How much home can you afford in Canada?

Start with the monthly picture

Gross household income helps set a qualification ceiling, but the mortgage payment is only one part of ownership. Add property tax, heating and any condo fees, then consider maintenance, utilities and changes to your income that a calculator cannot predict.

AffordNorth shows a maximum estimate against CMHC's 39% gross debt service (GDS) and 44% total debt service (TDS) benchmarks, and a lower comfortable scenario using our own 32% and 40% assumptions. Neither is a lender approval or personal advice.

The down payment changes more than the loan

For an insurable purchase below $1.5 million, the minimum is generally 5% on the first $500,000 and 10% on the portion above that. A purchase priced at $1.5 million or more cannot use standard government-backed mortgage insurance. An uninsured lender's requirements apply; 20% is a common planning assumption, not a universal legal minimum.

With less than 20% down on an eligible purchase, mortgage insurance may be required. The premium can be added to the loan, but provincial sales tax on the premium in Ontario, Quebec or Saskatchewan is paid in cash.

What can hold buying power back?

Existing monthly debt raises TDS. A larger down payment may reduce the mortgage and the premium; a higher interest rate increases the qualifying payment. Property taxes, heating and half of condo fees also count in the CMHC housing-cost calculation.

Try changing one input at a time. The calculator's suggestions recalculate a scenario rather than promising that paying down debt or choosing a longer amortization will secure a loan.

Plan for cash beyond the down payment

Legal fees, title insurance, inspections and appraisals are editable estimates, not statutory charges. Ontario and Toronto land transfer taxes and available first-time buyer rebates are included when applicable. Land transfer tax outside Ontario is not modelled: any displayed subtotal for those provinces excludes it.