British Columbia
Dense strata inventory and consultant income near the region's core.
The short answer
In Burnaby, a stated income mortgage qualifies self-employed borrowers using documented business revenue instead of the net figure on a tax return. With a market weighted toward newer strata inventory, qualifying income is usually the constraint rather than the down payment.
Half of the monthly maintenance fee is counted as a housing cost by most lenders, so a higher qualifying income directly offsets fee-heavy buildings.
Presale completions require income to be re-verified at closing. A documentation approach that was accurate at deposit needs to still hold two years later.
Incorporated consultants can add back retained earnings and shareholder draws with the right lender, which materially raises the qualifying figure.
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 Burnaby 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 $576,912 in mortgage capacity on stated income, versus about $263,004 on the net figure alone.
Commission-only realtor, 4 years licensed
A Burnaby 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 $606,606 in mortgage capacity on stated income, versus about $301,182 on the net figure alone.
Sole-proprietor IT consultant on long-term contracts
A Burnaby 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 $579,033 in mortgage capacity on stated income, versus about $246,036 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, but the lender re-verifies income before funding, so your business documentation needs to be current at completion, not just at the time of deposit.
Typically 50% of the monthly strata fee is included as a housing cost in the debt-service ratios.
Send your details and we'll review your business income the way a self-employed lender does — no credit pull to start the conversation.