Does My Age Affect My Mortgage in Canada?

August 14, 2023 | Posted by: Ron Chan

Does My Age Affect My Mortgage Winnipeg Manitoba

Some of us are ready to get a mortgage while our peers are still attending frat parties. Others have waited (or have had to wait) decades latter to be on a position for homeownership. No matter where you stand on these polar sides of the spectrum, you’re wondering one thing - does my age affect my mortgage application as a first time buyer? Let’s find out.

Everything You Need to Know About Whether or Not Being of a Certain Age Can Impact Your Ability to Get a First Time Mortgage in Canada

It’s Illegal for Lenders to Decline a Mortgage Based on Age

Discrimination law and the Equal Credit Opportunity Act ((ECOA) in Canada forbid banks and lenders to discriminate based upon prospective borrower’s age. To reiterate your question of does my age affect my mortgage? No, it does not. That being said, there is more to consider below.

Lenders Will Look More Closely at Your Financials

While a lender can’t deny your mortgage based on age, make no bones about it - they will look more closely at your financial status than they will with those in the traditional first time home buyer category (ages 25-34). 

It will be important for young buyers (18-24) to establish as much of a credit and income history as possible. 2 years of favorable activity is ideal. 

Older buyers (55 and up) must have established a very good credit score along with a consistent income history, and it will be highly beneficial to have built-up significant assets to use as collateral. The elephant in the room for seniors is the concern about how much time they will have to pay off the mortgage. Lenders want peace of mind that it will be fulfilled, so the larger the downpayment a senior can make, the better.

Helpful Tip for Young Adults

One of the best things a young adult can do is leverage their parents financial status to buy a home. If applicable to you, view more on the benefits of getting a mortgage with your parents. 

Helpful Tip for Older Adults

On the flip side of the above tip for young adults, older adults (55 and up) may consider involving their adult children in the first time home purchase. This pooling of resources can be highly beneficial. If applicable to you, view more on the advantages of getting a mortgage with your of-age children.

Have a Mortgage Broker Go to Bat for YOU

The most important thing for you to do, whether considered by lenders to be a very young or old buyer, is to partner with a mortgage broker. A professional broker will ensure that your ECOA rights are protected, and will help paint a more favorable financial picture on your behalf so that you not only get a home loan, but get a home loan that gets you the home you’ve always dreamed of. 

If you want to get a mortgage in the greater Winnipeg area, or anywhere in Manitoba, reach out to mortgage specialist Ron Chan today for a friendly non-committal conversation.


CALL: 204.290.9950.


Back to Main Blog Page