Can You Get a Reverse Mortgage on a Condo in Canada?
Yes — but not every condo qualifies, and lender rules vary. Here is what Canadian condo owners need to know about reverse mortgage eligibility.
Reverse Mortgage Centre•Mar 05, 2026If you own a condominium and are 55 or older, you may be wondering whether a reverse mortgage is even an option. The short answer is yes — but there are important qualifications and limitations depending on your lender and your specific condo.
Which Lenders Accept Condos?
All five Canadian reverse mortgage lenders accept condominiums as eligible property types, but their specific requirements differ:
- CHIP (HomeEquity Bank): Accepts condos in all 10 provinces. The condo must be your primary residence, and the condo corporation must be in good financial standing.
- Equitable Bank Flex: Accepts condos in BC, Alberta, Ontario, and Quebec. They may have stricter requirements around the condo’s age, unit size, and building condition.
- Bloom Finance: Accepts condos in Ontario, BC, and Alberta. Minimum home value requirements apply — typically $250,000 or higher.
- Home Trust: Accepts condos in Ontario, BC, Alberta, and Nova Scotia. Broker-exclusive.
- Fraction: Accepts condos but may have higher minimum value requirements given their shared-appreciation model.
Use our loan estimate calculator to see estimated amounts from each lender based on your condo’s value and your age.
What Makes a Condo Eligible?
Beyond the basic age and residency requirements that apply to all reverse mortgages, condos must meet additional criteria:
Minimum Value
Most lenders require a minimum appraised value of $200,000 to $250,000. In major urban centres like Toronto and Vancouver, this is rarely an issue. In smaller markets, it may disqualify some units.
Condo Corporation Health
The lender will review the condo corporation’s financial health. They look for:
- An adequately funded reserve fund
- No outstanding or pending special assessments
- No active litigation against the condo corporation
- Proper insurance coverage on the building
If the condo corporation is in poor financial shape, the lender may decline the application or offer a lower loan-to-value ratio.
Unit Type
Standard apartment-style condos and townhouse condos are generally accepted. Some lenders may be cautious with:
- Leasehold condos (where you own the unit but not the underlying land)
- Age-restricted or retirement community condos (some lenders accept these; others do not)
- Very small units (bachelor/studio units under 400 square feet may face restrictions)
- Commercial-residential mixed-use condos (units with a commercial component)
Location
Condo availability follows the same provincial restrictions as other property types. If a lender does not operate in your province, they will not accept your condo regardless of its value or condition.
How Condo Values Affect Your Loan Amount
The amount you can borrow is based on the appraised value of your individual unit — not the building or the land. Condo appraisals consider comparable recent sales in the building and surrounding area, the condition of your unit, the floor plan and square footage, and the overall building condition and amenities.
Because condo values can be more volatile than detached homes in some markets, lenders may apply slightly more conservative loan-to-value ratios. However, in strong condo markets like downtown Toronto, Vancouver, or Ottawa, this is rarely a significant factor.
Condo Fees and Your Reverse Mortgage
One important consideration: condo fees are your responsibility and must continue to be paid throughout the life of the reverse mortgage. Along with property taxes and home insurance, condo fees are a condition of the loan. If you fall behind on condo fees, it could trigger a default on the reverse mortgage.
This is worth factoring into your planning. If your condo fees are $500 to $800 per month and rising, make sure you account for this ongoing cost. Our cost estimator can help you understand the full picture.
The Bottom Line for Condo Owners
If you own a condo worth $250,000 or more, it is in a province with reverse mortgage availability, and the condo corporation is in good standing, you will likely qualify. The process is essentially the same as for a detached home — the only additional step is the lender’s review of the condo corporation’s financial documents.
Your next steps:
- Check your eligibility. Review the full eligibility requirements for Canadian reverse mortgages.
- Get an estimate. Use our loan estimate calculator to see how much you could access.
- Compare lenders. Not all lenders serve all provinces or accept all condo types. See the full lender comparison to find your options.
- Talk to a broker. A licensed reverse mortgage broker can tell you quickly whether your specific condo qualifies and which lenders offer the best terms.