Mortgage & Home Buying
Estimate how much home you may afford in Canada using household income, debts, down payment, mortgage rate, property costs, and lender ratios.
Before you calculate
Mortgage affordability depends on income, debts, down payment, stress-test rates, property tax, heating, condo fees, credit history, and lender rules.
GDS looks at housing costs against income. TDS adds other debt payments, which is why car loans, credit cards, and student loans can reduce mortgage room.
Use this estimate to set a shopping range before getting a lender or broker quote.
Home affordability calculator
Move the sliders to test a home price using income, debt, down payment, the mortgage stress test, and the monthly costs of owning.
Your comfortable home price
$240,536
This estimate uses common Canadian lender-style debt service assumptions and the mortgage stress-test qualifying rate.
Stress-test assumptions
7.0%
Uses the greater of your rate plus 2% or 5.25%, with 39% gross debt service and 44% total debt service limits in the background.
What this means
Closing cash breakdown
Main assumptions
Inputs are editable and should be updated with your real income, rates, province, fees, account limits, household details, and time horizon. Calculations are simplified so the result works best as a comparison tool: change one assumption at a time, note which inputs move the result most, and use the output to decide what records or source pages to check next.
Methodology
The calculator starts with the values you enter, applies the plain formula shown by the labels, and returns a directional planning result. When a default is provided, it is meant to be a reasonable starting assumption, not a live quote or a guaranteed rate. Change the inputs to match your province, provider, household, time horizon, and actual documents.
Example use
Use one conservative case, one expected case, and one stretch case. For a money calculator, that might mean a lower return, a current-rate case, and a higher-cost case. For a tax or account tool, compare your estimate with CRA, lender, employer, school, or provider records before you treat the result as actionable.
Source notes
Canooq reviews calculator pages periodically, but government limits, product terms, tax rules, interest rates, fees, eligibility conditions, and market prices can change. Use this section to identify the source behind the number: CRA or government pages for public rules, lender or provider pages for product terms, and your own statements for personal balances.
Use the hub to connect affordability, payments, down payment rules, approval basics, stress testing, closing costs, rent-vs-buy tradeoffs, and current housing context.
Open Mortgage & Home Buying HubUse this calculator for mortgage affordability in Ontario, British Columbia, Alberta, Quebec, Manitoba, Saskatchewan, Nova Scotia, New Brunswick, Newfoundland and Labrador, Prince Edward Island, Yukon, Northwest Territories, and Nunavut. Province selection affects closing-cost assumptions such as land transfer tax, registration fees, and first-time buyer credits where available.
Ontario and BC searches often need extra care because transfer taxes and first-time buyer credits can materially change cash needed to close. Test Ontario, Toronto, Vancouver, Victoria, and other BC or Ontario purchase scenarios by adjusting the province, down payment, property tax, condo or strata fees, and monthly owner costs.
Lenders compare your income against expected housing costs and other debt payments to estimate what payment you can carry.
Gross debt service focuses on housing costs. Total debt service includes housing plus other debt obligations.
Down payment requirements and mortgage insurance depend on purchase price, property type, and program rules.
Frequently asked questions
No. Lenders also assess credit, employment, stress test rules, property type, and documentation.
Yes, it uses a simple default monthly heating cost in the debt ratio estimate.
Enter the monthly payment as other debt. Recurring debt can reduce the mortgage payment a lender may allow.
Use combined income and combined debt only if both people will be on the application. Also include shared down payment and realistic household costs.
Disclaimer
Mortgage affordability depends on lender stress tests, debt ratios, down payment source, credit history, property taxes, condo fees, insurance, and current rates. Use this estimate as a planning filter before speaking with a lender or broker.
See also
Practical pathways
Move from arrival tasks to banking, credit, housing, phone service, taxes, and a workable first-month plan.
Build a monthly plan, reduce recurring costs, prepare an emergency buffer, and choose the next useful money step.
Compare affordability, prepare rental documents, estimate moving costs, and understand the rent-versus-buy trade-off.
Create practical Canadian letters, checklists, employment records, rental documents, and organized admin files.
Page details
Author: Canooq editorial team
Updated: June 23, 2026
Cite: Canooq.ca, Mortgage Affordability Calculator Canada