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The lender's first number is the debt service coverage ratio: net operating income against debt payments, usually needing 1.2 or better. Property type drives the rest of the terms - multi-residential prices tightest, special-purpose loosest, and office sits wherever tenancy quality puts it.
Two Ottawa-specific factors. Federal government tenancy is a real covenant-quality advantage here: a lease backed by the Crown is as strong as tenancy gets, and lenders price it. And allow for the environmental assessment timeline - a Phase I is standard, a Phase II adds weeks, and conditional financing does not close until it clears.
Lenders underwrite the property's income rather than your salary, typically want 25% to 35% down rather than 5% to 20%, and price above residential rates. Terms are shorter, commonly one to five years, and amortisations run 15 to 25 years. Ottawa's tenant base includes substantial government and institutional leases, which lenders generally view as strong covenant.
Multi-unit residential above five units, office, retail, industrial, and mixed-use. Owner-occupied commercial property is often easier to finance than investment property because the lender can assess your business income alongside the rent roll.
