Penalty math, monoline vs Big 6, strata fees, renewals while abroad — the rest of the buying decision.
first time
Not in central Vancouver — median 2BR sits around $850K–$950K in Yaletown, Kits, Mount Pleasant. $600K gets you into a 2BR in Burnaby, Surrey Central, New West, or Richmond outside the core. Or a 1BR + den in Mount Pleasant or Olympic Village.
What your bank didn’t say:Your bank pre-approval is what you can BORROW, not what you can AFFORD. Stress-test math gets you to $600K; reality is property tax, strata, insurance, and maintenance push the real cost 25–35% above the mortgage payment. Most first-time buyers regret stretching to the pre-approval ceiling.
Open in chat & ask follow-up →first time
Mid-2026 medians: 2BR condos sit around $880K downtown core, $760K Etobicoke/East York, $620K–$720K in Scarborough, North York, and Mississauga. Under $750K is realistic outside the core — Mississauga, Scarborough, North Etobicoke, parts of East York. Liberty Village and CityPlace dropped to ~$780K for some units. Older buildings (pre-2000) tend to be priced 10–15% lower per square foot than new builds.
What your bank didn’t say:Listing platforms weight toward newer + more expensive units, inflating perceived medians. Pull actual sold data from your agent or zealty.ca before you anchor on a price. Older buildings often have stable maintenance fees and full reserve funds, while glass-tower new builds have hidden upcoming special assessments — what looks "more expensive" today is often cheaper over a 5-year hold.
Open in chat & ask follow-up →rent vs buy
On a 1BR in central Toronto: rent runs $2,200–$2,600; buying a comparable unit at $700K with 20% down costs $3,400–$3,800/month all-in (mortgage + tax + maintenance). Buying wins long-term ONLY if you stay 7+ years and the unit appreciates 2%+ annually. Renting wins if you might move, change jobs, or want flexibility.
What your bank didn’t say:Real-estate websites push the "renting is throwing money away" line. Math: at current rates, the gap between rent and own costs you $1,000–$1,500/month — over 5 years that is $60K–$90K. If you invest that gap at 6%, you have $80K–$110K. Owning beats renting only when appreciation outpaces that.
Open in chat & ask follow-up →lender compare
For most borrowers: monolines (First National, MERIX, MCAP, CMLS, RMG) beat Big 6 on rate by 15–30 bps and beat them dramatically on prepayment penalties. Big 6 win on integration (one app for everything), branch access, and HELOC flexibility. If you plan to stay 5 years and not break, monoline almost always wins on math.
What your bank didn’t say:Banks will tell you monolines "have less stability." All 5 of the major Canadian monolines are OSFI-regulated and CMHC-insured the same way Big 6 are. The "stability" pitch is a sales tactic, not a substance argument.
Open in chat & ask follow-up →condo fees red flags
Above $1.20/sqft in Vancouver is a yellow flag — usually means deferred maintenance catching up or a special-assessment cycle starting. Below $0.50/sqft is also suspicious — likely underfunded reserves. Healthy range: $0.55–$0.85/sqft for buildings 20+ years old; $0.40–$0.65 for newer.
What your bank didn’t say:Listing agents almost never volunteer the fees-per-sqft number — they cite the dollar amount, which sounds smaller. Always ask for the depreciation report and the last 3 years of fee history. Two years of 10%+ increases means a special assessment is coming, regardless of what fees look like today.
Open in chat & ask follow-up →penalty
TD uses Interest Rate Differential (IRD) calculated against their POSTED rate, not the rate you actually got. On a $500K mortgage at year 3 with 2 years left, that is typically $12,000–$18,000. Monolines (First National, MERIX, MCAP) calculate IRD against the discounted rate — same scenario runs $3,000–$5,000.
What your bank didn’t say:The "Big 6 IRD" calculation is the single biggest hidden cost in Canadian mortgages. Your bank will quote you the penalty without explaining it is 4x what a monoline would charge for the same break. They are not allowed to lie about it — but they are allowed to not bring it up.
Open in chat & ask follow-up →renewal
Your Canadian mortgage renews even if you live abroad — the lender does not care where you live, only whether the property is still your principal residence or has converted to a rental. If you are renting it out, you must notify the lender (it changes the risk class and may trigger a rate adjustment). Income verification gets harder: most lenders require Canadian-source income or a sponsor; some Big 6 will accept US W-2 if you have a Canadian credit history and CRA filings on record.
What your bank didn’t say:A few brokers specialise in cross-border files (look for CMP-licensed advisors who say "expat" or "foreign income" on their site). Going through your existing branch is usually the worst option — they default to the most conservative underwriting and rate. The "I am moving abroad" disclosure is also where some borrowers get caught: not telling the lender is a misrepresentation that can void the mortgage entirely.
Open in chat & ask follow-up →renewal
TD opens with their posted-rate target — that 5.29% is the start of negotiation, not the end. The same week, broker channels were placing 5-year fixed renewals at 4.79%–4.99% on similar files. TD has discretionary retention pricing they will use if you mention you are shopping. Most renewal offers come down 30–60 bps when you bring a competing quote.
What your bank didn’t say:Banks rarely lead with their best rate at renewal. Their "loyalty pricing" assumes you will not shop. Asking for a written quote from a broker — even one you do not use — typically beats your offer by $8K–$15K over the term on a $500K mortgage.
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