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Purchase or refinance, stress test, CMHC insurance, and closing costs — all worked out together, based on how lenders actually qualify you.
Prime rate
4.45%
1-year fixed
5.49%
3-year fixed
6.05%
5-year fixed
6.09%
These are official posted rates — typically higher than what a lender will actually offer after negotiation, so use them as a general reference point, not a quote. Source: Bank of Canada, published weekly.
Based on your estimated affordable price, below.
$10,677
Estimated affordable price
$519,336
Total loan amount
$451,637
Monthly mortgage payment
$3,105
Down payment is under 20%, so CMHC insurance applies at 84.6% LTV.
Premium: $12,301 (added to your loan amount above)
We start with your income and debts to find the maximum monthly housing payment you'd qualify for under the federal stress test (GDS and TDS ratios). Then we work out the largest home price that payment supports, given your down payment — capped by CMHC's tiered minimum down payment rules if you're putting down less than 20%.
Because CMHC insurance follows a tiered minimum down payment rule (5% on the first $500,000, 10% up to $1.5M), a fixed down payment dollar amount can only support insured financing up to a certain price — even if your income could qualify for more. Above that price, you'd need a larger down payment or a conventional (20%+) mortgage.
GDS (Gross Debt Service) measures your housing costs — mortgage payment, property tax, heating, and half of any condo fees — against your income, capped at 39%. TDS (Total Debt Service) adds in your other monthly debts on top of housing costs. The TDS ceiling depends on whether the mortgage is insured (44%) or conventional, and whether it's a principal residence (50%) or a rental property (44%).
Mostly, yes — the same GDS/TDS math and stress test apply. The key difference is that refinances can never be CMHC-insured in Canada, regardless of your equity position, so they're always evaluated under conventional TDS limits.
Estimates. Lenders may weigh credit score, employment type, and other factors we don't have access to. Use this to get a realistic range before you talk to a mortgage professional — not as a guarantee of approval.