Getting mortgage for single family rental property in Canada

[Semilore Lawal]

Hi All,

I am looking to purchase a rental property in Canada, I have been on the phone with so many lenders and they keep telling me the same thing about requiring my personal income to qualify for the mortgage. Basically, the same thing I would need for getting a conventional residential mortgage and unfortunately my debt-to-income ratio is already low because I have an existing mortgage debt in my current home. Please can any real estate investor in Canada advise on the loan products I can get? DSCR loans that are always talked about in the podcasts are not available in Canada.

Regards,

Semi.

[Jack Tulloch]

Semilore - I am not familiar with Canadian lending regulations and lenders but I would assume a DSCR type product would exist there. Maybe there is a Canadian real estate investor's Facebook Group that may be helpful if you do not get the answers you need on this forum.