What credit score do I need to get a mortgage?

The banks and CMHC are always updating and adjusting their credit requirements to ensure that they can sustain the level of risk/exposure in the housing market for the long-term. The recent housing crisis in the USA, coupled with the over-heated real estate markets in Toronto and Vancouver have heightened concerns over the past few years. As a result, the requirements that CMHC and the banks have are currently more strict then they were not that long ago. These days the banks are looking for a total gross household income of at least $6,000 a month, as well as a minimum credit score of 680 for each applicant. Lenders are conducting the “stress test” to ensure that you can handle higher interest rates—a CMHC requirement for the past several years.