Projected income mortgages for doctors in Canada

Short answer: a projected income mortgage lets a medical resident or new physician qualify on the income they are expected to earn after training, not on past tax returns. Scotiabank's published examples are $185,000 for first and second-year residents, $225,000 for third-year residents and up, $225,000 for a new family physician and $300,000 for a new neurosurgeon.

Why projected income mortgages exist

Lenders normally qualify you on income you have already earned, usually averaged over two years. That works poorly for physicians: a resident earns a training salary for years, then their income rises sharply once they start practising. Projected income programs close that gap so doctors can buy a home during residency or early in practice.

How much income lenders use

These are examples from one bank's May 2025 article. Each lender sets its own amounts, and some vary them by specialty. That is why comparing lenders matters: the same resident can qualify for noticeably different amounts depending on where they apply.

Who qualifies

Eligibility is set by each lender. As one example, RFA's medical professional product sheet, dated 06.08.2026, covers:

• Physicians in training, or within 24 months of finishing residency or fellowship
• Chiropractors, dentists, optometrists and veterinarians in their last year of training or recently completed

The same sheet lists a maximum of 95% financing, a maximum loan of $1,349,999.99, a minimum credit score of 650, and a 5% down payment that must come from your own resources, with any extra allowed as a gift from immediate family. Mortgage insurer Canada Guaranty also expanded its Medical Professionals Program to 95% loan-to-value with standard premiums, effective November 10, 2025.

How much you need down

Federal rules set the floor for every buyer in Canada:

• 5% of the first $500,000 of the purchase price
• 10% of the portion between $500,000 and $1.5 million
• 20% for homes priced at $1.5 million or more, which cannot be insured

Since December 15, 2024, the price cap for insured mortgages is $1.5 million, and first-time buyers can choose a 30-year amortization on an insured mortgage. Some medical programs ask for more than the federal minimum, or for part of the down payment to come from your own savings rather than a gift.

Things that trip people up

• Your line of credit. Lenders count your professional student line of credit differently. See our line of credit guide and the lender comparison.
• The window closing. If you are near the end of a lender's new-to-practice window, your options narrow quickly.
• Incorporation. Once you incorporate, lenders read salary, dividends and retained earnings differently.
• US advice. Many articles online describe US doctor loans, which work differently. See US doctor loans vs Canada.