The Physician Mortgage Guide.
Canada, 2026.

A physician mortgage is a lender program with eligibility or income assessment tailored to medical careers. There is no single Canadian physician mortgage rulebook. Training stage, employment structure, debts, down payment and the property still matter.

Some programs allow eligible early-career physicians to qualify using estimated future income. A published physician mortgage program confirms this approach for residents, fellows and physicians new to practice, subject to credit approval and program conditions. That does not establish the rules for every lender.

Use this checklist to prepare a file review. It is a starting point, rather than a universal lender document list.

Request a written comparison covering these questions before choosing a program:

1. What income is accepted for my exact training stage, specialty and start date?
2. How are student loans and my professional line of credit counted?
3. Is my down payment source acceptable, and does mortgage insurance change the conditions or cost?
4. What rate, term, amortization, prepayment privileges and early-exit charges apply?
5. Are there banking, professional-status or other conditions I must maintain?
6. What remains outstanding before financing is approved for this property?

A lower advertised rate cannot answer these questions. Compare offers using the same balance, payment frequency and amortization, then consider the costs if you move for fellowship or a staff position.

Projected income is an underwriting estimate used by certain programs. It is not a promise about your future earnings or an automatic borrowing limit. Ask for the accepted income amount, the eligibility window and the evidence supporting it.

When qualifying on projected income, use the accepted projected figure alone. Do not add your residency stipend to it. The accepted figure and eligibility must follow the particular program. Similarly, a signed staff offer and a lender's projected-income schedule are different forms of evidence, with different conditions.

For a useful comparison, ask for two budgets: the proposed mortgage payment and housing costs on current household cash flow, and the same costs after the expected transition to practice. Include a delayed start or reduced billings scenario.

Start with our resident income overview and projected income guide, then confirm the current program rules for your file.

A professional line of credit is separate debt. Its available limit is not savings. If you plan to use it for a down payment or closing costs, disclose the planned draw before the mortgage is assessed and confirm both lender and insurer acceptance where applicable.

Borrowed down payment is available under some products, subject to specific conditions. It is not accepted universally, and the resulting debt can affect qualification. Request a comparison with and without the proposed draw.

The Financial Consumer Agency of Canada explains that line-of-credit interest is charged on money borrowed, rates are usually variable, and minimum payments are required. Interest-only payments do not reduce principal. Check your own agreement for payment requirements, fees and changes after training; do not assume an indefinite interest-only arrangement.

An incorporated physician's salary, dividends, business revenue and retained earnings describe different things. A mortgage assessment must reconcile them rather than add overlapping amounts together.

For example, if corporate revenue includes money later paid to you as salary, adding that salary to the full revenue would count it twice. Practice expenses, corporate debt, ownership and access to funds also need review.

Ask which corporate-income method the lender permits and which documents substantiate it. There is no reliable universal percentage by which incorporation increases mortgage qualification. Coordinate the documentation with your accountant, especially before changing salary or dividend payments.

Start with how long you expect to stay and how certain that plan is. A mortgage approval does not settle the rent-or-buy decision.

Compare rent with mortgage interest, property taxes, insurance, maintenance and condo fees where applicable. Include purchase and sale costs, potential mortgage exit charges, moving costs and the use of your down payment. Principal repayment builds equity but still requires cash each month.

Run scenarios for an earlier fellowship move, a flat resale price and a price decline. If buying only works with strong appreciation or uninterrupted future earnings, the decision depends on assumptions rather than a comfortable current budget.

For eligible one- or two-unit owner-occupied purchases, the CMHC minimum down payment rules are 5% of the first $500,000 and 10% of the portion above $500,000. Mortgage loan insurance is unavailable at a purchase price of $1,500,000 or more. A physician program may have a higher minimum down payment or other restrictions.

Mortgage default insurance protects the lender. Premiums depend on the applicable insurer, product, loan-to-value ratio and other conditions. A premium added to the mortgage increases the amount financed. Any applicable tax on that premium needs to be budgeted separately.

Land transfer or property transfer taxes vary by location and available exemptions. Toronto adds a municipal land transfer tax to Ontario's provincial tax. Obtain a transaction-specific estimate including any eligible rebates, legal fees, title insurance and closing adjustments.

Keep a cash-to-close checklist separate from your down payment: taxes, legal costs, adjustments, moving costs and an emergency reserve. Confirm which costs must be paid in cash.

Review renewal options before the current term ends, especially if your income structure, training location or corporation has changed. Compare the offered rate and terms with alternatives using the same remaining balance and amortization.

The FCAC renewal guide explains that switching lenders requires approval and may involve discharge, registration, transfer or administrative costs. Ask what the new lender covers and what you must pay.

A switch timed to maturity differs from breaking a mortgage before the term ends. Confirm the payout date, any prepayment charge and other fees in writing. Do not assume every renewal offer has a fixed rate gap or guarantees a particular saving.