Free calculator

Affordability calculator

Find out how much mortgage you qualify for using the GDS and TDS ratios that Canadian lenders actually use. See your maximum purchase price at 5% and 20% down.

Your household finances

Annual household income ($)

Combined income of all borrowers before tax

Other monthly debt payments ($)

Car loans, student loans, credit card minimums, etc.

Estimated monthly property tax ($)

Typically 0.5–1.5% of purchase price per year divided by 12

Estimated monthly heating ($)

Lenders typically use $100–$200/month as a default

Monthly condo fees (if any) ($)

Lenders count 50% of condo fees in GDS calculations

Qualifying (stress test) rate (%)

Higher of your contract rate + 2% or 5.25% minimum. [verify current figures with a licensed agent or at realtor.ca]

Enter your income and expenses, then click Calculate

How lenders calculate what you qualify for

Canadian lenders use two ratios to determine how much mortgage you can carry. These ratios are set by CMHC for insured mortgages and are used as industry benchmarks by most lenders on conventional mortgages as well.

GDS ratio

Gross Debt Service

39%

Your total housing costs — mortgage principal and interest, property tax, heating, and 50% of condo fees — cannot exceed 39% of your gross monthly income.

TDS ratio

Total Debt Service

44%

Your total housing costs plus all other monthly debt payments — car loans, student loans, credit card minimums — cannot exceed 44% of your gross monthly income.

The mortgage stress test