When it comes to commission income, mortgage approvals can be challenging to secure, and the path isn’t always straightforward—especially for newcomers to Canada. Recently, I had a client who worked on commission income with a guaranteed salary if her earnings fell short of a certain threshold. Despite consistently earning above the guaranteed amount, her pay stub only reflected commission income, and sometimes she worked fewer than 40 hours a week.
The Challenges We Faced:
We initially approached three different lenders, all of whom declined her application. Each lender wanted to base their approval on a two-year average of commission income. The issue? My client had only moved to Canada in 2023 and had no two-year track record. After three declines, I decided to go above and beyond, reaching out to every potential lender willing to review her unique situation. Finally, I found one that agreed to consider her file for approval.
Another major hurdle we faced was the source of her down payment. Much of it was gifted funds from her parents, who live in a country that’s considered high-risk by anti-money laundering standards. This meant strict documentation requirements to satisfy new anti-money laundering rules—a complex but critical step in the process.
Teamwork Made It Possible:
I must credit my realtor partner, Bryan Cheung. Throughout this stressful process, he helped keep my clients grounded and hopeful. His support and positivity made a huge difference, especially as we worked right down to the wire. On the day the financing condition was due, we received the final approval, and my clients were finally able to take a deep breath, knowing they had secured their first home in Canada.
Bryan Cheung:
Tel: 403 689 1228
Email: bcheung@cirrealty.ca
Web: https://www.bryancheung.cirrealty.ca
Reflections on the Process:
Typically, I aim to complete mortgage approvals within five business days of submitting an application. But, as this case showed, that’s not always possible. When unusual situations arise, a longer timeline may be necessary, and that’s where strong partnerships and clear communication make all the difference.
For me, this case reaffirmed the importance of persistence, adaptability, and trust. Ultimately, my clients were able to move into their beautiful new townhouse, a modern, spacious home that they can now call their own in their new country.
Thank you for reading this case study, and if you or someone you know is facing similar challenges, reach out. Every situation is unique, and sometimes it just takes finding the right team willing to go the extra mile.
Gordy Sundar
Mortgage Broker | Mortgageline
M: +1-403-585-0921
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