Credit history matters, but it’s rarely a hard stop. Most traditional lenders look for a minimum credit score and a clean recent payment history, but the specific threshold varies by lender.

At the application stage, you’ll typically need: government-issued photo ID, proof of income (recent pay stubs and a T4 or Notice of Assessment for [...]

For self-employed borrowers, lenders generally qualify you based on your personal income as reported to the CRA — the amount you actually paid personal income tax on — not your business’s gross revenue.

The stress test doesn’t change your actual monthly payment — you’ll still pay at your real contract rate — but it does reduce the maximum mortgage amount you can qualify for.