Oleg Galeev

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Do Bitcoin Mortgages Exist? How About Canada?

Last updated March 1, 2022

Bitcoin mortgage

A lot of crypto holders dream of the day when they can pay their mortgages in crypto or use crypto as a downpayment on a property. Unfortunately, we are not there yet. Bitcoin mortgages do not exist in Canada, but that doesn’t mean they never will. Crypto adoption is slow, but it is happening everywhere. Recently, a bill was introduced in Spain that would facilitate mortgage payments in digital assets. The legislation would not only provide a deeper acceptance and use of cryptocurrencies but it would allow mortgage companies to utilize blockchain technology to keep track of mortgages and payments. 

While Canada is not as close as Spain in accepting crypto for mortgage payments, Matrix Mortgage Global, a Canadian mortgage broker, announced that it would allow crypto as deposits or downpayments on properties. Matrix Mortgage Global accepts bitcoin, Ethereum, XRP, Bitcoin Cash and some dollar-pegged stablecoins as payment. When the payment is received they plan to convert the crypto to stablecoins the same day. So far, no one has taken them up on the proposition because there are too many tax implications. When converting crypto to fiat, it counts as a taxable event and you will be liable for capital gains tax. This does not make the prospect of paying a downpayment with crypto appealing. Unless crypto is treated as a currency, then tax implications will haunt many future endeavors and hinder crypto adoption. 

Also, Ledn.io announced about launching the world’s first bitcoin mortgages in Ontario soon but many are skeptical at this point. 

In an ideal world, mortgage brokers will utilize blockchain technology to issue land registration and ownership as NFTs. This would revolutionize the real estate industry and make transferring assets a breeze. 

Still, if bitcoin mortgages do appear in future then it’s likely that stablecoins would be preferred to avoid market fluctuations. While Fintech companies would like to make bitcoin mortgages possible, banks would likely be against bitcoin mortgages. Unless banks adopt crypto themselves, then they would not want mortgage brokers taking away their customers. Canadian banks often block crypto transactions, so paying your mortgage with crypto is unlikely to happen until banks get on board with the idea. 

One way you can pay your mortgage payments with crypto today is by using a crypto Visa card. These are prepaid cards that you load up with fiat money. When you spend, you will receive cashback crypto rewards. Crypto.com is one of the more popular places to get a crypto Visa card in Canada. Although still technically a fiat payment, you could use cashback crypto rewards to supplement your income and future mortgage payments.

Right now, there is not enough demand for bitcoin mortgages. There are not enough Canadians invested in crypto let alone Canadians with large enough crypto holdings to make deposits or payments. If there’s not enough demand, then mortgage brokers have no real incentive to get the ball rolling. Until more Canadians hold crypto and use crypto day-to-day, bitcoin mortgages will remain a vision for the future.

This article will be updated if the situation on bitcoin mortgages in Canada changes. 

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Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges that operate in Canada and start a Youtube channel in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen.