Self-Employed in Vancouver: What You’ll Need to Know Before Applying for a Mortgage

Marci • June 19, 2014

Getting a mortgage in Vancouver these days has proven to be trickier than ever for first-time homebuyers and existing homeowners. But there’s one particular group of homebuyers that is having a much more difficult time getting approved for a mortgage: the self-employed. Those who work for themselves and are looking for a mortgage to finance a home in Vancouver might find the whole process tricky, but it’s not impossible. Here are some important things to know before applying for a mortgage if you’re self-employed.

Every Penny Must Be Documented

The most important piece of information that lenders want to see before approving a self-employed individual for a mortgage is proof of income. In Canada, personal income tax statements can be used to prove a sustainable influx of cash. Certain pieces of information must be provided to a lender, including a Notice of Assessment for the last two years, a business license, two pieces of I.D., financial statements for the past two years if the business is incorporated, and proof of a down payment.

Proving Your Income Is an Absolute Must…..Sort of!

Lenders definitely need solid proof that your business generates more than enough profit to allow you to comfortably make your mortgage payments on time and in full every month. Lenders are not in the business of taking risks on self-employed individuals who are unable to prove their income.

At least two years of accounts are typically what lenders want to look at before they decide whether or not to offer you a particular mortgage. It’s advisable to get these account statements gathered by a certified accountant so the lender can be more comfortable, and confident that the numbers are accurate. It’s important that you understand the figures as stipulated in the account statements, and can answer any questions the lender may have about them. For example, if the statement shows a slight dip in your income at some point in the recent past, you need to be able to explain why. Clear explanations for any fluctuations in income can help a lender feel more confident in your income flow, and thereby increase the chances of you getting approved for a mortgage as a self-employed individual.

Some lenders are still offering programs that allow self-employed income to be “stated”. In these cases, insurance premiums are higher and we still need prove reasonability of the income. Documentation is important to show taxes are paid and up to date. Make sure you talk to a Mortgage Broker who understands how this process works and can advise you of all the requirements and costs involved.

Your Credit History Is Crucial

As with anyone applying for a mortgage, a healthy credit history is very important for a borrower who is self-employed. When it comes to securing a mortgage, a high credit score goes a long way. It demonstrates your ability to effectively manage your debt, which is crucial to a potential lender.

Boost Your Bank Account

Aside from your proof of income and your credit history, having a big chunk of liquid cash in the bank to use as a down payment on a future home is a big plus in the eyes of a lender, especially if you’re self-employed. A sizeable down payment and a healthy bank account can help convince a potential lender that you’re less likely to be a liability as far as credit is concerned. Since incomes tend to fluctuate from year to year for those who are self-employed, having a reserve of funds can offer an essential financial cushion to fall back on.

When looking to apply for a mortgage, it’s always best to talk to a mortgage broker first. A mortgage specialist is invaluable for those who are self-employed looking to secure a mortgage. They’ll know which lenders deal with self-employed individuals, and who can get you the best rate. For expert advice on Vancouver real estate, email your trusted mortgage broker today! marci@askmarci.ca

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What You Need to Know From the CMHC 2025 Housing Market Outlook

By Marci Deane • June 26, 2025

The Canada Mortgage and Housing Corporation (CMHC) has just dropped their highly anticipated 2025 Housing Market Outlook, and if you’re a homeowner, future buyer, or just like to keep your finger on the real estate pulse, there’s a lot to unpack. Here’s the short version: The Big Picture (Canada-Wide) Mortgage rates are expected to decline in 2025, giving some long-awaited relief to buyers. Home sales and prices are heading back up, though we’re not expecting the wild ride of 2021. Rental markets are softening slightly with more supply coming online. Condo construction is slowing, while purpose-built rental and ground-oriented housing hold strong. CMHC is cautiously optimistic, but they’re also tracking risks like U.S. trade tensions and lower immigration. What About British Columbia? If you’re in BC, especially Greater Vancouver or Vancouver Island, here’s what matters most: Prices are forecast to hit new highs by the end of 2025. Sales are rebounding, thanks to lower mortgage rates and some recent financing policy changes. Tighter inventory will drive demand in townhomes and entry-level properties. Rental markets are finally seeing some relief, with rising vacancy rates and record rental construction underway. Why It Matters This isn’t just “market noise.” For buyers, sellers, renters and industry pros, these trends point to a more balanced housing environment in the next 12–18 months. That means better planning opportunities, less panic-buying, and a slightly calmer market for everyone involved. If you’re making moves in the real estate world, or just want to understand what the data says about where we’re headed, this report is worth a closer look. ➡ Download the full 3-page PDF summary here . Need help making sense of how this impacts your mortgage, buying power, or investment strategy? Ask Marci About Mortgages. I’m always happy to walk you through it.

Older Canadians Have Mortgage Options

By Marci Deane • June 25, 2025

Although it’s ideal to have your mortgage paid off by the time you retire, that isn’t always possible in today’s economy. The cost of living is considerably higher than it has ever been, and as a result, many Canadians are putting off retirement, hoping to make just a bit more money to add to that nest egg. So if you find yourself in the position where you’re considering your mortgage options into retirement, you’ve come to the right place. The advantage of working with an independent mortgage professional instead of a single bank is choice. When you work with an independent mortgage professional, you won’t be limited to an individual institution’s products; rather, you will have access to considerably more options. Here are some options available to older Canadians as they plan for mortgage financing through their retirement. Standard Mortgage Financing If you’ve got a steady income, decent credit, and equity in your home, there is no reason you shouldn’t qualify for standard mortgage financing, which usually comes at the lowest interest rates and best terms. Some lenders use pension and retirement income to support your mortgage application even if you’ve already retired. Reverse Mortgage Financing A reverse mortgage allows Canadian homeowners 55 years and older to borrow money from their homes with no proof of income, no credit check, and no health questions. A reverse mortgage is a fabulous mortgage solution that has helped thousands of older Canadians enhance their lifestyle. Home Equity Line of Credit (HELOC) A line of credit secured to the equity you have in your home is an excellent tool to allow you to access money when you need it but not pay interest if you don’t need it. Many older Canadians like the idea of rolling all their expenses and income into one account. Private Financing If you happen to be in a bit of a tight spot, you have a plan but need a financial solution; private financing might be the answer. Indeed not the first choice for many because of the higher interest rates. However, private financing can provide you with options where a traditional bank can’t. If you have any questions about securing mortgage financing for your retirement, please connect anytime. It would be a pleasure to work with you and walk you through all your options.

First-Time Homebuyer? A New GST Rebate Could Put Thousands Back in Your Pocket

By Marci Deane • June 20, 2025

If you’re a first-time homebuyer eyeing a new build or major renovation, there's encouraging news that could make homeownership significantly more affordable. The federal government has proposed a new GST rebate aimed at easing the financial burden for Canadians entering the housing market. While still awaiting parliamentary approval, the proposed legislation offers the potential for thousands in savings —and could be a game-changer for buyers trying to break into today’s high-cost housing landscape. What’s Being Proposed? Under the new legislation, eligible first-time homebuyers would receive: A full GST rebate on homes priced up to $1 million A partial GST rebate on homes between $1 million and $1.5 million This could mean up to $50,000 in tax savings on a qualifying home—a major boost for anyone working hard to save for a down payment or meet mortgage qualification requirements. Why This Matters With interest rates still elevated and home prices holding steady in many regions, affordability remains a challenge. This rebate could offer meaningful relief in several ways: Lower Upfront Costs: Removing GST from the purchase price reduces the total amount of money buyers need to save before closing. Smaller Monthly Payments: A lower purchase price leads to a smaller mortgage, which translates to more manageable monthly payments. Improved Mortgage Qualification: With a reduced purchase amount, buyers may find it easier to meet lender criteria. According to recent estimates, a homebuyer purchasing a $1 million new home could see monthly mortgage payments drop by around $240 —money that could go toward savings, home improvements, or simply everyday expenses. Helping Families Help Each Other This proposal also offers a win for parents who are supporting their children in buying a first home. Whether through gifted down payments or co-signing, a lower purchase price and more affordable monthly costs mean that family support can go further—and set first-time buyers up for long-term success. Is This the Right Time to Buy? If you’re thinking about buying a new or substantially renovated home, this proposed rebate could dramatically improve your financial position. Now is the perfect time to explore your options and make sure your mortgage strategy is aligned with potential policy changes. 📞 Let’s connect for a free mortgage review or pre-approval. Whether you’re buying your first home or helping someone else take that first step, I’m here to help you make informed, confident decisions.