Yes. Most medical residents in Canada can get a mortgage during residency, and many qualify for far more than they expect. The key is a lender that looks at the income you are going to earn, not the resident salary on your pay stub.
I have been arranging mortgages since 2016, and residents are some of my favourite people to work with. You are sharp, you are busy, and you usually have about ten minutes between shifts to talk about money. So I will keep this the way I would explain it over coffee.
Why your resident salary is not the number that matters
A first year resident in British Columbia earns $69,311 on the 2026 RDBC scale. In Alberta a PGY1 earns $67,440, and in Ontario it is $73,367. On a normal application, a lender would take that salary, run the stress test and hand you an approval that buys very little in Vancouver, Calgary or Toronto.
Medical professional mortgage programs look at it differently. They qualify you on projected income, which is the income you are expected to earn once you finish training. Scotiabank, for example, publishes sample qualifying incomes of $185,000 for residents in years one and two and $225,000 from year three. Every lender sets its own figure, but the idea is the same: your future career is the asset.
The first thing I check: your student line of credit
Before I look at anything else, I ask about your professional student line of credit. Most residents carry a large one, and it shapes your approval more than any other number.
Lenders add a monthly payment for that line of credit into your debt ratios. Here is the part most people never hear about: lenders calculate that payment differently. Some use the balance you owe. Others use the full limit, even if you have not touched it. On a $300,000 line, the gap between those two approaches can change your approved amount noticeably. Choosing the lender is half the work.
If you want to see the effect for yourself, my physician affordability calculator shows three ways a lender might count your line of credit side by side.
You still have to pass the stress test
Physician programs are generous, but they do not skip the rules. You still qualify at the higher of your contract rate plus 2% or 5.25%, and your other debts still count. What changes is the income the lender starts from.
How much down payment does a resident need?
Canada's minimum down payment is 5% of the first $500,000 of the price and 10% of the portion above that, up to $1.5 million. With less than 20% down, your mortgage must be insured. Canada Guaranty's Medical Professionals Program allows up to 95% financing, and at that level the premium is 4.00% of the loan when the down payment comes from your own savings or a gift from family. The premium is usually added to the mortgage, so it does not come out of your pocket on closing day.
Two accounts help a lot. A First Home Savings Account lets you contribute $8,000 a year, up to $40,000, and the RRSP Home Buyers' Plan lets you withdraw up to $60,000. You can use both for the same home.
Size the payment to your resident pay, not your approval
This is where I slow people down. A lender may approve you on $185,000, but your monthly payment still comes out of your resident pay until you finish training. I would rather you buy a home you can comfortably carry on what you earn today than stretch to the maximum. First time buyers can choose a 30 year amortization on an insured mortgage, which lowers the payment and gives you some breathing room.
Think about where you will be in four years
Residency moves people around. Rotations, fellowship and your first staff job may not all be in the same city. Before you buy, I always ask one question: if you match to a fellowship somewhere else, would you rent this place out or sell it?
In British Columbia, selling within 730 days can trigger the home flipping tax, although there is an exemption when you relocate for work. In every province, profit on a home that was not your main residence can be taxed. A short call with your accountant before you buy is worth it.
Closing costs for residents in BC, Alberta and Ontario
- British Columbia: first time buyers pay no property transfer tax on homes up to $835,000. Try the BC closing cost calculator.
- Alberta: there is no land transfer tax, only Land Titles registration fees. Try the Alberta closing cost calculator.
- Ontario: land transfer tax applies, with a first time buyer refund of up to $4,000, plus Toronto's own tax and rebate. Ontario also charges 8% sales tax on the mortgage insurance premium, paid in cash. Try the Ontario closing cost calculator.
What I need from you to get started
- A letter confirming your residency or fellowship, with your year of training and specialty
- Government ID and permission to check your credit
- Your line of credit statement, showing both the balance and the limit
- Proof of your down payment, or a gift letter from family
If you are an incoming resident, keep your CaRMS match confirmation handy. For 2027, Match Day is March 2, and my Match Day to keys timeline walks through when to get preapproved so you can move in before July 1.
My honest advice
Do not wait until you are staff just because someone told you residents cannot qualify. Many can. Talk to someone who compares physician programs from the banks and from lenders that only work through brokers, get a clear number, and then decide whether buying now fits your life. There is more detail on my mortgages for residents page.
If you would like me to be that person, tell me where you are in training and I will show you what you qualify for.
