Mortgages and Consumer Proposals
Navigating mortgage options after completing a consumer proposal in Canada can feel daunting, but many people successfully become homeowners again. A consumer proposal is a formal debt restructuring under the Bankruptcy and Insolvency Act, allowing you to repay a portion of unsecured debts over time (up to 5 years). Once completed (i.e., you receive your certificate of full performance), it affects your credit but doesn’t permanently block homeownership.
Here’s a clear breakdown of your options, timelines, and steps to improve your chances.
