Use our Mortgage Affordability Calculator to get an idea of what you could afford to borrow, what your mortgage payment could look like, and the length of time you’ll make payments towards your mortgage (the amortization period).
Tip: To qualify for a mortgage, you will need to pass a “stress test”, meaning you will need to show you’ll be able to afford payments at an interest rate typically higher than the actual rate of your mortgage contract. To get the most accurate calculation of what you could qualify for when using the Affordability tab, complete your calculation using the default “Qualifying Stress Test Rate* – 5.250%” selection.
*All home buyers must pass a stress test to show that their finances could handle a rate increase. This test uses a minimum qualifying rate (MQR) set by the Bank of Canada, or your mortgage rate, depending on the amount of your down payment. We’ve included the MQR as the default option in the Affordability tab, though this is subject to change.
The Mortgage Affordability Calculator uses a Gross Debt Service (GDS) ration of 35% and a Total Debt Service (TDS) ratio of 42%. These numbers are intended to serve as a guideline and may vary depending on your application. These calculators are made available to you as tools for independent use and are not intended to provide financial advice. We cannot and do not guarantee their applicability or accuracy. All examples are hypothetical and are for illustrative purposes only. Please visit a branch to seek personalized advice from qualified professionals