Two different questions. The payment is arithmetic. What you qualify for is decided at a rate roughly two per cent above the one you are actually paying, which is why most people's own estimate is too high.
| Ratio | Yours | Limit |
|---|---|---|
| GDS, housing costs | 39% | |
| TDS, all debts | 44% |
| Minimum down payment at this price | |
| Mortgage default insurance premium | |
| Total mortgage, premium included | |
| Total interest over the full amortisation |
Enter a price, a down payment and a rate to begin.
This tells you what the arithmetic says. A broker tells you what a lender will actually do. Happy to introduce you to one.
How it calculates
- The payment uses Canadian semi-annual compounding, which is how Canadian fixed-rate mortgages are quoted.
- The qualifying rate is the greater of your contract rate plus two per cent, or 5.25 per cent.
- GDS is the qualifying mortgage payment plus property tax, an estimated heating cost, and half of any condo fee, over gross income.
- TDS adds your other monthly debt payments.
- Minimum down payment is five per cent on the first $500,000, ten per cent to $1.5M, and twenty per cent above that, where default insurance is unavailable.
Lenders count a payment on credit you have available even if you have never used it. An untouched line of credit can reduce what you qualify for by a six-figure sum, and it will not show up in the "other monthly debt" figure you typed above.
An estimate, not an approval. Rules were checked in July 2026 and lenders apply their own overlays on top of them. Talk to a mortgage broker.