Mortgages for Rental Properties Toronto

You can never go wrong with building rental properties in Toronto. Let Approved Mortgage Brokers help you to find the right lender for you.
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Mortgages for Rental Properties Toronto


One reason to invest in rental properties is that according to the Canada Mortgage and Housing Corporation (CMHC) Rental Market Reports on the average rent prices in major centres in Canada, it costs an average of $1,359 to rent a house in the Greater Toronto Area in 2018. Ontario’s population is on the rise. According to Ontario Population Projections, 2018–2046 by the Ontario Ministry of Finance, the province’s population is projected to increase by 38.0% (over 5.4 million) between 2018 and 2046. Being the capital of Ontario, most of this population will be in Toronto.
Other than the high ROI, other reasons to invest in rental properties in Toronto are that you will use proceeds from the rental property to make repayments and even leave some money for your own use, get high leverage compared to other investment vehicles (you are more bankable), and you will be investing in a tangible asset (not shares in a company that may nose dive for a variety of reasons).


Mortgage Offers
pick the one thats right for you.
  • get
    $ 2,000
    on purchase over
    $500, 000
  • Receive
    $ 1,400
    when you transfer
    your mortgage of over $500,000
  • complimentary
    12 months
    Home service plan
    fint out more

Rental Property Mortgage Qualification Criteria

The benefits of investing in Toronto rental properties are clear, but building or buying rental properties is an expensive undertaking. You will need a mortgage to finance the investment. Some of the requirements to qualify for a rental property mortgage include:
  • The most recent T776 and the most recent NOA (Notice of Assessment)
  • Opinion of market rent and/or current lease agreements
  • A good credit history
  • Non-rental income to prove you can meet the mortgage obligations
  • The most recent T776 and the most recent NOA (Notice of Assessment)
  • Opinion of market rent and/or current lease agreements
  • A good credit history
  • Non-rental income to prove you can meet the mortgage obligations
Featured Rates
Fixed
  • Lender
  • Rate
  • Term
  • Toronto-Dominion
    3.04%
    5 years
  • Scotiabank
    3.04%
    2 years
  • MCAP
    2.99%
    5 years
  • CMLS
    2.84%
    3 years
  • RFA
    2.64%
    5 years
  • First National Bank
    2.74%
    5 years
  • DUCA
    3.84%
    1 year
  • B2B
    3.19%
    2 years
  • Meridian
    2.79%
    5 years
  • RMG Mortgage
    2.69%
    5 years
Variable
  • Lender
  • Rate
  • Manulife Bank
    2.74%
    5 years
  • Home Trust
    3.00%
    5 years
Other
  • Type
  • Rate
  • Secured line of credit
    4.45%
  • Private mortgages
    5.99%
Questions?
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Why Hire a Mortgage Broker?


You could go direct to a lender for your rental property mortgage, but a lender’s broker will try to push the product they have on offer because they are on a commission and/or salary, even if the product is not suited for you. At Approved Mortgage Broker, we are not tied to a single lender, but rather all lenders. If you do not qualify under the stringent conditions set out by mainstream lenders and the strict CMHC Income Property Guidelines, you need not worry because there are several private lenders in Toronto. You need an experienced broker like Approved Mortgage Broker because these lenders have higher interest rates (to compensate for the “riskier” people they are lending to). At Approved Mortgage Broker, we have a good relationship with private lenders, which allows us to get the best possible interest rates. Hunting for a mortgage is time and energy consuming - hiring the Approved Mortgage Broker team gives you unparalleled convenience. We will give you a dedicated broker to assess your specific needs, including repayment capabilities, so we can get the best fit for you.


Purchase or Refinance
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What our CLients Say
Approved
  • Avatar gilles veilleux ★★★★★
    Masoud and his team are truly focused and result driven. I did my refinancing with them, it went smooth from start to finish.
  • Avatar Roosevelt Freeman ★★★★★
    I used Nick to renew my mortgage. He found me a better deal than my bank could offer and I intend to use him again the next time I need to renew. Nick did all the work, he made it easy and simple for me. He really knows his stuff!
  • Avatar Linda Howard ★★★★★
    After some unfortunate interactions with my previous mortgage broker trying to close the deal I was recommended Approved by a friend of a friend. I didn't have my hopes high to be completely honest, however decided to give it a go and called Masoud. He was quite reassuring over the phone, and after our meeting I finally felt like I'm in the right hands. Long story short, we closed the deal and most importantly I got a much better rate than expected. I already recommended Approved to my colleague, and I'm sure there'll be more referrals from me when the time comes
  • Avatar Juan Pearson ★★★★★
    Nick gave me great advice and fair rates to process my mortgage. Marianela, his assistant, was quick getting back to me and explained any questions about documents. Would highly recommend these guys.
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