Can a resident
actually buy a home?
On paper a $70K stipend with $200K of student debt should not qualify for much. Physician programs read the file differently, and that changes the answer.
The short answer.
Yes. A medical resident can get a mortgage in Canada through physician programs that qualify you on the income you will earn as an attending, not your current stipend, typically with 10% down; confirm the minimum with your lender. Whether you should buy depends on training length, city, and career plans: buying tends to win for four-plus year programs in the same city, while renting often wins for short or mobile training.
How residents qualify despite a low stipend.
Standard qualification uses your current income, so a resident on a $70,000 stipend qualifies for a resident-sized mortgage. Physician programs instead use projected attending income from a signed residency contract and specialty career averages, which is the entire reason a resident can buy at attending-level prices during training.
The down payment can be as little as 10% on an owner-occupied home, and a documented PLOC draw is accepted as down payment by most physician lenders. Student debt is treated as structured rather than disqualifying.
Should you buy, though?
Qualifying and deciding are different questions. The decision turns on how long you will be in the city and what comes next.
| Situation | Leaning |
|---|---|
| Training 4+ years, same city | Buy often wins |
| Short or mobile training (fellowship elsewhere) | Rent often wins |
| Carrying cost near local rent | Buy leans favourable |
| Acutely overvalued local market | Rent leans favourable |
The rent-vs-buy calculator on this site runs the full after-tax comparison with your city, years of training remaining, and numbers.
What residents get wrong.
- Maxing out the qualification. Qualifying on projected income does not mean the stipend can carry the payment comfortably today.
- Ignoring the PLOC drag. A large PLOC balance reduces qualification; plan it before applying.
- Skipping pre-approval. In competitive markets, sellers want to see it before taking an offer seriously.
- Going to a single bank. The best physician program changes by stage; a broker submits to the right one.
Questions doctors ask.
All guidesCan a medical resident get a mortgage in Canada?
Yes. Physician-program lenders qualify residents on projected attending income using a signed residency contract, typically with 10% down and student debt treated as structured rather than disqualifying.
How much down payment does a resident need?
Physician programs commonly allow 10% down on an owner-occupied home, and a documented PLOC draw is accepted as down payment by most physician lenders.
Does student debt stop a resident from qualifying?
Usually not on its own. Physician programs treat student debt as structured. A large PLOC balance has more impact on qualification, which is why planning it before applying matters.
Should a resident buy or rent?
It depends on training length, city, and plans. Buying tends to win for four-plus year programs in the same city; renting often wins for short or mobile training or acutely overvalued markets.
