e-Transfer outage
Our e-Transfer services will be temporarily unavailable on Friday September 22, from 11:00 PM - 6:30 AM, due to scheduled maintenance.
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National Day for Truth and Reconciliation
In observance of the National Day for Truth and Reconciliation, Cambrian Credit Union will be closed on Saturday, September 30th and Monday, October 2nd.
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Member Notice: St.Vital ATM Drive-thru
The St.Vital drive-thru ATM will be permanently closed, effective Aug 10. The in-branch ATM kiosk will continue to remain open.
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Get a mortgage for a rental property

Finance your rental income property with Cambrian at our residential mortgage rates.*

4.6
five stars
Rating from 80+ post-mortgage meeting surveys

Why Cambrian? Our purpose is to save, solve and simplify.

Lock in our Best Rate Guarantee and save thousands with a low residential mortgage rate for qualifying rental income properties.

Save thousands with
our low mortgage rates

*At Cambrian, qualifying single family and duplex rental income properties receive our low residential mortgage rates, saving you interest costs.

And when it comes to the cost of your mortgage, a lower mortgage rate makes a big difference.

For example, the difference between a rate of 6.84% and our fixed residential rate of 5.70% on a $500,000 rental property mortgage would mean interest savings of $27,585 over the 5 year term.

5 Year Fixed Closed Mortgage
5.70
%
5 Year Variable Closed Mortgage
6.25
%
Variable Open Mortgage
7.20
%

Lock in our mortgage rate with Cambrian’s Best Rate Guarantee.

On the date that you apply for a mortgage with Cambrian, we automatically lock in our current fixed mortgage rate for you, for up to 4 months. That can save you thousands of dollars.

Take advantage of local expertise.

We have extensive experience with financing residential rental mortgages in Manitoba. Our business advisors intimately know the Manitoba market because they live and work here.

Get personalized, honest advice about your mortgage.

At Cambrian, we aim to make what you may consider complex, like your rental income property mortgage, simpler. We evaluate each situation individually and make our honest recommendation based on what is best for you, our member. We’ll tell you what you need to hear and understand.

How does applying for a residential rental income property mortgage work?

Step 1:
Apply online

Online applications are accepted for single family or duplex rental income properties. For complexes with 3 or more suites, skip to Step 2 to book a meeting.

To apply online for a residential rental mortgage, you will need the following information: (if joint borrowers, you will need the information for both borrowers)

1. Employment information, including your gross monthly salary (before taxes and deductions)

2. Information about your assets, such as:

  • Properties you own
  • Vehicles you own
  • RRSPs & investments
  • Chequing and savings balances

3. Information about your debt payments and liabilities, which include:

Loans

  • Mortgages
  • Loans
  • Credit cards
  • Rent & lease payments

4. We also need you to provide us with the following documents:

  • Valid photo identification
  • Income verification (pay stub, T4, etc.)
  • Tax return
  • Confirmation of paid property tax statements for each property you’re looking to purchase
  • Current tenancy agreements on rental properties in your name
Step 2:
Book a meeting

We will review your online application within one business day and email you next steps. If we are proceeding with your application, we will ask you to book a meeting online with one of our advisors (you can meet by video, phone or in person).

Step 3:
Get pre-approved

We will provide you with a pre-approval confirmation which outlines your maximum mortgage amount and the maximum purchase price that you can afford. You can now go rental property hunting with confirmed mortgage financing in place - this makes you a pre-qualified buyer.

Step 4:
Finalize your mortgage

Once your offer to purchase is accepted, let us know immediately. If required, we will arrange a property appraisal to confirm the value of the property.

Step 5:
Sign mortgage documents

We will draft the documents for your signature and review together. You can sign the documents in person at the branch or we can send the documents to your lawyer for signature.

Step 6:
The property is yours!

On possession date, you get the keys to your new rental property!

Your mortgage payments will start after your possession date, as per the timing detailed on your mortgage documents.

Top 5 things to know about buying a rental income property

1. Have your down payment ready

When purchasing a rental property, you need a minimum down payment of 20%of the purchase value for single family homes/duplexes and a minimum of 25% of the purchase value for multi-unit complexes.

You cannot use your RRSPs, which means you’ll need to tap into your other savings or the equity of your home for your down payment.

2. Get pre-approved

Before hunting for your rental property, it’s important to apply to get pre-approved. This will confirm the maximum mortgage you can afford and will make you a more attractive buyer since your financing has already been pre-approved with a financial institution.

3. Estimate your operating costs

As a rental property owner, you will have regular operating costs associated with your property.

You should budget about 1% of the property’s value annually for maintenance and have a plan in place.  You’ll also want to know the cost of property taxes. In general, budget around 50% of your total rental income for operating expenses.

4. Choose your neighbourhood and know your market

Consider what type of tenants you are looking to attract to narrow down your search to the most suitable neighbourhoods. Research rent costs in the area to make sure you will be able to turn a profit with your rental property.

5. Save time

You can complete the mortgage process with us without needing to come into a branch. You can meet with an advisor via video and we can send the mortgage documentation to your lawyer for signature.  Single family and duplex properties can also apply online.

Frequently
Asked Questions

Can I take money out of my RRSP to fund the down payment for my rental property?

Rental properties do not qualify for the Home Buyers Plan. However, you may be able to withdraw RRSP funds, aside from the Home Buyers Plan, to assist with your down payment.

If not, you will need to use other savings to fund the down payment of a rental property.

For more information contact us.

What is the difference between a Variable Open Mortgage and a Variable Closed Mortgage?

The Cambrian Variable Closed Mortgage typically has a lower interest rate than the Variable Open Mortgage.


The Cambrian Variable Closed Mortgage has a 5-year term and can be paid out prior to maturity, however a 3-month interest penalty will apply.  


The Cambrian Variable Open Mortgage has no specific term and can be paid out at any time without penalty.


Both the Variable Closed and the Variable Open have a variable rate that can fluctuate up or down throughout the life of the mortgage.