It's important to understand that these are not official standards, but rather the common factors a lender will consider when deciding to lend you money. In Canada, the focus is usually on the following five areas.

Credit Score → Analyzing your credit is used to determine the likelihood that you will make your payments on time, given your current and past credit history. Your credit score is the primary indicator. [Credit]

Property → Typically the property being financed, the lender has specific guidelines that must be met for the collateral to be acceptable, including the location, value, marketability, etc. [Colateral]

GDS/TDS → This refers to your ability to afford the mortgage payments, based on your income and expenses using specific ratios, including the gross debt service ratio and the total debt service ratio.[Capacity]

Stability → This is a general category that includes your stability, determined by employment history, time at your current and previous addresses, etc.[Character]

Down Payment → This is your down payment if a purchase, or equity (the value of the property less amounts outstanding) if a refinance. [Capital]