What Credit Score Do I Need to Buy a Home in Ottawa?

If you’re thinking about buying a home in Ottawa, your credit score plays a big role in how lenders see you. It affects your approval, your rate, and sometimes how much you can actually borrow. The good news is you don’t need perfect credit to become a homeowner.

What Lenders Are Looking For

Most lenders in Canada prefer a credit score of around 680 or higher for the best rates and smooth approvals. But buyers with scores in the 620-679 range can absolutely qualify, especially if they have stable income and manageable debt.
If your score is under 600, you might need alternative options, have a larger down payment, or work with a specialist lender.

You can learn how lenders assess your financial readiness and credit through the Government of Canada’s guide: Preparing to get a mortgage. (Canada)

Why Your Score Matters More Now

With tighter lending rules and higher property prices, your credit score is a bigger factor than it used to be. A stronger score can help you:
• secure a better interest rate
• borrow more for a given monthly payment
• reduce mortgage insurance premiums on high-ratio loans
• get faster approvals and less friction

Even a 20-point bump in your score can translate into thousands of dollars saved in interest over time.

What You Can Do to Improve Your Score Now

If you’re planning to buy within the next six to twelve months, here are practical steps:
• Keep credit-card balances low and stable
• Avoid applying for new debt (loans or credit cards)
• Make every payment on time (utilities, credit, rent if reported)
• Pull your credit report, check for errors, and fix any mistakes
• Don’t be afraid to ask your mortgage broker which credit steps will make the biggest difference for you

CK’s Take

You don’t need flawless credit to buy a home in Ottawa. What you need is a clear strategy, the right lender, and someone guiding you through the process. I work with buyers at every credit level, including self-employed, newcomers, and folks rebuilding their credit.
If you’d like to check where you stand or prepare to boost your score before you buy, reach out to me here.