University Health Network
Mortgage strategy for residents, fellows, and attendings across Toronto General, Toronto Western, Princess Margaret, Toronto Rehab, and the Michener Institute. Built for how UHN physicians actually earn and qualify.
Why UHN physicians need a different mortgage path.
UHN is the largest research hospital network in Canada, with more than 1,200 residents and fellows rotating through its five academic sites each year. Physicians here face a specific set of financing realities: downtown Toronto home prices sitting above $1.6M median, the province's double land transfer tax at closing, and income that shifts from residency stipend to fellowship rate to attending contract across three to eight years. Standard bank qualification misses most of it.
Built for how UHN physicians actually earn.
Your stage. Your structure.
Residents match into UHN with stipends in the $65K-$95K range depending on PGY level. A physician-program mortgage uses projected post-training income to qualify, with 5-10% down, no mortgage insurance on the residency stream, and student debt structured rather than disqualifying.
Attending physicians at UHN typically qualify for $2M+ mortgages on signed contracts, before first T4. Professional corporation income is treated as qualifying income by specialty physician-program lenders.
Locum and part-time staff physicians at UHN qualify through mixed-income programs that accept T4A plus invoice history.
Incorporated UHN physicians can qualify on gross corporate revenue plus dividend history, rather than personal T4. Optimizes retained earnings strategy.
Straight answers, specific to your hospital.
What is the best mortgage for a UHN resident?01
A physician-program mortgage from a lender that accepts projected income. The resident stipend alone does not qualify for a Toronto purchase, but signed residency and fellowship contracts plus projected attending income do. Typical structure is 5-10% down on a purchase up to the insurable cap, with student debt treated as structured rather than disqualifying.
Can UHN fellows get a mortgage before starting an attending role?02
Yes. Signed attending contracts are accepted as qualifying income by physician-program lenders. A UHN fellow with a signed staff offer starting in 90-180 days can close on a mortgage using the attending income, even without a single T4 at that rate.
How much can a UHN attending physician qualify for?03
An attending physician in Toronto typically qualifies for a mortgage between $1.5M and $2.5M based on gross income, depending on specialty, debt, and down payment. Incorporated physicians qualify on corporate revenue plus dividend history rather than personal T4 alone.
What is the Toronto land transfer tax on a UHN physician purchase?04
Toronto is the only Ontario city with a municipal land transfer tax on top of the provincial one. On a $1.65M home the combined tax is roughly $56,000 before rebates. First-time buyers get up to $4,475 off each portion. We model the full closing number before any offer.
Should UHN residents use a PLOC for the down payment?05
Often yes. Scotia and RBC physician PLOCs offer prime-linked rates and carry no amortization until the balance is drawn. Using a portion of the PLOC for down payment and closing costs keeps cash reserves intact and lets the mortgage itself stay high-ratio. We run the after-tax comparison before recommending a structure.
Can I buy a condo in downtown Toronto during residency at UHN?06
Yes, and many residents do. Condos near UHN sites (University-Spadina, King West, The Annex) range $500K-$900K for one-bedroom-plus-den to two-bedroom. Monthly carrying cost on a $650K condo at 4.29% works out around $3,400 including condo fees, typically close to or below market rent in the same neighbourhood.
What lenders specialize in UHN physician mortgages?07
Scotia, RBC, TD, National Bank, and CIBC each run physician programs with projected-income qualification. Beyond the banks, several monolines (MCAP, First National, Strive) handle incorporated-physician mortgages with competitive rates. The right lender depends on your stage, incorporation status, and down payment source.
Do I need a specialized mortgage broker as a UHN physician?08
Most banks have at least one physician-program lender on their menu, but the best fit changes based on whether you are a resident, fellow, attending, incorporated, or locum. A broker with physician specialization has seen all five structures and knows which lender accepts which form of income documentation. For a typical UHN purchase the rate and structure difference between lenders can reach $40K-$80K over a 5-year term.
Other hospitals in the same network.
Let's map your mortgage path at UHN.
30 minute call. We look at your stage, signed contracts, PLOC balance, and target purchase. You leave with the actual number you qualify for.
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