Uses Canada's real qualifying rules: GDS and TDS ratios plus the OSFI mortgage stress test. The number this gives you is the same number a lender will give you — not the inflated "max budget" that wishful-thinking calculators spit out.
Mortgage + property tax + heating + 50% of condo fees, divided by your gross monthly income. Max 39% for most insured mortgages.
Same as GDS, plus all your other monthly debt payments — car loans, credit cards, student loans, lines of credit. Max 44% for most insured mortgages.
All federally regulated lenders qualify you at the higher of your contract rate + 2% or 5.25%. This is the test that limits most buyers. You might find a 4.5% mortgage, but you'll be qualified as if your rate were 6.5%.
This calculator builds the stress test in. The number you see is what a lender will actually approve — not a vanity number.
Very close. The calculator uses the real GDS/TDS ratios and the OSFI stress test that every federally regulated Canadian lender uses. Your actual approval can be slightly higher or lower depending on your credit score, employment type (T4 vs. self-employed), and the specific lender's policies — but this number is a realistic ceiling.
Almost never. Just because a lender approves you for a certain number doesn't mean it fits your life. Most clients I work with end up buying 10–20% below their max, which leaves room for property tax increases, renovations, daycare, and the random surprises of homeownership.
Lenders typically average your last two years of income from your T1 General. Self-employed and commission income often need to be discounted by 20–30% unless you can show stable history. We can connect you with a broker who specializes in non-traditional income.
Yes — we use a Toronto-area estimate (about 0.66% of home value for property tax, plus $150/month heating). If you check the condo box, we include 50% of an estimated condo fee in the GDS calculation, as lenders do.
The qualifying math is the same, but you may be eligible for: the FHSA (up to $40,000 tax-free), the RRSP Home Buyers' Plan (up to $60,000 per person), and LTT rebates up to $8,475 combined. None of these change your max purchase price directly, but they change how much cash you need at closing.
I'll connect you with a mortgage broker I trust for a real pre-approval — usually free, no impact on your credit score, and typically takes 24–48 hours. Then we go shopping.