Joint Mortgages: Buying Property with Partners

A joint mortgage allows two or more people to combine their incomes and credit histories to qualify for a larger mortgage than they could obtain individually. This is particularly common among couples, family members, and friends looking to enter the Canadian real estate market together.

Joint mortgages can significantly increase your purchasing power, but they also come with unique responsibilities and legal considerations that all parties must understand before proceeding.

Both parties own 50% of the property regardless of contribution amounts.

Ownership percentages can vary based on contribution amounts.

Consult with a real estate lawyer to determine the best ownership structure for your situation and to draft appropriate agreements.

Lenders will assess the combined gross income of all applicants. Total debt service ratios cannot exceed 44% of gross income.

All applicants must meet minimum credit score requirements. The lowest score among applicants often determines approval terms.

All parties are jointly and severally liable for the full mortgage amount, regardless of ownership percentage.

Everything you need to know about joint mortgages in Canada. From application requirements to legal considerations, make informed decisions when buying property with partners.