Buying in USD on a CAD income: what the exchange rate really costs
A small move in the loonie can change your down payment by thousands.
When you earn in one currency and buy in another, the exchange rate is part of the price. On a US$120,000 down payment, a two-cent move in the exchange rate changes what you pay in Canadian dollars by about C$2,400.
Banks usually build a margin into the rate they give you. For large transfers, specialist currency brokers and rate-lock services often charge less, and some let you lock a rate weeks or months before closing. Compare the all-in cost, including transfer fees, before closing day, not after.
Your ongoing costs move with the rate too. Mortgage payments, property tax, insurance and HOA fees are all in US dollars, so a weaker loonie makes the same home more expensive to own each month. Build some room into your budget for that.
US lenders may ask for a larger down payment from buyers without US credit history. Some Canadian banks have US arms that can use your Canadian credit history, which can make approval easier.
Our mortgage calculator shows the monthly cost in both currencies so you can see the full picture, using a sample exchange rate.
Step-by-step rules with official sources: Moving between Canada and the USA ›