In Canada, the credit score is a crucial factor for mortgage eligibility and influences the interest rates offered. Credit scores range from 300 to 900, with higher scores indicating better creditworthiness. Here are the key points about the minimum credit score for a mortgage in Canada:

Traditional Mortgages
The typical minimum credit score required by major banks or financial institutions is around 680. However, this can vary slightly depending on the lender.

Optimal Score
A credit score above 700 is often considered ideal, potentially qualifying for better rates and terms.

Credit Score Components
Lenders look at payment history, credit utilization, length of credit history, credit mix, and new credit inquiries.

Higher Score Benefits
A higher credit score increases the likelihood of mortgage approval and can secure more favorable interest rates.

Lower Score Options
Those with scores below 680 can consider alternative lenders like credit unions and private lenders, although these usually come with higher interest rates.

Improving Credit Score
Boosting your score involves paying down debts, limiting new credit applications, and ensuring accuracy in your credit report.

In summary, while the standard minimum credit score for a mortgage in Canada is around 680, options are available for those with lower scores. However, a higher credit score opens up better terms and rates, making it an essential aspect of the mortgage process.