How Many Mortgages Can You Have In Canada?

Author: TMG The Mortgage Group – Deb Murdoch | | Categories: First Time Homeowner Mortgage , Mortgage Refinance , Mortgage Services

How Many Mortgages Can You Have In Canada?

In the ever-evolving world of real estate and homeownership, navigating the sea of mortgage options can be overwhelming. For those living in Canada, it's no different. Whether you're a first-time homebuyer, considering refinancing your existing mortgage, or simply researching your options, the number of mortgages you can have in Canada is a common question. In this blog, we will delve into this intriguing topic and provide you with insights, solutions, and plans to make the right mortgage decisions.

Understanding Mortgages

Before we explore the number of mortgages you can have in Canada, let's start with the basics. A mortgage is a loan specifically designed to help you purchase real estate. It's a long-term commitment that comes with various terms, interest rates, and payment options. In essence, a mortgage is a partnership between you and a lender, where you receive the funds necessary to buy a property, and in return, you agree to pay back the borrowed amount over time.

Types of Mortgages

When it comes to mortgages in Canada, there's a wide array of options available. Understanding these options is crucial for making informed decisions.

  • Conventional Mortgages: This is a traditional type of mortgage where you borrow up to 80% of the property's value. These mortgages usually require a down payment of at least 20%.
  • High-Ratio Mortgages: If you can't afford a 20% down payment, you might opt for a high-ratio mortgage. In this case, you'll need to purchase mortgage insurance to protect the lender in case you default.
  • Second Mortgages: Now, let's get to the question of how many mortgages you can have in Canada. The good news is that there's no set limit on the number of mortgages you can have. You can own multiple properties and have a mortgage on each one.
  • Refinancing Mortgages: If you currently own a home with a mortgage and want to access your home's equity or lower your monthly payments, you can consider mortgage refinancing.

Multiple Mortgages in Canada

As mentioned earlier, there's no specific limit on the number of mortgages you can have in Canada. Many Canadians have multiple mortgages, either for investment purposes or personal use. This flexibility is a boon for those who wish to diversify their real estate portfolio or invest in income-generating properties.

However, there are some essential considerations to keep in mind when dealing with multiple mortgages:

  • Credit Score: Lenders will scrutinize your credit history and score. A healthy credit score is essential for getting approval on multiple mortgages.
  • Debt Service Ratio (DSR): Lenders will assess your DSR to ensure you can manage multiple mortgage payments along with your other financial obligations.
  • Income: A stable source of income is crucial. Lenders need assurance that you can handle the financial responsibility of multiple mortgages.
  • Property Value: The value and equity of your properties are critical factors. The more equity you have, the easier it is to secure additional mortgages.


If you're in Saskatoon, Saskatchewan, and considering multiple mortgages, you're in luck. Deb Murdoch - TMG The Mortgage Group is here to assist you. We offer access to a wide range of mortgage products and rates to ensure you get the best deals possible. Our services include new mortgages, mortgage renewals, mortgage refinancing, and construction financing.

In conclusion, the number of mortgages you can have in Canada is not limited, but it's essential to be financially prepared. Deb Murdoch - TMG The Mortgage Group is your trusted partner in navigating the complexities of multiple mortgages. We are here to provide you with expert advice and tailored solutions for your unique needs.

To learn more about the services we offer, please click here. If you have questions, we’d be happy to hear from you. Please feel free to call us at (306) 222-7900 or email us at