How much mortgage can I afford in Canada?

Lenders apply the OSFI stress test (qualify at the greater of your rate + 2% or 5.25%) and the GDS/TDS ratios (housing costs ≤ ~39% of gross income, total debt ≤ ~44%). The Salary Required for Mortgage tool reverses this: enter a listing price and it tells you the income you need to qualify.

Why is a Canadian mortgage payment different from a US calculator’s?

Canadian fixed mortgages compound semi-annually by law (Interest Act), while US loans compound monthly. Using monthly compounding overstates a Canadian payment — roughly $22/month on a $600,000 mortgage at 5.49%, or over $6,600 over the amortization. Budget Beavers uses the correct semi-annual formula.

How much are closing costs in Canada?

The biggest line is land transfer tax, which varies by province and (in Toronto and Montreal) by municipality, partly offset by first-time buyer rebates. Add legal fees, title insurance, and adjustments. The Land Transfer Tax tool totals your full cash-to-close.

$7,000TFSARRSP$32,490FHSA$8,000CESGRESPCPPOAS

semi-annualCMHC4.0%stress-testLTVGDSTDS5.25%OSFIB-20

marginaleffectiveBPA$16,129federalprovincialQuebecabatementsurtax

VEQTXEQTXGROZAGVABMER0.20%ETFcouch-potatorebalance

compoundCAGRRule-of-72nominalrealinflation2%BoCCPIStatCan

capital-gains50%ACBPRELCGE$1.25Minclusiontaxableexempt

amortizationprincipalinterestcrossoverprepaymentIRDtermrenewal

net-worthequityliquidassetsliabilitiesdrawdownRRIF5.28%LIF

$93,454OAS clawbackGISCPP survivorQPPpensioncommutedLIRALIF

50/30/20surplusemergency fund6 monthsHISAGICCDIC$100kinsured

House & Mortgage Calculators Canada

Buy smart, borrow right, and know your true cash-to-close — with Canadian rules baked in: semi-annual compounding, CMHC insurance, and the OSFI stress test.

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Mortgage Calculator (Canada)

Semi-annual compounding, CMHC insurance, stress test, amortization schedule.

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Rent vs Buy (Canada)

Break-even years, opportunity cost of down payment, closing costs — all Canada-specific.

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Salary Required for Mortgage

Reverse mortgage calculator: given THIS listing price, what income do you need to qualify? Stress test, GDS/TDS diagnosis, lever simulator.

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Land Transfer Tax Calculator (Canada)

All provinces + Toronto/Montreal municipal tax. Cash-to-close command centre: total cash needed on closing day.

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The Canadian mortgage rules nobody explains

Canadian mortgages compound semi-annually by law (Interest Act, 1985), not monthly like US loans. Get that wrong and your payment is off by about $22/month on a $600,000 mortgage — over $6,600 across the amortization.

You also have to pass the OSFI stress test: you qualify at the greater of your contract rate + 2% or 5.25%, not the rate you actually pay. And with less than 20% down, CMHC insurance is mandatory and added to your loan balance.

These tools cover the whole journey — what you can afford, whether to rent or buy, the income you need to qualify, and the full cash you need on closing day with land transfer tax included.

Informational only, not financial advice. Figures use 2025 CREA / CMHC / OSFI data — verify with a licensed mortgage professional before committing.

Also useful

Budget — can you actually afford it?Net worth — does this home fit your picture?What the down payment could earn invested Emergency fund — for the costs you didn’t plan