🇨🇦 Canada 2026 Rules
How Much
Can I Afford?
Not one scary number. A comfortable range AND your maximum, with the stress test, CMHC insurance, closing costs, and ways to stretch your budget.
Line 15000 on your T1 General / Notice of Assessment. Lenders average 2 years.
2-year average$80,000
Total household income$100,000
How much can you put down?
Minimum 5% on first $500K, 10% on $500K-$1.5M, 20% above $1.5M
First-time buyer programs
FHSA: Up to $40K tax-free savings ($8K/year)
HBP: Up to $60K from your RRSP (per person)
LTT rebates vary by province
Credit card balance
Lenders count 3% of your balance as a monthly payment
Total monthly debts$0
Each $500/mo in debt reduces your buying power by roughly $100K
Province
Toronto adds a second municipal land transfer tax equal to Ontario's provincial tax
Amortization
30-year amortization is available for first-time buyers purchasing new builds (insured), or conventional mortgages with 20%+ down.
What you can afford
Comfortable
$470,000
$430,000 to $470,000
"Comfortable" keeps your housing costs under 30-35% of income. "Maximum" is the ceiling lenders will approve at the stress-test rate.
These are estimates.
📊
Monthly Costs at Your Comfortable Range
GDS (housing / income)31%
Limit: 39%
TDS (housing + debts / income)36%
Limit: 44%
⚖️
25-Year vs 30-Year Amortization
Estimated total$0
Budget 1.5-4% of purchase price for closing costs. These are on top of your down payment.
💡
Ways to Increase Your Buying Power
🔒
Understanding the Stress Test
Rates, rules, and qualifying criteria change frequently.