Affordability estimator

Canadian lenders use two ratios: GDS — housing costs at or under 39% of gross income; TDS — all debts at or under 44% of gross income. The lower of the two sets your ceiling.

Gross household income (per year $)

Non-housing debts (per month $)

Heating cost (per month $)

Strata fees (per month $)

Property tax estimate (per year $)

Contract rate (%)

Amortization (years)

Down payment (%)

Maximum home price—

Maximum mortgage—

Max monthly mortgage payment—

GDS (39%) housing limit (per month)—

TDS (44%) housing room after other debts (per month)—

Housing costs in the GDS/TDS formulas are: mortgage payment + property tax + heating (plus 50% of strata fees for condos — not included here, so condo buyers should aim a little lower). Lenders qualify you at the stress-test rate — the higher of your contract rate + 2% or the federal benchmark rate — so enter that qualifying rate above. Estimates only; a lender or mortgage broker confirms the real number.