How much house can I afford?

Lenders cap your housing costs at about 39% of gross income and all debts at 44%, tested at the stress test rate. This estimates the largest mortgage those limits allow.

Gross household income per year (CAD)

Other monthly debt payments (CAD)

Monthly property tax (CAD)

Monthly heating (CAD)

Monthly condo fees (CAD)

Expected mortgage rate (%)

Amortization (years)

Down payment available (CAD)

Estimated maximum mortgage

$515,061

Price range with your down payment: $575,061
Maximum qualifying payment: $3,450 / month
Stress test rate used: 6.50%

Under 20% down, the price must also meet minimum down payment rules and the loan needs default insurance. See the mortgage calculator.

Formula and assumptions

Maximum payment = the smaller of (39% × monthly income − property tax − heat − half of condo fees) and (44% × monthly income − those housing costs − other debts). The payment is converted to a loan amount at the greater of your rate + 2 points or 5.25%, with Canadian semi-annual compounding.

These are CMHC limits for insured mortgages; lenders can be stricter and use their own credit score and income rules. This is an estimate, not a pre-approval.

How the mortgage stress test works

Français