Alberta
Trades, transport and small-business income in a lower-price market.
The short answer
In Edmonton, a stated income mortgage lets self-employed borrowers qualify on business bank deposits and financial statements instead of net taxable income. Trades, transport operators, retail owners and independent healthcare professionals use it most often.
With entry price points among the lowest of Canada's large cities, a realistic qualifying income often covers a detached home comfortably within debt-service limits.
Legal basement suites are widespread and documented long-term rent can be partially applied against the mortgage payment.
Winter slowdowns in construction and landscaping are expected. Annualised deposits are the fair measure, not a single quarter.
Documented revenue is totalled, a reasonable industry expense factor is deducted, and the resulting qualifying income is tested against debt-service limits at the stress test rate. See the full step-by-step breakdown for the numbers.
Illustrative case studies
Incorporated renovation contractor, 6 years in business
A Edmonton buyer with strong credit, a 20% down payment and two years of filed returns showing heavy but legitimate write-offs.
How the income is calculated
Roughly $594,048 in mortgage capacity on stated income, versus about $270,816 on the net figure alone.
Commission-only realtor, 4 years licensed
A Edmonton buyer with strong credit, a 20% down payment and two years of filed returns showing heavy but legitimate write-offs.
How the income is calculated
Roughly $624,624 in mortgage capacity on stated income, versus about $310,128 on the net figure alone.
Sole-proprietor IT consultant on long-term contracts
A Edmonton buyer with strong credit, a 20% down payment and two years of filed returns showing heavy but legitimate write-offs.
How the income is calculated
Roughly $596,232 in mortgage capacity on stated income, versus about $253,344 on the net figure alone.
For demonstration purposes only. These case studies are hypothetical examples created to show how stated income calculations work. They are not real clients, not guarantees, and not an offer of credit. Actual qualifying income, rates and approvals depend on the lender, your documentation, credit profile, down payment and the property.
Yes, when the suite is legal and there is a documented lease. Lenders apply a percentage of rent rather than the full amount.
Most self-employed programs look for 650 or higher, with better pricing above 680. Lower scores are placeable with more down payment.
Send your details and we'll review your business income the way a self-employed lender does — no credit pull to start the conversation.