Can Self-Employed People Get a Mortgage in Ontario?
Yes — self-employed borrowers can qualify for a mortgage in Ontario, and it happens every day. It just takes a bit more paperwork than a salaried employee needs, and working with the right lender matters more than most people realize.
If you run your own business in Strathroy, London, St. Thomas, or anywhere across Southwestern Ontario, here's what you actually need to know.
Why banks make this harder than it needs to be
Most big banks are set up for one kind of borrower: someone with a T4 and two pay stubs. If you're self-employed, your income doesn't show up that simply. Banks often see a lower "line 150" income on your tax return — even if your real take-home is much higher — because a good accountant has legally minimized what you're taxed on. That's smart for your taxes. It's a headache for a bank that only reads line 150.
This is one of the most common reasons self-employed buyers get turned down or lowballed by their bank, even when they're perfectly qualified.
What lenders actually look at
Self-employed approvals generally fall into two paths:
Standard documentation. If your tax returns show strong, stable income, this works just like any other application — two years of Notices of Assessment, your T1 Generals, and proof your business is registered and in good standing.
Alternative documentation. If your tax returns understate your real income, some lenders will look at bank statements, contracts, or a reasonableness test based on your industry and time in business instead. This is where working with a broker matters most — not every lender offers this, and the ones that do have very different rules for how they calculate your qualifying income.
The one thing that trips people up most
Timing. If you're planning to buy in the next year or two, talk to a broker before your accountant finishes this year's return — not after. Small decisions about what to write off can change how much you qualify for. A five-minute conversation ahead of tax season can be worth tens of thousands of dollars in buying power.
What this looks like in practice
I work with self-employed clients regularly — tradespeople, consultants, small business owners, and rental property investors across Strathroy and Southwestern Ontario. I compare your file across more than 20 lenders, including several with dedicated self-employed programs that the big banks simply don't offer.
If you're self-employed and thinking about buying, renewing, or refinancing, let's talk before you assume the answer is no. Call or text 519-670-3205, or reach out through the contact page.
Tyler Stiller is a licensed mortgage broker (FSRA #12360) with Dominion Lending Centres National Ltd., serving Strathroy, London, St. Thomas, Sarnia, Woodstock, Chatham, Tillsonburg, Grand Bend, and all of Southwestern Ontario.
