Minimum Credit Score for Mortgage Canada

Here’s a little truth bomb...

Almost anyone can get a mortgage in Canada — regardless of your credit score.

The real difference? The conditions you’ll need to meet to get that mortgage approved.

Before we get into the numbers, let’s quickly understand the basics:

Your credit score is a number between 300 and 850, and lenders use it to gauge how risky (or safe) it is to lend you money. Banks and other financial institutions break these numbers into ranges — and your range determines your options, interest rates, and down payment requirements.

The good news? You don’t need to memorize every number between 300 and 850. For most Canadians, the magic zone to focus on is 600–700. That’s where the majority of people fall, and where most mortgage action happens.

Over 700 : Excellent

If your score is above 700, you’re in the VIP lounge of the mortgage world.
Provided you meet the other requirements — like income, employment, debt ratios, and down payment — you can usually access the best deals on the market.

✅ Minimum down payment: 5%
✅ Flexible lender options
✅ Lower interest rates

Think of it as walking into the bank with a confident smile — and them smiling right back.

650–700 : Good

This range is like the sweet spot for most Canadians.
With solid income, stable employment, and manageable debt, you can often enjoy the same perks as someone over 700.

✅ Minimum down payment: 5%
✅ Competitive mortgage rates
✅ Broad choice of lenders

It’s not about being perfect — it’s about being strong enough for the bank to feel comfortable.

600–650 : Fair

Still in the mortgage game — but expect a little more homework.

Banks will want extra documentation to make sure you’re financially steady and won’t default on payments. They might ask for:

• Proof of assets (in case of emergencies)

• Details on your debts (to make sure you have room for the mortgage payment)

• Income and employment verification

• Proof your down payment isn’t borrowed money

The goal here isn’t to make life difficult — it’s to be a responsible lender. They’re checking that you can comfortably handle the mortgage you’re asking for.

Below 600 : Poor

Now, here’s where things get a bit tougher.
You can still get a mortgage, but the terms will change. Most lenders will require at least a 20% down payment.

Why so much?
A score under 600 usually means there are negative items on your credit report — things like collections, late payments, high credit card utilization, or even bankruptcy. From a lender’s perspective, that means more risk.

Let’s use an example:

🏡 Property price: $500,000
💰 20% down payment: $100,000

If the property value drops in a market downturn, the bank believes it still has enough equity in the home to recover its money. Plus, if you’ve put more of your own money into the property, it shows you’re committed — and less likely to walk away.

So, what’s the magic number?

• 650+ → Best deals and rates

• 600–650 → Still good, but expect extra paperwork

• Below 600 → Possible, but you’ll need at least 20% down

If you want to learn more about improving your score before applying, check out my post on How to Remove Old or Wrong Information From Your Credit Report — it could give you the bump you need to get into a better mortgage tier.

How I Can Help

At Pathfinder Mortgages, I help Canadians — from first-time buyers to experienced homeowners — navigate the mortgage process with confidence.

Whether you’re sitting pretty with a 750 score or rebuilding after financial setbacks, I’ll work with lenders across Canada to find the right mortgage for you.

📌 Here’s what we can do together:

• Review your credit situation and determine the best path forward

• Help you prepare your application for the strongest approval chances

• Match you with lenders that fit your unique needs and goals

📍 Start your journey today: Click here to apply now — it’s quick, easy, and could put you in your new home faster than you think.

Give me a call to discuss your situation : 204-296-1169

Dreaming of a place like this? Let’s talk about your mortgage options.
(Image from Unsplash)