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How we calculate

HomeMath is a free Canadian mortgage affordability calculator. It estimates what a lender would likely approve from your income, compares it with typical home prices in major Canadian cities, and works out payments and closing costs. Last updated .

How affordability is calculated

  • Stress test: you qualify at the higher of your rate + 2% or 5.25%.
  • GDS ≤ 39%: qualifying mortgage payment + property tax + heating + 50% of condo fees, divided by gross monthly income.
  • TDS ≤ 44%: GDS costs plus all other monthly debt payments.
  • Minimum down payment: 5% of the first $500,000, 10% of the portion up to $1.5M, 20% at $1.5M and above.
  • Mortgage insurance (CMHC, Sagen, Canada Guaranty): 4.00% / 3.10% / 2.80% for 5–9.99% / 10–14.99% / 15–19.99% down, +0.20% for 30-year amortization. PST on the premium in Ontario (8%), Quebec (9%) and Saskatchewan (6%).
  • Amortization: up to 30 years for insured first-time buyers and new builds, 25 years for other insured buyers.
  • Payments: Canadian fixed-rate mortgages compound semi-annually; accelerated bi-weekly and weekly payments are the monthly payment divided by 2 or 4.

Closing costs by province

  • Ontario: provincial land transfer tax (0.5% to 2.5%), first-time buyer rebate up to $4,000. Toronto adds a municipal land transfer tax with a rebate up to $4,475 and higher rates above $3M.
  • British Columbia: property transfer tax 1% / 2% / 3% / 5%; first-time buyers are exempt on the first $500,000 for homes up to $835,000, phased out by $860,000.
  • Alberta: no land transfer tax; land title fee and mortgage registration fee of $50 + $5 per $5,000.
  • Quebec: welcome tax; Montreal 2026 brackets from 0.5% to 4%.
  • Manitoba: land transfer tax 0% to 2%. Nova Scotia (Halifax): 1.5% deed transfer tax.

Data sources

  • Home prices: average sold prices over the last 28 days from Zolo market trends (Aug–Oct 2026) for 28 cities, and local real estate board data (EREB, QPAREB, WRREA, NSAR) as reported by WOWA.ca for Edmonton, Montreal, Winnipeg and Halifax (August 2026).
  • "Starting around" prices: the average sold price of the lowest-priced common size (by bedrooms) for each home type, ignoring sizes with too few sales to be meaningful.
  • Rates: Ratehub.ca, October 5, 2026 (best 5-year fixed 4.34%, big-bank 5-year fixed 4.74%, prime 4.45%).
  • Property tax rates are approximate city-wide residential estimates; check your municipality.

Not financial advice

HomeMath is not a financial advisor, mortgage broker or lender. Results are estimates based on the assumptions above. Lenders also consider credit score, employment and other factors. Please speak with a licensed mortgage or financial advisor before making a decision.