Veterinarians are often left out of the doctor mortgage conversation, which is a shame, because some medical professional programs include you. If you are a new vet with student debt and a starting salary that does not match your years of training, this one is for you.
I have a soft spot for vets. You went through years of school that is every bit as demanding as medicine, you often start on a far more modest salary, and you still carry the debt. A program that recognizes your profession can be the difference between buying now and waiting several more years.
Do mortgage programs for veterinarians exist in Canada?
Yes, with the right lenders. RFA's medical professional program, for example, lists veterinarians who are in their last year or have recently completed their program, alongside physicians, dentists, optometrists and chiropractors. Eligibility is set lender by lender, and not every program includes vets, which is exactly why comparing lenders matters so much for you.
Why a standard mortgage feels tight for new vets
A standard lender looks at what you earn today and what you owe today. A new associate vet with a sizable student line of credit can look stretched on paper, even when your career is stable and in demand. Medical professional programs exist to look past that early snapshot and give weight to where your career is heading.
Your vet school line of credit
Lenders add a monthly payment for your line of credit into your debt ratios, and they do not all calculate it the same way. Some use the balance you owe. Others use the full limit, even the part you have not used. For a new vet, that one detail can decide whether the approval works. You can try both approaches in the affordability calculator.
Associate, locum or practice owner
Salaried associates are usually the simplest file. If you are paid on production or you work locums as a contractor, many lenders treat that income like self employment, so a program built for new professionals is especially helpful early on.
If you hope to buy into a practice one day, tell me early. A practice loan adds to your debt, and I would rather plan the home and the practice together than have one squeeze the other.
What projected income will a lender use for a vet?
Projected incomes for new veterinarians vary widely between lenders. I do not like quoting a single number that might not apply to you, so I confirm the current figure with each lender for your profession, your start date and your province.
How much down payment do you need?
Canada's minimum down payment is 5% of the first $500,000 and 10% of the portion above that, up to $1.5 million. With less than 20% down, your mortgage has to be insured, and the premium is usually added to the mortgage rather than paid in cash. You will still qualify at the higher of your contract rate plus 2% or 5.25%.
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. Using both can make a real difference to how soon you are ready.
Buying in BC, Alberta or Ontario
- British Columbia: first time buyers pay no property transfer tax on homes up to $835,000.
- Alberta: no land transfer tax, only Land Titles registration fees.
- Ontario: land transfer tax with a first time buyer refund of up to $4,000, and 8% sales tax on any mortgage insurance premium, paid in cash at closing.
The closing cost calculators show your numbers for each province.
What I need from you
- Your degree, or proof of final year enrolment
- Your licence or registration status
- Your employment or associate agreement, and how you are paid
- Your student line of credit statement and any other debts
- Proof of your down payment, including any gift from family
My advice for new vets
Do not assume you have to wait five years to buy. Ask whether a medical professional program will look at your file, get a real number, and then decide. You can read more on my mortgages for dentists and vets page.
When you are ready, tell me where you are in your career and I will check which lenders include veterinarians and what you can buy.
