In the large majority of residential mortgage transactions, no — we’re paid a commission directly by the lender once your mortgage funds, so there’s no cost to you for our services.

A bank can only offer you its own mortgage products, at whatever rate and terms it decides to offer you that day. A mortgage broker works independently — we compare products from dozens of banks, credit unions, and alternative lenders, and bring you the option that actually fits your situation, not just whatever a single institution has on the shelf.

In Canada, minimum down payment requirements are set federally and scale with the purchase price: 5% on the portion of the price up to $500,000, 10% on the portion between $500,000 and $999,999, and 20% on any home priced at $1,000,000 or more (homes at this price point no longer qualify for a low-down-payment insured mortgage at all).

Lenders use two ratios to determine what you can afford: GDS (Gross Debt Service), which caps your housing costs — mortgage payment, property tax, heat, and half of any condo fees — at roughly 39% of your gross income, and TDS (Total Debt Service), which caps housing costs plus all other debt payments at roughly 44%.