Quick answer: There’s no single minimum credit score to buy a home in Ottawa. Canadian scores run from about 300 to 900. For an insured mortgage (less than 20% down), CMHC requires at least one borrower to have a score of 600 or higher. Most major banks are most comfortable at 680 and up, and scores above about 760 tend to get the best rates. Below 600, alternative lenders may still help, usually at a higher rate and with a bigger down payment.
Your score decides two things: which lenders will look at your application, and what rate they’ll offer. It’s one piece of the file. Income, down payment and debt ratios matter just as much, and they can carry a middling score.
What credit score do you need to buy a house in Ottawa?
Canada has two main credit bureaus, Equifax and TransUnion, and scores usually range from 300 to 900 (Financial Consumer Agency of Canada). The only hard floor most buyers run into is the insurer’s. On an insured purchase, CMHC requires at least one borrower or guarantor to have a minimum score of 600 (CMHC). Above that, each lender sets its own comfort level.
Here’s how I’d describe the ranges. These are general guidelines from what I see placing files, not rules any lender publishes:
| Credit score | What it usually means |
|---|---|
| 760 and up | Often qualifies for the best rates available |
| 680 to 759 | Strong. Most major banks are comfortable here |
| 600 to 679 | Often still approved, especially with solid income and down payment. Rate may be higher |
| Below 600 | Below CMHC’s minimum for an insured mortgage. Alternative lenders may help, usually with higher rates and a larger down payment |
If you’re buying with a partner, note the wording of CMHC’s rule. Only one borrower needs to reach 600. A co-borrower with a lower score doesn’t automatically block an insured mortgage, though the lender still looks at both credit reports.
How does your credit score affect your mortgage rate?
Lenders price risk. A higher score tells them you’ve paid what you owe on time, so they compete harder for your file. With a lower score, you may still be approved, but expect fewer lenders to choose from, less flexibility on things like debt ratios, and possibly a higher rate.
The score also affects which kind of lender you end up with. Below the banks’ comfort zone, a broker can take your application to credit unions and alternative lenders that a bank branch can’t offer you.
What else do lenders look at besides your credit score?
Your score is the headline, but lenders read the whole report and the whole application:
- your income and how stable it is,
- the size of your down payment and where it came from,
- your debt service ratios, which are your housing costs and total debt payments as a share of income,
- whether you qualify under the mortgage stress test,
- what’s actually on the report: late payments, collections, how much of your credit you’re using and how long you’ve had it.
How can you raise your credit score before you apply?
Pay every bill on time. Payment history carries the most weight. Then look at how much of your available credit you’re using, because it affects your score and your debt ratios.
Many lenders count a credit card or line of credit balance as a monthly payment of about 3% of the balance, whether or not you pay more. Here’s an example of what paying one card down can do:
| Before | After paying down $5,000 | |
|---|---|---|
| Card limit | $10,000 | $10,000 |
| Balance | $7,500 | $2,500 |
| Share of limit used | 75% | 25% |
| Monthly payment a lender may count (3%) | $225 | $75 |
That $150 a month of debt payments is roughly what it costs to carry about $27,000 of mortgage at a 4.54% 5-year fixed (the best insured rate we tracked as of September 30, 2026) over 25 years. Lower usage can lift your score, and it frees up qualifying room at the same time.
A few more things that help:
- Keep balances below about 30% of each limit, and pay them before the statement date so the lower balance is what gets reported.
- Don’t open new credit in the months before you apply. That includes car loans and store financing.
- Pull both your Equifax and TransUnion reports, and dispute any errors. Mistakes are more common than people expect.
When doesn’t this apply?
With 20% or more down, there’s no CMHC insurance, so the 600 floor doesn’t apply. The lender’s own rules do, and they can be stricter. If you’ve had a bankruptcy or consumer proposal, the score matters less than how long ago it was discharged and how you’ve rebuilt since. And if you’re new to Canada with little Canadian credit history, many lenders have programs that use other evidence, so a thin file isn’t the same as a bad one.
Common questions about credit scores and buying in Ottawa
What is the minimum credit score for a mortgage in Ontario?
There’s no single provincial minimum. For an insured mortgage with less than 20% down, CMHC requires at least one borrower to have a score of 600 or higher. Lenders set their own standards above that, and most major banks prefer 680 or more.
Can I get a mortgage with a 620 credit score?
Often, yes, especially if your income is stable and your down payment is solid. Expect fewer lenders to choose from and possibly a higher rate than at 680 or above.
Can I buy a house in Ottawa with a credit score under 600?
Sometimes, through alternative lenders, but usually with a higher rate and a larger down payment. A score under 600 doesn’t meet CMHC’s minimum for an insured mortgage.
Does checking my credit lower my score?
Checking your own report doesn’t. A lender’s credit check for a mortgage application is a hard inquiry and can have a small effect. Applying with several lenders separately creates several inquiries, which is one reason to apply once through a broker. More on that in why shopping around for pre-approvals can hurt your credit score.
How long does it take to improve a credit score?
Paying down card balances can show up within a month or two, once the new balances are reported. Recovering from late payments or collections takes much longer.
Do both partners need good credit to buy a home together?
For an insured mortgage, CMHC requires only one borrower to have a score of 600 or more. The lender still reviews both reports, and a weak report can affect the rate or the approval.
What should you do next?
If you’re not sure where your score leaves you, find out before you start house hunting. I’ll review your credit with you, tell you which lenders fit, and whether to apply now or spend a few months improving it first. Book a 20-minute call with Joshua Tagg.
This is commentary, not advice. Rates and figures as of October 8, 2026. Credit score ranges are general guidelines; each lender sets its own criteria, and all mortgages are subject to lender and insurer approval. Joshua Tagg, Indi Mortgage.
