Can Teachers Really Afford Toronto?
There’s a common question I get from teachers who have been working for two, three, maybe five years with the TDSB, Catholic Board, Peel, or York Region:
“I have a great career and I love my students. But I’m carrying student debt, I’m not sure how credit scores really work, and when I look at real estate prices in the GTA, I think: Is this even possible for me?”
The short answer: Yes. And you have advantages you probably don’t realize.
I have a soft spot for this question because my father was a teacher. I saw the work he brought home every night. I saw him marking papers at the kitchen table until 10 PM. I know that when you’re managing a classroom of 30 students, you never know what energy they’re going to bring in that day. It can be exhausting.
The last thing you need is a bank that judges you or a mortgage process that adds more stress.
You need a partner who sits beside you and works through it with you—someone who understands that your schedule doesn’t allow for multiple bank appointments during business hours, and that you shouldn’t have to choose between answering your mortgage broker’s call and managing your classroom.
So today, I’m going to treat this like a lesson plan. We’re going to look at:
- The specific math of buying a home on a teacher’s salary
- How to automate your savings so you can focus on marking
- The exact steps to get from your classroom to the closing table
Want to skip ahead and find out what you qualify for right now?
📱 Text or call: 249-480-1249
I’ll run your number
The Teacher Advantage: Why Lenders Actually Love You
Before we dive into the steps, let me share something most teachers don’t realize:
Lenders LOVE teachers.
Here’s why:
1. The Grid = Predictability
Your salary follows a clear, documented grid. You’re not on commission. You’re not self-employed. You don’t have variable income that changes month to month.
From a lender’s perspective, this makes you one of the most reliable borrowers they can approve.
2. Job Stability
Teaching is one of the most stable professions in Ontario. School boards don’t go out of business. Your job isn’t subject to market volatility or economic downturns the way private sector jobs are.
3. The Gross Income Advantage
Here’s the math advantage that changes everything:
We qualify you on your GROSS income.
That’s your salary BEFORE:
- Ontario Teachers’ Pension Plan (OTPP) contributions
- Union dues
- Other deductions
For most teachers, this increases buying power by $50,000 to $80,000 compared to what you thought you could afford.
Example:
Let’s say you’re a teacher earning $75,000 gross annual salary.
After pension contributions (~11%) and union dues (~1%), your take-home might be around $66,000.
Most people think: “I make $66,000, so that’s what I qualify on.”
Reality: We qualify you on the full $75,000.
That $9,000 difference translates to roughly $45,000-$50,000 more in buying power.
This is your competitive advantage in the GTA market.
Want to See Your Buying Power?
Text me your gross household income at 249-480-1249 and I’ll send you your qualification amount – no obligation, no pressure, just your number.
Step 1: The Down Payment Reality Check (Avoiding the Pension Trap)
Let’s start with the hardest part: The Down Payment.
This is where the uncertainty sets in for most teachers.
The Pension Trap
You have an amazing pension with the Ontario Teachers’ Pension Plan (OTPP). It’s one of the best pension plans in Canada.
But here’s the hard truth: You cannot use your pension as a down payment. That money is locked away until retirement.
To buy a home, you need liquid cash.
How Much Do You Actually Need?
In the GTA in 2026, you need:
Minimum down payment rules:
- Properties under $500K: 5% minimum down payment
- Properties $500K-$1.5M: 5% on first $500K + 10% on the amount above $500K
- Properties over $1.5M: 20% minimum down payment
Examples:
$500,000 home = $25,000 down payment (5%)
$600,000 home = $35,000 down payment (5.83% blended)
- First $500K @ 5% = $25,000
- Next $100K @ 10% = $10,000
$800,000 home = $55,000 down payment (6.88% blended)
- First $500K @ 5% = $25,000
- Next $300K @ 10% = $30,000
Plus closing costs:
- Land transfer tax: ~1.5-4% of purchase price (Ontario plus Toronto if applicable)
- Legal fees: $1,500-$2,500
- Home inspection: $500-$700
- Title insurance: $300-$400
Total closing costs: typically 2-4% of purchase price
Real numbers for common GTA purchase prices:
$600,000 home:
- Down payment: $35,000
- Closing costs: ~$15,000 (2.5%)
- Total cash needed: ~$50,000
$700,000 home:
- – Down payment: $45,000
- – Closing costs: ~$18,000 (2.5%)
- – **Total cash needed: ~$63,000**
$800,000 home:
- Down payment: $55,000
- Closing costs: ~$20,000 (2.5%)
- Total cash needed: ~$75,000
The FHSA Strategy: Automate Your Down Payment
If you’re still building your down payment, you need a system that works while you’re busy teaching.
The First Home Savings Account (FHSA) is your best tool:
How it works:
- Contribute up to $8,000/year (lifetime maximum $40,000)
- Contributions are tax-deductible (reduces your taxable income)
- Growth is tax-free
- Withdrawals for your first home are tax-free
The “Set and Forget” Method:
Set up automatic transfers on your payday:
- Frequency: Bi-weekly (every pay period)
- Amount: $300/paycheque = $7,800/year
- Where: Directly from your chequing to your FHSA
Why this works for teachers:
You’re busy. You don’t have time to manually transfer money every month. With automatic transfers, the money is moved before you even see it in your chequing account.
Plus, the tax deduction gives you a refund at tax time—which you can also put toward your down payment.
Tax benefit example:
If you contribute $8,000/year and you’re in the 30% tax bracket:
- Tax refund: $2,400
- That’s an extra $2,400 toward your down payment—just for doing what you were already planning to do
Don’t have an FHSA set up yet?
I can introduce you to a financial planner who specializes in helping teachers with this. Text me at 249-480-1249.
The “Bank of Mom and Dad”
Many first-time teacher buyers receive a gift from family for their down payment.
I know that can be a tough conversation to initiate.
But here’s what I’ve seen work: When you come to your parents with a clear, professional mortgage plan showing:
- Exactly what you can afford
- Your monthly payments
- Your budget breakdown
- Proof you’ve been saving consistently
…it shows them you’re serious and responsible. It makes that conversation much easier.
Want a clear mortgage plan to show your family?
Text me at 249-480-1249 and I’ll prepare a complete breakdown of your buying power, monthly payments, and budget. You can use it in conversations with family or just for your own planning
Step 2: Your Income & Debt Math Advantage
Let’s talk about the numbers that actually matter for mortgage qualification.
The Two Big Questions Teachers Ask Me:
- “Will my student loans disqualify me?”
- “How much can I actually afford?”
Let’s address both.
Student Loans: The Reality Check
Here’s the strategy: We don’t guess, we calculate.
If your student loans are interest-free (OSAP grace period, or federal portion):
We usually don’t want you using your precious down payment cash to pay them off.
Why? Because:
- Your down payment earns you equity in real estate
- Interest-free debt costs you $0
- You preserve liquidity for emergencies
If your student loans are charging interest:
We run the numbers to see the best path forward:
- Does paying them off significantly improve your debt ratios?
- Is the interest rate higher than what you’d pay on mortgage insurance (if applicable)?
- Would you still have enough left for your down payment and closing costs?
The Teacher Debt Advantage:
Here’s what most teachers don’t realize: Lenders expect teachers to have student loans.
You needed a Bachelor of Education to get your job. Lenders know this. It’s not seen as “bad debt”—it’s seen as an investment in a stable, high-income career.
Plus, your stable grid salary often offsets lender concerns about existing student debt.
How Much Can You Actually Afford?
Here’s the formula lenders use (simplified):
Gross Debt Service Ratio (GDS):
- Your housing costs shouldn’t exceed 39% of your gross monthly income
- Housing costs = mortgage payment + property taxes + heating + 50% of condo fees (if applicable)
Total Debt Service Ratio (TDS):
- Your total debt payments shouldn’t exceed 44% of your gross monthly income
- Total debt = housing costs + car loans + credit cards + student loans + lines of credit
Real Example: Teacher earning $75,000/year
Gross monthly income: $6,250
Maximum housing costs (GDS at 39%):
- $6,250 × 39% = $2,438/month
If you have student loans ($300/month) and a car payment ($400/month):
Maximum total debt payments (TDS at 44%):
- $6,250 × 44% = $2,750/month
Housing costs can be:
- $2,750 – $300 – $400 = $2,050/month
Translation to home price:
At current rates (~4.09% for 5-year fixed), $2,050/month in housing costs typically means:
- Approximate buying power: $450,000-$480,000 (with 5% down)
But remember: This is WITH student loans and a car payment.
If you pay off your car or your student loans are interest-free and don’t count fully against you, your buying power increases significantly.
🎯 Want Your Exact Number?
Stop guessing. Text me at 249-480-1249 with:
- Your gross annual income
- Your monthly debt payments (student loans, car, credit cards)
- How much down payment you have
I’ll send you your exact buying power.
Step 3: Get “Underwritten Upfront” (Don’t Make an Offer Until You Do This)
This is where most first-time buyers—including teachers—make a critical mistake.
The Traditional Bank Process (The Wrong Way):
- You walk into a bank
- You give them some basic info (income, down payment estimate)
- They run your credit
- They print you a “Pre-Approval Letter” saying you’re approved for $X
- You start shopping for homes
- You make an offer
- NOW the bank actually reviews your file for the first time
- They find issues: “We need more documentation,” “Your down payment source isn’t clear,” “This T4 shows a gap in employment”
- Your purchase is at risk
This process is backwards.
The “Underwritten Upfront” Process (The Right Way):
Here’s how I work differently:
I become the underwriter BEFORE you make an offer.
Before you ever start looking at homes, I review your complete file with the same scrutiny a bank underwriter will eventually use:
✅ Letter of Employment (confirms your grid position and salary)
✅ T4s (last 2 years if applicable)
✅ Down payment source documentation (bank statements showing 90-day history)
✅ Credit report (reviewed for any issues)
✅ Debt verification (student loans, car payments, credit cards)
✅ Income verification (paystubs, employment confirmation)
Why this matters:
When you make an offer on a home, you typically include a “financing condition”—a clause that says “this offer is conditional on me getting mortgage approval.”
Standard financing condition period: 5 business days.
If issues come up during those 5 days, you’re scrambling. You might lose the house. You might lose your deposit.
With Underwritten Upfront:
We’ve already identified and fixed any issues BEFORE you make an offer. Your financing condition becomes a formality, not a gamble.
Common Issues We Catch Early:
Issue #1: Down Payment Source
Banks need to see your down payment funds have been in your account for at least 90 days (called “seasoning”).
If you just transferred $30,000 from your parents’ account last week, the bank will question it.
We fix it: Proper gift letter documentation, showing the money trail clearly.
Issue #2: Employment Gaps
If you were on a temporary contract and then moved to permanent, banks want documentation of that transition.
We fix it: Letter from your school board confirming your current permanent status.
Issue #3: Credit Issues
Maybe you had a late payment two years ago on a credit card. Or you co-signed a loan for a family member.
We fix it: Letter of explanation, evidence the issue is resolved, strategies to improve your credit score before applying.
Want to Get “Underwritten Upfront”?
Text me at 249-480-1249 and I’ll send you the exact document checklist you need. We’ll review everything BEFORE you start house hunting—so when you find the right home, you’re ready.
Step 4: Choose the Right Lender (Big Bank vs. Monoline)
Once you’re approved, we need to pick a lender.
Most teachers instinctively want to walk into their big bank branch—TD, RBC, Scotia, CIBC, BMO—because it feels safe and familiar.
But here’s what you need to know:
Not all lenders are created equal, and the best lender for you depends on your timeline and plans.
My Dad Was a Teacher: A Quick Story
My dad was a teacher with the TDSB. By the time I was seven, we had lived in a rented apartment and then three different houses—upsizing every year or two as our family grew.
We were only in the first house for a little while before my sister came along, and then we were moving somewhere bigger.
Here’s the thing: Banks charge penalties if you break (pay off) a mortgage early.
If my dad had been hit with the standard big bank penalties we see today—often $15,000 to $25,000 to break a mortgage early—it would have burned through our family’s equity.
This is why I often recommend Monoline Lenders for teachers.
What’s a Monoline Lender?
Monoline lenders are mortgage-only lenders like:
- First National
- RFA (MCAP)
- Merix Financial
- CMLS Financial
They don’t have branches. They don’t offer chequing accounts. They only do mortgages—and they’re VERY good at it.
Big Bank vs. Monoline: The Key Differences
| Feature | Big Bank | Monoline Lender |
|---|---|---|
| Early Breakage Penalty | Higher (IRD method) | Lower (3 months interest or IRD, whichever is LESS) |
| Rate | Often slightly higher | Often 0.05-0.15% better |
| Convenience | Branch access, all banking in one place | No branches, mortgage-only |
| Approval Speed | Slower (10-14 days typical) | Faster (5-7 days typical) |
| Portability | Available | Available |
| Prepayment Options | Varies (10-20%) | Typically 20% prepayment allowed |
Why Penalties Matter for Teachers
Life happens. You might:
- Get a teaching position in a different city
- Decide to upgrade to a bigger home when you start a family
- Receive an inheritance and want to pay off your mortgage
- Refinance to access equity for renovations
Penalty Example:
Let’s say you have a $400,000 mortgage at 4.09%, 3 years left in your 5-year term.
Big Bank penalty (IRD method): Often $12,000-$18,000
Monoline penalty (3 months interest): ~$4,000-$5,000
That’s a $10,000+ difference.
For teachers—especially those buying a starter home and planning to upsize in 3-5 years—Monoline lenders often make more sense.
When Big Banks Make Sense:
That said, I have access to all the big banks, and sometimes they ARE the right choice:
Choose a Big Bank if:
- You value having all your banking in one place
- You want branch access for questions/issues
- You’re buying your “forever home” and don’t plan to move
- The rate difference is negligible
My job isn’t to push you toward one or the other. My job is to lay out the different options—Big Bank vs. Monoline, penalties, rates, features—so YOU can make the choice that fits your life.
Need Help Choosing?
Text me at 249-480-1249 and I’ll show you:
- Rates from both Big Banks and Monolines
- Penalty calculations for your specific scenario
- Which lender makes the most sense for your timeline
Step 5: Build Your Support Team (You Need More Than Just a Mortgage Broker)
Just like in teaching, you need a team.
You rely on those senior teachers who show you the ropes and help you survive that first year. You need the same thing in real estate.
Your Real Estate Dream Team:
1. Mortgage Broker (That’s Me)
I’m your financing quarterback. I:
- Review your financial situation
- Get you “Underwritten Upfront”
- Shop rates across 40+ lenders
- Guide you through the approval process
- Coordinate with your realtor and lawyer
My role: Make sure your financing is bulletproof so you can make strong offers.
2. Real Estate Agent (Buyer’s Agent)
You need a realtor who:
- Understands your teacher schedule (can show homes on weekends, after school, during PD days)
- Knows the safe pockets of the GTA
- Won’t rush you
- Is patient with first-time buyers
- Understands that you need time to think and aren’t making impulsive decisions
What to avoid: Pushy agents who pressure you into bidding wars or making offers before you’re ready.
I can introduce you to vetted realtors who specialize in helping first-time teacher buyers. Text me at 249-480-1249.
3. Real Estate Lawyer
Your lawyer:
- Reviews the Agreement of Purchase and Sale
- Conducts title search
- Handles closing paperwork
- Protects you from legal issues
Cost: Typically $1,500-$2,500 including disbursements
I can refer you to lawyers who are experienced with first-time buyers and teacher clients.
4. Home Inspector
Before you firm up your offer (remove your conditions), you need a home inspection.
A good inspector will:
- Check the foundation, roof, electrical, plumbing, HVAC
- Identify any major issues
- Give you negotiating leverage (or the option to walk away)
Cost: $500-$700 for a typical home
Critical for teachers: You don’t have time to deal with major surprise repairs after you move in. A thorough inspection is worth every penny.
5. Financial Planner (Optional but Recommended)
If you’re setting up your FHSA, managing student loans, or thinking about your long-term financial strategy, a good financial planner can help.
I work with several planners who specialize in helping teachers. If you want an introduction, text me at 249-480-1249.
Next Steps: Find Out What You Qualify For
You manage 30+ students a day. You handle enough unpredictability. Your mortgage should be the one thing you don’t have to worry about.
Here’s what happens next:
Step 1: Reach Out
Text or call me at 249-480-1249 or email Simon@humberbaymortgages.ca
Step 2: I’ll Ask You 5 Quick Questions:
- What’s your gross annual household income?
- What’s your employment status? (Permanent, contract, supply teacher?)
- How much do you have saved for a down payment?
- What are your monthly debt payments? (Student loans, car, credit cards)
- When are you planning to buy? (Next 3 months, 6 months, 1 year?)
Step 3: I’ll Send You Your Number
Within the hour, I’ll send you:
- Your maximum buying power
- Your estimated monthly payment
- Closing costs estimate
- Next steps to get “Underwritten Upfront”
No cost. No obligation. Just clarity.
Step 4: We Build Your Plan
If you want to move forward, we’ll:
- Get you “Underwritten Upfront”
- Shop rates across 40+ lenders
- Introduce you to vetted realtors (if needed)
- Coordinate your entire home buying process
I work on your schedule. If you get through your marking at 8:30 on a Thursday night and want to send me a question, I’m here.
📱 Ready to Find Out What You Qualify For?
Text or Call: 249-480-1249
Email: Simon@humberbaymortgages.ca
Book a Call: humberbaymortgages.ca/book
No pressure. No cost. Just your number.
Next Steps: Find Out What You Qualify For
You manage 30+ students a day. You handle enough unpredictability.
Your mortgage should be the one thing you don’t have to worry about.
Here’s what happens next:
Step 1: Reach Out
Text or call me at 249-480-1249 or email Simon@humberbaymortgages.ca
Step 2: I’ll Ask You 5 Quick Questions:
- What’s your gross annual household income?
- What’s your employment status? (Permanent, contract, supply teacher?)
- How much do you have saved for a down payment?
- What are your monthly debt payments? (Student loans, car, credit cards)
- When are you planning to buy? (Next 3 months, 6 months, 1 year?
Step 3: I’ll Send You Your Number
Within the hour, I’ll send you:
- Your maximum buying power
- Your estimated monthly payment
- Closing costs estimate
- Next steps to get “Underwritten Upfront”
No cost. No obligation. Just clarity.
Step 4: We Build Your Plan
If you want to move forward, we’ll:
- Get you “Underwritten Upfront”
- Shop rates across 40+ lenders
- Introduce you to vetted realtors (if needed)
- Coordinate your entire home buying process
Ready to Find Out What You Qualify For?
Text or Call: 249-480-1249
Email: Simon@humberbaymortgages.ca
Book a Call: humberbaymortgages.ca/book
No pressure. No cost. Just your number.
FAQ: Common Questions from GTA Teachers
Q: Can I qualify if I’m still on contract (not permanent)?
A: Yes, but it depends on your contract history.
If you’ve been continuously employed on contracts for 2+ years, many lenders will approve you. We’ll need:
- Your employment letters from each contract period
- Proof of continuity (no gaps)
- Confirmation from your school board about likelihood of renewal
If you’re in your first year of teaching, we can sometimes work with that too—but we’ll need a larger down payment (typically 10-15% instead of 5%) and we’ll focus on lenders who are more flexible with contract workers.
Text me your specific situation at 249-480-1249 and I’ll tell you what’s possible.
Q: I’m a supply teacher. Can I still get approved?
A: Yes, but it’s more complex.
Lenders want to see:
- At least 2 years of supply teaching history
- Consistent income (averaged over 2 years)
- Strong credit
- Larger down payment (typically 10-20%)
The key is demonstrating that you have reliable, ongoing work; even if it’s not a permanent contract.
I work with supply teachers regularly. Text me at 249-480-1249 and we’ll figure out your path.
Q: Should I pay off my student loans before applying for a mortgage?
A: It depends on three factors:
- Are they charging interest?
- If yes → We run the numbers to see if paying them off improves your qualification
- If no (interest-free OSAP) → Usually we don’t want you using down payment cash to pay them
- How much would paying them off improve your debt ratios?
- Sometimes paying off $10K in student loans increases your buying power by $50K
- Sometimes it barely moves the needle
- Would you still have enough left for your down payment?
- If paying off debt leaves you with only 5% down and no emergency fund, that’s risky
The strategy: We calculate both scenarios and show you which path gets you into a home faster.
Text me at 249-480-1249 and I’ll run your numbers both ways.
Q: How much do I need to make to afford a $600,000 home in Toronto?
A: Here’s the rough math (assuming minimum down, current rates ~4.09%):
Home price: $600,000
Down payment : $35,000
Mortgage amount: $565,000
Mortgage insurance (CMHC): ~$22,600
Total mortgage: ~$587,600
Monthly costs:
- Mortgage payment: ~$3,040
- Property taxes: ~$400/month
- Heating: ~$100/month
- Insurance: ~$150/month
- Total: ~$3,690/month
Income needed (at 39% GDS):
$3,720 ÷ 0.39 = ~$9,540/month gross
~$114,500/year household income
If you have NO other debts (no car payment, no student loans), a household income of ~$115K gets you to a $600K home.
If you’re carrying debt, that income requirement goes up.
Want your specific number? Text me at 249-480-1249.
Q: Can I use my RRSP for a down payment?
A: Yes, through the Home Buyers’ Plan (HBP).
You can withdraw up to $35,000 from your RRSP tax-free for a down payment (per person, so $70,000 for a couple).
Conditions:
- You must be a first-time home buyer
- You must repay the RRSP within 15 years (starting 2 years after withdrawal)
- The funds must have been in your RRSP for at least 90 days
The trade-off: You’re borrowing from your retirement savings.
My recommendation for teachers:
If you have both RRSP savings and can contribute to an FHSA, prioritize the FHSA:
- FHSA contributions are tax-deductible (like RRSP)
- FHSA withdrawals are tax-free (better than RRSP)
- FHSA doesn’t require repayment
Use your RRSP as a backup if you need more than the FHSA $40,000 limit.
Want help strategizing? Text me at 249-480-1249.
Q: What credit score do I need?
A: Minimum credit score requirements:
- A-lender (best rates): 680+ credit score
- Most lenders: 650+ credit score
- High-ratio insured mortgages (less than 20% down): 600+ credit score minimum
For teachers, 680+ is ideal and very achievable.
If your score is below 680:
- We can often improve it in 60-90 days
- Strategies: Pay down credit cards below 30% utilization, ensure all payments are on time, don’t apply for new credit
Don’t know your credit score? Text me at 249-480-1249 and I’ll check it during our initial review (soft pull, doesn’t affect your score).
Q: What if I want to buy with another teacher (friend, sibling, colleague)?
A: Co-ownership with another teacher is common and totally doable.
Here’s what lenders look at:
- Combined income (both teachers’ salaries)
- Combined debts (both teachers’ student loans, car payments, etc.)
- Combined down payment (both contributing)
- Joint legal ownership (both on title, both on mortgage)
Advantages:
- Combined income = higher buying power
- Split costs = more affordable
- Build equity together
What you need:
- Co-ownership agreement (your lawyer will draft this)
- Clear understanding of ownership split (50/50? 60/40?)
- Exit strategy if one person wants to sell later
I work with co-buying teachers often. Text me at 249-480-1249 for guidance.
Q: Can I buy a condo or should I buy a house?
A: It depends on your budget and lifestyle, but here’s the trade-off:
Condos:
- Lower purchase price (typically $500K-$650K in GTA)
- Condo fees ($400-$700/month)
- Less maintenance (building handles it)
- Good for busy teachers who don’t want yard work
Houses:
- Higher purchase price (typically $700K+ in GTA)
- No condo fees, but you pay for all maintenance
- More space
- Better long-term appreciation (historically)
Lender perspective:
Both are fine. The key difference: Condo fees count as part of your housing costs when calculating qualification.
Example:
- $2,500/month housing budget
- Condo with $500/month fees → You can afford ~$2,000/month in mortgage payment
- House with no fees → You can afford the full $2,500/month in mortgage payment
This means a house gives you ~20% more buying power (all else equal) because there are no condo fees eating into your budget.
Want to see what you can afford in each scenario? Text me at 249-480-1249.
Q: What if I get a teaching job outside the GTA after I buy?
A: This is where portability becomes important.
Most mortgages have a portability clause that allows you to:
- “Port” (transfer) your existing mortgage to a new property
- Keep your current rate (even if rates have gone up)
- Avoid early breakage penalties
Example:
You buy a home in Toronto with a 4.09% mortgage. Two years later, you get a permanent position in Ottawa and need to move.
With portability:
- You sell your Toronto home
- You buy in Ottawa
- You transfer your 4.09% mortgage to the new property (assuming rates have gone up to 5%)
- You keep the lower rate
Not all lenders offer portability, and rules vary. This is something we’ll discuss when choosing your lender.
Planning to potentially relocate? Text me at 249-480-1249 so we can build that flexibility into your mortgage.
Q: How long does the whole process take?
A: From first conversation to closing, here’s the typical timeline:
Week 1: Initial consultation + document gathering
Week 2: Get “Underwritten Upfront” + pre-approval
Weeks 3-8: House hunting (varies widely)
Week 9: Offer accepted
Weeks 10-12: Financing condition period (5 days) + final approval + home inspection + lawyer review
Week 13: Closing day (you get the keys!)
Total: 3-4 months on average
If you’re organized and move quickly, you can close in 60 days.
If you’re cautious and take your time house hunting, 6-9 months is normal.
There’s no rush. We move at YOUR pace.
Ready to start? Text me at 249-480-1249.
FAQ: Common Questions from GTA Teachers
Q: Can I qualify if I’m still on contract (not permanent)?
A: Yes, but it depends on your contract history.
If you’ve been continuously employed on contracts for 2+ years, many lenders will approve you. We’ll need:
- Your employment letters from each contract period
- Proof of continuity (no gaps)
- Confirmation from your school board about likelihood of renewal
If you’re in your first year of teaching, we can sometimes work with that too—but we’ll need a larger down payment (typically 10-15% instead of 5%) and we’ll focus on lenders who are more flexible with contract workers.
Text me your specific situation at 249-480-1249 and I’ll tell you what’s possible.
Q: I’m a supply teacher. Can I still get approved?
A: Yes, but it’s more complex.
Lenders want to see:
- At least 2 years of supply teaching history
- Consistent income (averaged over 2 years)
- Strong credit
- Larger down payment (typically 10-20%)
The key is demonstrating that you have reliable, ongoing work; even if it’s not a permanent contract.
I work with supply teachers regularly. Text me at 249-480-1249 and we’ll figure out your path.
Q: Should I pay off my student loans before applying for a mortgage?
A: It depends on three factors:
- Are they charging interest?
- If yes → We run the numbers to see if paying them off improves your qualification
- If no (interest-free OSAP) → Usually we don’t want you using down payment cash to pay them
- How much would paying them off improve your debt ratios?
- Sometimes paying off $10K in student loans increases your buying power by $50K
- Sometimes it barely moves the needle
- Would you still have enough left for your down payment?
- If paying off debt leaves you with only 5% down and no emergency fund, that’s risky
The strategy: We calculate both scenarios and show you which path gets you into a home faster.
Text me at 249-480-1249 and I’ll run your numbers both ways.
Q: How much do I need to make to afford a $600,000 home in Toronto?
A: Here’s the rough math (assuming minimum down, current rates ~4.09%):
Home price: $600,000
Down payment : $35,000
Mortgage amount: $565,000
Mortgage insurance (CMHC): ~$22,600
Total mortgage: ~$587,600
Monthly costs:
- Mortgage payment: ~$3,040
- Property taxes: ~$400/month
- Heating: ~$100/month
- Insurance: ~$150/month
- Total: ~$3,690/month
Income needed (at 39% GDS):
- $3,720 ÷ 0.39 = ~$9,540/month gross
- ~$114,500/year household income
If you have NO other debts (no car payment, no student loans), a household income of ~$115K gets you to a $600K home.
If you’re carrying debt, that income requirement goes up.
Want your specific number? Text me at 249-480-1249.
Q: Can I use my RRSP for a down payment?
A: Yes, through the Home Buyers’ Plan (HBP).
You can withdraw up to $35,000 from your RRSP tax-free for a down payment (per person, so $70,000 for a couple).
Conditions:
- You must be a first-time home buyer
- You must repay the RRSP within 15 years (starting 2 years after withdrawal)
- The funds must have been in your RRSP for at least 90 days
The trade-off: You’re borrowing from your retirement savings.
My recommendation for teachers:
If you have both RRSP savings and can contribute to an FHSA, prioritize the FHSA:
- FHSA contributions are tax-deductible (like RRSP)
- FHSA withdrawals are tax-free (better than RRSP)
- FHSA doesn’t require repayment
Use your RRSP as a backup if you need more than the FHSA $40,000 limit.
Want help strategizing? Text me at 249-480-1249.
Q: What credit score do I need?
A: Minimum credit score requirements:
- A-lender (best rates): 680+ credit score
- Most lenders: 650+ credit score
- High-ratio insured mortgages (less than 20% down): 600+ credit score minimum
For teachers, 680+ is ideal and very achievable.
If your score is below 680:
- We can often improve it in 60-90 days
- Strategies: Pay down credit cards below 30% utilization, ensure all payments are on time, don’t apply for new credit
Don’t know your credit score? Text me at 249-480-1249 and I’ll check it during our initial review (soft pull, doesn’t affect your score).
Q: What if I want to buy with another teacher (friend, sibling, colleague)?
A: Co-ownership with another teacher is common and totally doable.
Here’s what lenders look at:
- Combined income (both teachers’ salaries)
- Combined debts (both teachers’ student loans, car payments, etc.)
- Combined down payment (both contributing)
- Joint legal ownership (both on title, both on mortgage)
Advantages:
- Combined income = higher buying power
- Split costs = more affordable
- Build equity together
What you need:
- Co-ownership agreement (your lawyer will draft this)
- Clear understanding of ownership split (50/50? 60/40?)
- Exit strategy if one person wants to sell later
I work with co-buying teachers often. Text me at 249-480-1249 for guidance.
Q: Can I buy a condo or should I buy a house?
A: It depends on your budget and lifestyle, but here’s the trade-off:
Condos:
- Lower purchase price (typically $500K-$650K in GTA)
- Condo fees ($400-$700/month)
- Less maintenance (building handles it)
- Good for busy teachers who don’t want yard work
Houses:
- Higher purchase price (typically $700K+ in GTA)
- No condo fees, but you pay for all maintenance
- More space
- Better long-term appreciation (historically)
Lender perspective:
Both are fine. The key difference: Condo fees count as part of your housing costs when calculating qualification.
Example:
- $2,500/month housing budget
- Condo with $500/month fees → You can afford ~$2,000/month in mortgage payment
- House with no fees → You can afford the full $2,500/month in mortgage payment
This means a house gives you ~20% more buying power (all else equal) because there are no condo fees eating into your budget.
Want to see what you can afford in each scenario? Text me at 249-480-1249.
Q: What if I get a teaching job outside the GTA after I buy?
A: This is where portability becomes important.
Most mortgages have a portability clause that allows you to:
- “Port” (transfer) your existing mortgage to a new property
- Keep your current rate (even if rates have gone up)
- Avoid early breakage penalties
Example:
You buy a home in Toronto with a 4.09% mortgage. Two years later, you get a permanent position in Ottawa and need to move.
With portability:
- You sell your Toronto home
- You buy in Ottawa
- You transfer your 4.09% mortgage to the new property (assuming rates have gone up to 5%)
- You keep the lower rate
Not all lenders offer portability, and rules vary. This is something we’ll discuss when choosing your lender.
Planning to potentially relocate? Text me at 249-480-1249 so we can build that flexibility into your mortgage.
Q: How long does the whole process take?
A: From first conversation to closing, here’s the typical timeline:
Week 1: Initial consultation + document gathering
Week 2: Get “Underwritten Upfront” + pre-approval
Weeks 3-8: House hunting (varies widely)
Week 9: Offer accepted
Weeks 10-12: Financing condition period (5 days) + final approval + home inspection + lawyer review
Week 13: Closing day (you get the keys!)
Total: 3-4 months on average
If you’re organized and move quickly, you can close in 60 days.
If you’re cautious and take your time house hunting, 6-9 months is normal.
There’s no rush. We move at YOUR pace.
Ready to start? Text me at 249-480-1249.
About Simon Browning
I’m a Mortgage Agent Level 2 with BRX Mortgage 13463, and I work exclusively with clients across Ontario—with a focus on the Greater Toronto Area.
My father was a teacher with the TDSB for over 30 years. I saw firsthand the demands of the job, the evenings spent marking, the stress of parent-teacher interviews, and the satisfaction of making a difference in students’ lives.
I also saw how intimidating the home buying process can be – especially when you’re dealing with banks that don’t understand (or care about) your schedule, your pension structure, or the realities of starting out with student debt.
That’s why I specialize in helping teachers, educators, and other professionals navigate the GTA real estate market with confidence.
I don’t work banker’s hours. If you need to chat at 8 PM after you’ve finished marking, I’m here. If you want to review documents on a Saturday morning, I’m available.
Let’s make this process as stress-free as possible.
📱 Text or Call: 249-480-1249
📩 Email: Simon@humberbaymortgages.ca
🌐 Website: humberbaymortgages.ca
▶️ Brokerage: BRX Mortgage 13463
Ready to Take the Next Step?
You’ve read the guide. You know the steps. Now let’s get you your number.
Here’s What Happens Next:
1. Reach out: Text, call, or email me
2. Quick questions: I’ll ask about your income, down payment, and timeline
3. Your number: I’ll send you what you qualify for (within the hour)
4. Build your plan: We’ll get you “Underwritten Upfront” and ready to make offers
No cost. No pressure. Just clarity.
📱 Contact Me Now
Text or Call: 249-480-1249
Email: Simon@humberbaymortgages.ca
Book a Call: humberbaymortgages.ca/book
Class dismissed. Let’s get you into your first home.
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