These tables are designed for quick screening. They do not replace the full chapters, current policy or professional review.
Table 1 — Transaction classification
| Transaction | Core purpose | Main underwriting focus |
|---|---|---|
| Purchase | Acquire property | Price, down payment, borrower, property and closing |
| Renewal | Continue debt at maturity | Payment history, new term, rate and future plans |
| Straight switch | Move unchanged mortgage | Existing balance, amortization, property and receiving-lender policy |
| Refinance | Replace/increase mortgage | Purpose, equity, qualification, penalty and break-even |
| Equity takeout | Borrow against existing equity | Net proceeds, LTV, capacity and use of funds |
| HELOC | Revolving equity access | Qualification, variable-rate risk and repayment discipline |
| Second mortgage | Add debt behind first | Combined LTV, first-mortgage terms, cost and exit |
| Bridge | Cover a temporary timing gap | Firm repayment event, term and contingency |
| Construction | Fund work through draws | Budget, equity, completion and takeout |
| Private mortgage | Short-term higher-cost solution | Property, equity, carrying capacity and exit |
| Commercial mortgage | Finance income/business property | NOI, DCR, value, sponsor and leases |
Table 2 — Borrower-type document summary
| Borrower | Core income documents | Additional evidence |
|---|---|---|
| Salaried employee | Employment letter, paystub, T4, NOA | Contract, probation or leave documents |
| Hourly/variable employee | Paystubs, T4s, NOAs | Two-year earnings, guaranteed hours, current YTD |
| Commissioned employee | T4/T4A, T1, NOA | Current commission report and employer confirmation |
| Sole proprietor | T1, T2125, NOA | Registration, GST/HST, bank statements |
| Incorporated owner | T1/NOA, T4/T5 | Corporate statements, T2, ownership, NIAT analysis |
| Retiree | CPP/OAS/pension/RRIF statements | T4A/T5/T3, asset statements |
| New Canadian | Status, Canadian income | International credit, foreign funds, translations |
| Rental owner | Leases, T776, deposits | Rent roll, market rent, portfolio statements |
| Commercial sponsor | Personal net worth, tax returns | Corporate statements, guarantees and liquidity |
Table 3 — Income evidence hierarchy
| Evidence | Relative verification strength | Main limitation |
|---|---|---|
| Direct employer/lender verification | High | Confirms only information requested |
| CRA-issued tax documents | High for filed history | Historical and tax-focused, not always current cash flow |
| Accountant financial statements | High when appropriate report and current | Scope can be audit, review or compilation |
| Original bank statements | Strong transaction evidence | Deposits require classification and expense analysis |
| Executed contracts | Supports continuity | Contract may terminate or not produce net income |
| Borrower declaration | Necessary context | Not independent proof |
| Projection | Future scenario only | Must be supported by assumptions and experience |
Table 4 — Self-employed income approaches
| Approach | Typical lender category | Main inputs | Key risk |
|---|---|---|---|
| Taxable-income average | A/insured | T1, NOA, T2125 | Write-offs reduce accepted income |
| Add-back/gross-up | Insurer or named lender | Tax schedules and eligible expenses | Double counting or ineligible deductions |
| Corporate salary/dividends | A/alternative | T4, T5, corporate records | Distribution may not be sustainable |
| Corporate NIAT | Named institutional policy | Financial statements, ownership, liquidity | Retained profit not freely available |
| Bank-statement stated income | Alternative | 6–12 months deposits and reasonability | Transfers and gross revenue overstated |
| Equity/private analysis | Private | Value, LTV, cash flow and exit | Loan may be carryable only temporarily |
Table 5 — Occupancy classifications
| Occupancy | Description | Financing implication |
|---|---|---|
| Principal residence | Borrower’s primary home | Owner-occupied programs may apply |
| Second home | Additional personal-use home | Named lender/insurer criteria apply |
| Family occupied | Relative occupies property | Must fit specific program |
| Long-term rental | Tenant occupied | Larger equity and rental analysis commonly required |
| Short-term rental | Nightly/seasonal use | Municipal, income and property policy concerns |
| Mixed owner/rental | Borrower occupies one unit | Unit count and rental method matter |
| Commercial use | Business occupies all/part | May require commercial or mixed-use underwriting |
| Vacant | No occupant | Insurance, condition and fraud risk increase |
Table 6 — Residential property-type screening
| Property type | Ordinary pathway | Common exception issue |
|---|---|---|
| Detached/semi/townhouse | Standard residential | Condition, legal units or location |
| Condominium | Standard residential | Status, special assessment, size or hotel use |
| 2–4 unit owner occupied | Residential/insured | Legal units and rental income |
| 1-unit rental | Conventional rental | Down payment and rent method |
| 2–4 unit rental | Conventional or insured income property | Portfolio and cash flow |
| Rural residence | Rural residential | Acreage, well, septic and access |
| Cottage | Recreational property | Seasonal access, water and insurance |
| Leasehold | Specialized policy | Lease term and mortgagee rights |
| Rooming house | Specialized/alternative | Licensing, fire code and management |
| Major repair property | Improvement/construction/private | Current habitability and cost to complete |
Table 7 — Commercial property-type screening
| Property | Primary repayment source | Main risk |
|---|---|---|
| Multi-unit apartment | Residential rent NOI | Rent regulation, capex, management |
| Retail | Tenant leases | Consumer traffic and tenant rollover |
| Office | Tenant leases | Vacancy and fit-up costs |
| Industrial | Lease/business cash flow | Specialized use and environmental |
| Owner-occupied commercial | Operating business | Business continuity and guarantees |
| Mixed-use | Residential and commercial NOI | Classification and separate valuation |
| Hospitality | Operating revenue | Volatility and management |
| Place of worship | Donations/rent | Specialized collateral and governance |
| Agricultural | Farm operations/land | Production and resale risk |
| Development land | Sale/refinance after approvals | Entitlement and carrying risk |
Table 8 — Down-payment and equity sources
| Source | Potentially acceptable? | Evidence |
|---|---|---|
| Personal savings | Commonly | Statements and accumulation history |
| Gift | Under eligible programs | Gift letter, donor funds and transfer |
| RRSP Home Buyers’ Plan | If eligible | RRSP statement and withdrawal documents |
| FHSA | If eligible | Account and qualifying withdrawal evidence |
| Sale of property | Commonly | Firm APS, mortgage payout and net proceeds |
| Inheritance | Potentially | Estate documents and bank trail |
| Business funds | Potentially | Ownership, corporate authorization and tax review |
| Borrowed funds | Program-specific | Loan agreement and debt-service inclusion |
| Vendor credit | Lender-specific | Full APS disclosure and lender acceptance |
| Cryptocurrency proceeds | Lender-specific | Exchange, ownership, conversion and bank trail |
| Cash | High verification difficulty | Lawful source and deposit trail required |
Table 9 — Ontario purchase closing-cost categories
| Cost | Usually payable by | Main driver |
|---|---|---|
| Ontario land transfer tax | Buyer | Consideration and statutory rules |
| Toronto municipal land transfer tax | Buyer for applicable Toronto property | Municipal rules |
| Legal fee/disbursement | Buyer | Transaction complexity |
| Title insurance | Buyer/lender requirement | Price, property and policy |
| Appraisal | Borrower or lender incentive | Property and lender |
| Home inspection | Buyer | Scope and property |
| Adjustments | Buyer/seller | Taxes, condo fees, fuel, rent |
| Default-insurance premium | Borrower, commonly added to loan | LTV and insurer program |
| Ontario tax on insurance premium | Buyer | Provincial treatment |
| New-home HST/adjustments | Buyer or builder arrangement | Contract and rebate eligibility |
| Reserve funds | Buyer | Repair, moving and payment resilience |
Table 10 — Appraisal report selection
| Report | Inspection | Suitable use | Limitation |
|---|---|---|---|
| AVM | None | Low-risk standardized property | Data may miss condition or uniqueness |
| Desktop | None | Limited-scope accepted file | Depends on recent reliable data |
| Drive-by | Exterior | Limited-scope property review | Interior condition unknown |
| Full residential | Interior/exterior | Purchase, refinance, unusual or higher-risk file | More time and cost |
| Market-rent report | Varies | Rental-income support | Not necessarily a value appraisal |
| Commercial appraisal | Property and market analysis | Income-producing property | Leases, cap rate and assumptions complex |
| Land appraisal | Site-focused | Vacant/development/rural land | Approval and servicing value uncertain |
| Progress inspection | Construction stage | Draw release | Confirms progress, not always full market value |
AIC’s current mortgage-industry guidance distinguishes desktop, drive-by, full, land, progress and market-rent report scopes; lender acceptance controls.[^AIC-REPORTS]
Table 11 — Environmental report progression
| Report/action | Purpose | Result |
|---|---|---|
| Environmental questionnaire | Initial use/history screening | May identify need for professional review |
| Phase I ESA | Records, site and surrounding-use review | Identifies potential environmental concern |
| Phase II ESA | Sampling and laboratory testing | Tests suspected contamination |
| Remediation plan | Defines cleanup strategy and cost | Supports lender/legal decision |
| Record of Site Condition | Ontario regulatory filing in applicable situations | Confirms specified environmental work and standards |
| Environmental insurance | Transfers defined risk | Coverage exclusions and limits apply |
| Reliance letter | Lets lender rely on report | Professional and report-specific |
Table 12 — Construction report package
| Report/document | Prepared by | Underwriting use |
|---|---|---|
| Plans/specifications | Architect/designer/engineer | Defines scope |
| Permit | Municipality | Confirms authorized work |
| Cost budget | Borrower/builder/cost consultant | Establishes uses |
| Quantity surveyor report | Cost consultant | Tests cost and contingency |
| As-completed appraisal | Appraiser | Tests completed value |
| Progress report | Appraiser/cost consultant | Supports draw |
| Statutory declaration | Contractor/borrower | Supports payment and lien review |
| Lien search | Lawyer | Protects priority |
| Occupancy permit | Municipality | Supports completion/takeout |
| Final deficiency report | Professional/lender inspector | Controls final holdback |
Table 13 — Credit event interpretation
| Event | Lower-risk features | Higher-risk features |
|---|---|---|
| High utilization | Recent temporary use; balances paid | Persistent maxed accounts and new borrowing |
| One late payment | Isolated, explained, cured | Several accounts or mortgage late |
| Collection | Small, old, paid | Recent, unpaid, repeated |
| Consumer proposal | Discharged, re-established credit | Active, recent, no recovery evidence |
| Bankruptcy | Old, discharged, strong recovery | Repeated, housing loss, weak new credit |
| Identity theft | Police/bureau evidence and corrected | Unresolved accounts and mismatched identity |
| Mortgage arrears | Administrative and immediately cured | Repeated, recent and unresolved |
| Judgment | Satisfied and isolated | Active writ affecting title or proceeds |
Table 14 — Debt-service concepts
| Measure | Formula | Use |
|---|---|---|
| GDS | Housing costs ÷ gross qualifying income | Residential housing burden |
| TDS | Housing + other debts ÷ gross qualifying income | Total residential debt burden |
| DCR/DSCR | NOI or cash flow ÷ debt service | Commercial/property coverage |
| Debt yield | NOI ÷ loan amount | Commercial lender return before rate |
| LTV | Secured debt ÷ accepted value | Collateral leverage |
| LTC | Loan ÷ eligible cost | Construction/acquisition leverage |
| Net worth | Assets − liabilities | Resilience and guarantor strength |
| Liquidity | Available near-cash resources | Closing, reserve and shock capacity |
Table 15 — Current stress-test reference
| Area | Current reference at July 23, 2026 | Qualification |
|---|---|---|
| Most newly underwritten uninsured mortgages at federally regulated lenders | Greater of contract + 2% or 5.25% | OSFI MQR[^OSFI-MQR-60] |
| Qualifying uninsured straight switch at FRFI with no balance/amortization increase | OSFI does not expect MQR application | Receiving lender still underwrites |
| Insured mortgages | Federal insurer/Department of Finance framework | Verify current insurer product |
| Credit union/private/commercial | Institution/product-specific | Do not assume OSFI formula applies identically |
Table 16 — Lender-category comparison
| Category | Main strengths | Main limits | Typical role |
|---|---|---|---|
| Bank/monoline | Competitive institutional pricing | Standardized policy | Stable residential borrower/property |
| Credit union | Local or relationship flexibility | Geography/membership/product limits | Policy niches and community markets |
| Alternative lender | Flexible income/credit | Higher rate and fee | Transitional institutional financing |
| MIC/mortgage fund | Equity and property focus | Higher cost and short term | Complex/private bridge |
| Individual private lender | Bespoke decisions and speed | Concentration, renewal and legal cost | Specific short-term opportunity |
| Commercial lender | Property/business expertise | Extensive due diligence | Income-producing and business property |
| Agricultural lender | Farm cash-flow knowledge | Specialized eligibility | Working farms/rural operations |
Table 17 — Mortgage position risk
| Position | Lender claim | Borrower implication |
|---|---|---|
| First | Paid before later mortgages, subject to priority claims | Usually lower pricing |
| Second | Paid after first | Higher rate and combined-LTV sensitivity |
| Third | Paid after first and second | Narrow lender pool and high enforcement risk |
| Pari passu | Shared priority under agreement | Specialized legal structure |
| Blanket | One mortgage over multiple properties | Release and cross-collateral restrictions |
| Collateral charge | May secure multiple obligations | Switching and payout complexity |
Table 18 — Prepayment and penalty reference
| Feature | Question to ask |
|---|---|
| Annual lump sum | Percentage of original or current balance? Anniversary or calendar year? |
| Payment increase | Maximum and frequency? |
| Double-up | How often and does it reduce principal immediately? |
| Three months’ interest | Which balance and rate? |
| IRD | Which comparison rate, discount and remaining term? |
| Portability | Time window and qualification? |
| Blend-and-extend | How is old penalty embedded? |
| Open mortgage | Are discharge/admin fees still payable? |
| Cash-back clawback | What amount must be repaid on early discharge? |
Table 19 — Renewal option matrix
| Option | New qualification? | Main advantage | Main risk |
|---|---|---|---|
| Same-lender renewal | Often limited | Simple and low closing friction | Weak offer may go unchallenged |
| Straight switch | Yes, subject to current exception framework | Competitive rate/product | Documentation and transfer timing |
| Refinance | Full | Access equity/change structure | Penalty, costs and larger debt |
| Early renewal | Lender-specific | Rate certainty/convenience | Locking too early or restarting penalty |
| Open renewal | Limited or full | Flexibility before sale/refinance | Higher rate |
| Alternative renewal | Full | Preserves ownership during recovery | Fee and exit requirement |
| Private renewal | Lender discretion | Short-term extension | Equity erosion and uncertainty |
| Sale | No mortgage qualification for existing property | Eliminates maturity problem | Market and moving consequences |
Table 20 — Equity-access comparison
| Product | Existing first preserved? | Payment style | Best suited to |
|---|---|---|---|
| Refinance | No | Amortizing | Large amount/long horizon |
| HELOC | Usually yes within structure | Revolving, often interest-only minimum | Flexible repeated access |
| Second mortgage | Yes | Interest-only or amortizing | Preserve favourable first/temporary need |
| Reverse mortgage | Existing debts paid from advance as required | No ordinary scheduled payment | Eligible older homeowners |
| Private first | No | Often interest-only | Complex short-term solution |
| Sale/downsize | Mortgage repaid | None after sale | Permanent affordability/equity access |
Table 21 — Private-lender structure comparison
| Lender type | Strength | Risk to borrower |
|---|---|---|
| Individual | Flexible local decision | Renewal/liquidity concentration |
| MIC | Established administration and portfolio | Policy/fee structure may be less negotiable |
| Mortgage fund | Broader capital and property appetite | Short term and institutionalized fees |
| Syndicated group | Can fund larger/complex loan | Multiple investor and disclosure complexity |
| Private company | Speed and standard process | Verify licensing, capital and administration |
Table 22 — Private mortgage exit matrix
| Exit | Evidence at closing | Failure contingency |
|---|---|---|
| A-lender refinance | Target income, credit and policy gap | B lender or sale |
| B-lender refinance | Bank statements, equity and recovery | Sale or extension with cost cap |
| Property sale | Listing strategy and net equity | Price reduction/voluntary sale timing |
| Construction takeout | Budget, permits, value and commitment | Additional equity or controlled sale |
| Asset receipt | Legal entitlement and timing | Alternate refinance/sale |
| Business stabilization | Statements, contracts and milestones | Reduced debt or property sale |
Table 23 — Rental-income methods
| Method | Basic treatment | Main sensitivity |
|---|---|---|
| 50% gross rent | Portion added to income or offsets costs | Simple but may under/overstate economics |
| Rental offset | Accepted rent offsets property costs | Offset percentage and included costs |
| Add-back | Net surplus added; shortfall included | Expense and mortgage calculation |
| Net rental income | Revenue less accepted expenses | Vacancy, management and reserves |
| Commercial NOI | Stabilized property income before debt | Leases, cap rate and operating history |
Table 24 — NOI adjustment reference
| Item | Common stabilized treatment |
|---|---|
| Above-market rent | Adjust toward supportable market or lease analysis |
| Vacancy | Include market allowance despite current full occupancy |
| Management | Include allowance even if self-managed where lender requires |
| Repairs | Normalize; separate capital expenditure |
| Utilities | Use owner-paid responsibility under leases |
| Property taxes | Current or projected reassessment |
| Insurance | Current commercial/rental premium |
| Related-party rent | Test against market |
| One-time expense | Remove only with evidence it will not recur |
| Replacement reserve | Include where property/program requires |
| Mortgage payment | Excluded from NOI; tested through DCR |
Table 25 — Commercial ratio reference
| Ratio | Stronger direction | Caution |
|---|---|---|
| DCR | Higher | Required minimum varies by lender/property |
| LTV | Lower | Low LTV does not cure weak cash flow |
| Debt yield | Higher | Ignores interest rate and amortization |
| Expense ratio | Consistent with market | Too low may signal omitted costs |
| Tenant concentration | Lower | One strong tenant can still be acceptable |
| Lease rollover | Spread over time | Large near-term expiry increases risk |
| Sponsor liquidity | Higher | Must remain after equity contribution |
| Net worth/loan | Higher | Quality and liquidity of assets matter |
Table 26 — Business-loan comparison
| Facility | Purpose | Repayment source | Security |
|---|---|---|---|
| Operating line | Working capital | Cash conversion | Receivables/inventory/GSA/guarantee |
| Term loan | Equipment/expansion | Business cash flow | Equipment/GSA/guarantee |
| Equipment lease | Asset use | Operating cash flow | Equipment ownership/lease rights |
| Commercial mortgage | Real estate | NOI/business cash flow | Registered mortgage |
| CSBFP term loan | Eligible assets/costs | Business cash flow | Program and lender security |
| Acquisition loan | Buy business | Acquired and buyer cash flow | Assets, shares, guarantees, VTB |
| Vendor take-back | Complete purchase | Buyer cash flow | Seller security |
| Private real-estate loan | Urgent/complex business purpose | Refinance, sale or business recovery | Property equity |
Table 27 — Property-risk matrix
| Risk | Underwriting question | Possible response |
|---|---|---|
| Unique construction | Can ordinary buyers finance it? | Full appraisal, lower LTV, specialist lender |
| Rural/remote | How liquid is resale market? | Location-limited lender, more equity |
| Legal unit issue | Is current use lawful? | Municipal/legal evidence or exclusion of rent |
| Deferred repairs | What is cost and habitability? | Holdback, improvement loan or private completion |
| Environmental | Is liability known and manageable? | Phase I/II, remediation, insurance |
| Leasehold | Does lease outlast mortgage and protect lender? | Legal review, shorter amortization |
| Mixed-use | Which classification and income method applies? | Commercial/alternative lender |
| Vacancy | Why vacant and is insurance valid? | Inspection, reserve and sale/lease plan |
| Condo litigation | Does it affect value or special assessments? | Status review and lender decision |
Table 28 — Income-risk matrix
| Income risk | Evidence | Underwriting response |
|---|---|---|
| New job | Contract, paystub, prior occupation | Probation exception or wait |
| Variable earnings | Two-year history and current YTD | Average/lower year |
| Declining business | Interim statements and explanation | Lower income, more equity or alternative |
| Corporate income | Statements, ownership and liquidity | NIAT or distribution analysis |
| Foreign income | Contract, tax, deposits and currency | Haircut and continuity test |
| Rental income | Leases, deposits and market rent | Offset/net method |
| Pension/RRIF | Statements and assets | Sustainability test |
| Support income | Agreement/order and deposits | Duration and receipt history |
| Cash income | Tax reporting and deposits | Often excluded without acceptable evidence |
Table 29 — Fraud red flags
| Area | Red flag | Required response |
|---|---|---|
| Identity | Names/addresses/date of birth conflict | Reverify through approved method |
| Employment | Employer cannot be contacted independently | Direct verification and supporting evidence |
| Income | Fonts, totals or deposits inconsistent | Obtain issuer-source documents |
| Down payment | Circular transfers or third-party control | Complete source-of-funds map |
| Occupancy | Lease exists despite owner-occupied claim | Clarify and correct application |
| Value | Rapid flips or undisclosed credits | Full transaction/appraisal review |
| Communication | Third party answers for borrower | Direct borrower contact |
| Wire | Last-minute changed instructions | Independent call-back verification |
| Title | Power of attorney or owner identity uncertain | Lawyer and lender validation |
| Professional | Unlicensed or unverifiable broker/lawyer | Registry check and stop transaction |
Table 30 — Title and legal document reference
| Document | Shows | Reviewed by |
|---|---|---|
| Parcel register | Ownership and registered instruments | Lawyer |
| Transfer | Conveyance of title | Lawyer |
| Charge | Mortgage security | Lawyer/lender |
| Standard charge terms | Contractual mortgage provisions | Lawyer/borrower |
| Discharge | Release of charge | Lawyer/lender |
| Survey | Boundaries and improvements | Surveyor/lawyer |
| Status certificate | Condo financial/legal status | Lawyer/lender |
| Separation agreement | Family-law obligations and buyout | Family lawyer/lender for financing facts |
| Certificate of appointment | Estate authority | Estates lawyer/lender |
| Trust agreement | Trustee powers and beneficiaries | Lawyer/lender |
| Guarantee | Guarantor liability | Independent lawyer/lender |
Table 31 — Urgent-file triage
| Urgency | First evidence | First professional |
|---|---|---|
| Purchase closing within days | APS, lender decline, funds and income | Mortgage professional and real-estate lawyer |
| Demand/notice of sale | All notices and mortgage documents | Ontario litigation/real-estate lawyer |
| Private maturity | Commitment, payout, exit progress | Mortgage professional and lawyer |
| Construction stopped | Budget, draws, liens and cost-to-complete | Construction lawyer/cost consultant/lender |
| Wire fraud | Transfer confirmation and emails | Bank, police, lawyer and CAFC |
| Borrower death | Title, mortgage, will and insurance | Estates lawyer and lender |
| Separation buyout | Agreement/order, title and mortgage | Family lawyer and mortgage professional |
| Commercial maturity | Rent roll, NOI, appraisal and payout | Commercial mortgage professional/lawyer |
Table 32 — Professional responsibility map
| Professional | Primary role | Not a substitute for |
|---|---|---|
| Mortgage broker/agent | Suitability, lender access, application and coordination | Legal, tax or appraisal advice |
| Lender underwriter | Credit decision and conditions | Borrower’s independent advice |
| Real-estate lawyer | Title, registration, trust funds and legal closing | Mortgage qualification |
| Family/estate lawyer | Rights, agreements and authority | Lender approval |
| Accountant | Tax and financial reporting | Legal title or lender commitment |
| Appraiser | Value opinion | Inspection, survey or legal use decision |
| Home inspector | Visible physical condition | Appraisal or legal compliance |
| Engineer/environmental consultant | Technical risk | Mortgage approval |
| Licensed insolvency trustee | Bankruptcy/proposal process | Mortgage placement or legal representation |
| Insurance professional | Coverage and risk transfer | Property value or title opinion |
Table 33 — Source classification and review frequency
| Source type | Examples | Review frequency |
|---|---|---|
| Federal legislation/regulation | Bank consumer rules, AML law | At amendment and annual audit |
| Ontario legislation | Mortgages, land, family, construction law | At amendment and legal review |
| OSFI guidance | B-20 and MQR | At least annually and on announcement |
| FCAC guidance | Renewal, penalties, rights | Annual and on regulatory change |
| FSRA guidance | Suitability, disclosures, licensing | Quarterly monitoring/annual audit |
| Mortgage insurer policy | CMHC, Sagen, Canada Guaranty | Before every time-sensitive publication |
| Named-lender policy | Broker guides/commitments | At application; never universalize |
| Common practice | Timelines/document norms | Label as estimate and review quarterly |
| HopeWell observation | Anonymized case patterns | Update after coded dataset review |
| Legal/tax/accounting | Professional interpretation | Require qualified review |
If You Remember Only Three Things
1. Reference tables screen a file; they do not adjudicate it.
2. Every calculation depends on the definition of its inputs and the policy applying them.
3. When a table conflicts with a current commitment, statute or professional opinion, the current authoritative document controls.
Source Notes
[^AIC-REPORTS]: Appraisal Institute of Canada, For Mortgage Industry and CUSPAP 2026 materials, accessed July 23, 2026.
[^OSFI-MQR-60]: Office of the Superintendent of Financial Institutions, Minimum qualifying rate for uninsured mortgages, modified January 29, 2026.
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Printable Appendices
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