A Fresh Start Is Possible
Completing a consumer proposal is a major step forward — and it doesn’t have to stop you from owning a home in the future. With the right plan, you can rebuild your credit and position yourself to qualify for a mortgage again.
Steps to Rebuild Credit
- Open New Trade Lines: Aim for at least two or three active accounts (like credit cards or small loans).
- Keep Balances Low: Use less than 30% of your available credit limit.
- Never Miss Payments: Set up automatic payments to stay consistent.
- Show Stability: Maintain steady employment and keep your debt-to-income ratio healthy.
- Save for a Down Payment: Documented funds from savings, TFSA, FHSA, or a gift show lenders you’re serious.
The Path Back to Homeownership
At first, you may need to work with an alternative lender. With consistent rebuilding, you can transition back to traditional lenders within 12–24 months, depending on your file.
The Bottom Line
Your past doesn’t define your future. With a clear plan, you can rebuild credit, restore confidence, and achieve homeownership again.
