What is the minimum credit score to get a mortgage in Canada?

The minimum credit score depends on the lender type. A-lenders (major banks, monolines) generally require 680+. Some credit unions accept 650+. B-lenders (alternative lenders) work with scores of 500–650. Private lenders focus on property equity rather than credit score, so there is effectively no minimum. For an insured mortgage (less than 20% down), the minimum is 680 at most lenders and CMHC requires a minimum score of 600.

Can I get a mortgage with a 600 credit score?

Yes, but your options will be limited and more expensive. Most A-lenders require 680+, so a 600 score means you will likely need a B-lender. B-lender rates are typically 1%–3% higher than A-lender rates, and you may pay additional lender fees of 0.50%–1.50%. If you can wait 6–12 months, improving your score to 680+ opens significantly better options.

Can I get a mortgage with a 500 credit score?

Getting a mortgage with a 500 score is possible but difficult. Most B-lenders require 550+, so a 500 score limits you to the lowest tier of B-lenders or private lenders. Private lenders charge 8%–15%+ with additional fees of 2%–5%. A mortgage broker is essential at this credit level to find the best available option.

Does my credit score affect my mortgage rate?

Yes. Higher credit scores qualify for lower rates. The best rates are reserved for borrowers with scores above 760. Between 680 and 760, you qualify for A-lender rates but may not get the absolute best deal. Below 680, you move to B-lender territory with significantly higher rates. The difference between a 780 score and a 620 score can mean 2%–4% more in interest rate.

Which credit score do Canadian mortgage lenders use — Equifax or TransUnion?

Canadian mortgage lenders typically pull from both Equifax and TransUnion, and most use the lower of the two scores (known as the Beacon score from Equifax or the CreditVision score from TransUnion). Some lenders use only one bureau. If you are applying with a co-borrower, lenders use the lower score of both applicants for qualification purposes.

Credit Score Needed for a Mortgage in Canada 2026: Minimums by Lender (680 vs 500)

Your credit score is one of the first things a mortgage lender checks. It determines which lenders will work with you, what rate you’ll pay, and which mortgage products you can access. Here’s exactly where you need to be.

Credit score tiers for mortgage lending

Credit Score	Rating	Lender Access	Rate Impact
760+	Excellent	All A-lenders; best rates available	Lowest rates, best terms
720–759	Very good	All A-lenders	Near-best rates
680–719	Good	Most A-lenders	Standard A-lender rates
660–679	Fair	Some A-lenders, all B-lenders	Higher end of A-lender rates or low B-lender rates
600–659	Below average	B-lenders only	B-lender rates (+1%–2.5%)
550–599	Poor	Limited B-lenders	Higher B-lender rates (+2%–3.5%)
500–549	Very poor	Few B-lenders, private lenders	Private rates (+4%–10%)
Below 500	Critical	Private lenders only	Highest rates (+5%–11%)

Minimum scores by lender type

A-lenders (banks, monolines, credit unions)

Lender Category	Typical Minimum	Notes
Big 5 banks (TD, RBC, BMO, Scotia, CIBC)	680	Some may accept 660 with compensating factors
Monoline lenders (MCAP, First National, RMG)	680	Strict — automated underwriting
Credit unions	650–680	More flexible; manual underwriting allows exceptions
Virtual/online lenders	680	Similar to monolines

B-lenders (alternative lenders)

Lender	Typical Minimum	Specialty
Equitable Bank	550	Broad alternative programs
Home Trust	550	Self-employed, newcomers
ICICI Bank Canada	600	Newcomers, South Asian diaspora
Bridgewater Bank	550	Near-prime
B2B Bank	550	Broker channel alt-A
Haventree Bank	500	Bruised credit specialist

Private lenders and MICs

Lender Type	Minimum Score	Primary Criteria
MICs (Mortgage Investment Corps)	No minimum	Equity (LTV 65%–75%)
Private lending companies	No minimum	Equity + exit strategy
Individual private lenders	No minimum	Equity + property type

Insured vs uninsured mortgage requirements

When you put less than 20% down, your mortgage must be insured by CMHC, Sagen, or Canada Guaranty. Insurance adds a credit score floor.

Mortgage Type	Down Payment	Credit Score Minimum	Who Sets the Floor
Insured (default insurance)	5%–19.99%	600 (CMHC floor) / 680 (most lenders)	CMHC sets 600; most lenders add their own 680 minimum
Insurable (qualifies but 20%+ down)	20%+ (under $1M, <25-yr am)	680	Lender policy
Uninsured	20%+ (over $1M or 30-yr am)	680	Lender policy
B-lender uninsured	20%+	500–650	Lender policy

The CMHC 600 vs lender 680 gap

CMHC technically insures mortgages for borrowers with scores as low as 600. However, most A-lenders set their own internal minimum at 680. The result:

Score	CMHC Will Insure?	Most A-Lenders Will Approve?	Practical Outcome
600–649	Yes	No	Must find a lender willing to submit to CMHC at this score (rare)
650–679	Yes	Some (credit unions)	Limited options; may need broker to find willing lender
680+	Yes	Yes	Standard approval path

What your score means for your mortgage options

Score 760+: full access, best pricing

Benefit	Detail
Rate	Lowest advertised rates; strongest negotiating position
Lender choice	Every A-lender competes for your business
Approval speed	Fast — automated underwriting approves quickly
Product access	All products: fixed, variable, HELOC, readvanceable
Insurance	Insured or uninsured — full flexibility

Score 680–759: standard approval

Benefit	Detail
Rate	A-lender rates; may be 0.05%–0.15% above the absolute best
Lender choice	All A-lenders
Approval speed	Standard — may need manual review if near 680
Product access	All standard products
Insurance	Full access

Score 620–679: the grey zone

Challenge	Detail
Rate	B-lender rates (1%–2.5% above A-lender)
Lender choice	B-lenders; some credit unions may help at 650+
Fees	Lender fee of 0.50%–1.50% likely
LTV	Maximum 80% (cannot get insured mortgage from most lenders)
Strategy	If score is 650+, improving to 680 before applying is often worth the wait

Score 550–619: alternative territory

Challenge	Detail
Rate	B-lender rates (+2%–3.5%)
Lender choice	Limited B-lenders (Equitable, Home Trust, Haventree)
Fees	Lender fee 1%–2%, possible broker fee 0.50%–1.00%
LTV	Maximum 75%–80%
Strategy	Use 1–2 year term; rebuild credit; refinance to A-lender

Score below 550: private lending

Challenge	Detail
Rate	8%–15%+
Lender choice	Private lenders and MICs
Fees	Lender fee 2%–5%, broker fee 1%–3%
LTV	Maximum 65%–75%
Term	1 year (renewable)
Strategy	Private → B-lender → A-lender over 2–3 years

Co-borrower credit score rules

Scenario	How Lenders Assess
Both applicants above 680	Use the lower of the two scores
One applicant 720, other 650	Score used: 650 — may push to B-lender
One applicant 780, other 580	Score used: 580 — B-lender territory
Adding a guarantor/co-signer	Some lenders use the higher score; varies by institution

Strategy: If one partner has a significantly lower score, it may be worth having the higher-scoring partner apply alone (if their income qualifies independently).

How many points make a difference?

Current Score	Target Score	What Changes	Worth Waiting?
670	680	B-lender → A-lender access	Yes — saves 1%–2% on rate
650	680	Opens all A-lenders	Yes — significant savings
620	680	Opens A-lenders, removes fees	Yes — worth 3–6 months of effort
580	620	Better B-lender options	Maybe — incremental improvement
550	620	Moves from worst B-lenders to better ones	Yes — worth the effort
720	760	Marginal rate improvement	Probably not — minimal difference

What lenders see beyond your score

Factor	What Lenders Check	Impact
Payment history	Any late payments, collections, judgments	Single 90-day late payment can drop score 100+ points
Credit utilization	How much of available credit you’re using	Utilization over 30% hurts score; over 75% is a red flag
Credit age	Length of credit history	Longer history = more stable
Derogatory marks	Bankruptcy, consumer proposal, collections	Major negatives with specific timelines
Recent inquiries	New credit applications in last 6–12 months	Multiple inquiries suggest financial stress
Credit mix	Types of credit (revolving, installment, mortgage)	Diverse mix is positive

Timelines for derogatory marks

Event	Impact on Score	How Long It Stays	When You Can Get A-Lender Mortgage
Single late payment (30 days)	–60 to –110 points	6 years	12–24 months after (if score recovers)
Collection account	–50 to –100 points	6 years from last activity	Once paid and score recovers to 680+
Consumer proposal	–100 to –200 points	3 years after completion	2+ years after discharge (varies by lender)
Bankruptcy	–150 to –250 points	6–7 years (first time)	2+ years after discharge (B-lender at 1 year)
Foreclosure	–100 to –200 points	6 years	5–7 years for A-lender; B-lender sooner