt until it’s too late. I had a poor FTHB experience with an agent recommended from a brokerage whose agents work for and those agents were amazing. I think Im a bit of a people pleaser too…

Experience: From the get go, i got the vibe from texting that he might’ve thought we were tired kickers because i had a buy horizon of 3 months. My 215k DP was midway verified and my purchase price ceiling was set at 715k so I thought that projected that I was ready to go. Anyway, we ended up offering on the 2nd house we saw in a limited marketing the specific area I was interested in. The realtor negotiated down from 725k asking to 712k, (i found out weeks later that the property was asking 699k a few months earlier and the realtor mentioned nothing of it). Sellers close date said flexible, they traveled from the date we saw the house (june 1 to june 21st) and I was leaving on a trip June 24, my lender didn’t want me traveling during close so the realtor negotiated a close for june 23. I didnt make it a big deal that I wouldn’t be able to purchase the house if neither party would be away during closing but since the realtor was able to swing the closing date to when both parties were in town, he held that over my head the whole purchase experience. Like the seller did me a real solid and the realtor literally said on several closing items “i refuse to ask them that”. What were the items? 1) The washroom vent exhausted into the attic space and I wanted that remedied. 2) The sellers recently DIY’d the basement floor with laminate and covered over the sump pump access and I wanted that cut out. 3) I wanted to ask if the gas range had an electric plug in the back. 4) i wanted to ask why there’s an abandoned portion of downspout going vertically into the driveway but he current downspout diverts onto the lawn.

He realtor’s response were “we’ll close the house then we can figure it out”. Lo and behold the house closes and he straight up ignored everything and I still haven’t heard from him. Writing this out, makes me think I have my answer, but how should a Good realtor have responded? How should I have behaved so I could’ve been a better client?

My partner and I are trying to get a mortgage, but I am missing a T4 due to upgrading at school for a year and not working. I was continually employed and returned to my company after I upgraded, just to a higher position and wage. Is my T4 from 2023 and 2025, proof of employment, 2-3 current paychecks, letter explaining gap, and notice of assessments sufficient to explain this or should I include more things?

I am a first time home buyer planning to buy in the next 12 months. I’m looking at properties within the range of 500k to 600k with only the minimum down payment. My household income is around 200k.

Now the issue we have is bad credit. My credit score on equifax is around 570 and 620 in transunion. The low score is only due to credit utilization. A combined debt of roughly 150k on credit cards and line of credit.

Do you know if anyone with a similar situation/ factors been approved for mortgage?

Thanks in advance

Let's take a moment and celebrate the 159th birthday of this amazing country and it's awesome people. It's always a bit surprising how young Canada is compared to the rest of the world.

And it's great to see so many good questions being asked in this sub, and a major thank you to the all the great mortgage professionals that help out with their time and knowledge while respecting the sub's rules. We appreciate you.

Have a wonderful holiday with your families, and Happy Birthday Canada!

Im trying to get a second mortgage on my property but not sure how can i know whether my first lender is ok with that or not, i tried looking at mortgage documents i have but couldn’t find anything

So ill be calling my bank tomorrow to ask but im curious What happens if a lender finds out you got a second mortgage on your property? Is it usually fine or do they immediately put you in default or do they just ask you to pay off the second mortgage off?

Edit: first lender is cibc, second lender a private lender

4 years with BNS step mortg. Never touched the STEP portion. 100,000 is available online dashboard and bank confirmed. I called to activate it, just was looking for 15,000. Call centre said go to branch. Branch emailed indicating no problem, no credit check, just a form. A week later I asked for the documents to start process and bank said cannot extend to us at this time. Found out my husband has one credit card delinquent. Was going to yse the step loc to consolidate that for lower intrst. Bns said no. Why was I set up into a collateral mrtg if I cannot access equity, not even all definition of equity, rather just a small portion. I understand criteria maybe but it wasnt sold to us like this. Our income is 300,000 annually before tax. eta: property value 1.4, mort 930,000.

I have 2 credit cards with a 10k credit limit. Will it reduce my mortgage amount ?

Hi everyone,

I just have a quick question about a mortgage approval when switching jobs and relocating to my new job.

Instead of renting I’m looking at buying a place and have an accepted offer.

I have about 15 percent down.

My current job (which they verified income off of) is an exempt position and slightly less hourly than my new job that is part of the BCGEU. Both jobs are accounting.

What are the odds my mortgage falls through given I’m changing jobs and relocating?