How much house can I afford in Canada?

A lender tests your payment at the stress-test rate, the higher of your rate plus 2 percent or 5.25 percent. At that rate, housing costs (mortgage, property tax, heating and half of any strata fee) should stay within 39 percent of your gross income, and all debt payments within 44 percent. Your down payment sets a second limit: the minimum rises with the price.

What is the minimum down payment in Canada?

5 percent of the first $500,000 and 10 percent of the part from $500,000 to $1,500,000. From $1,500,000, 20 percent of the whole price, because mortgage insurance is not available.

Can I get a 30-year mortgage?

With 20 percent or more down, yes. With less, only as a first-time buyer or on a newly built home (since 15 December 2024); otherwise the limit is 25 years.

What is the mortgage stress test?

You must qualify at the higher of your contract rate plus 2 percent or 5.25 percent, even though you pay your actual rate. It applies to insured and uninsured mortgages from federally regulated lenders.

How much house can I afford in BC?

The highest price your income and down payment allow under the federal stress test and debt ratios, and the Lake Country homes for sale at that price or under.

Household income before tax, a year ($)

Down payment ($)

Interest rate (%)

Amortization

First-time buyer, or buying a newly built home

Highest price

$857,000

A mortgage of $726,796, with mortgage insurance added, at $4,023 a month at 4.5%.

Your income sets the limit: at the stress-test rate, housing costs would pass 39% of it.

Before property tax and heating, which a lender adds and which bring this down.

Homes at this price The payment in detail Transfer tax at this price

An estimate only, from the federal minimums: the stress test, and housing costs within 39% and all debts within 44% of income. Your lender applies its own rules; a pre-approval is the real answer.

Costs a lender counts (optional)

Property tax, a year ($)

Heating, a month ($)

Strata or condo fees, a month ($)

Other debt payments, a month ($)

Car loans, credit cards, lines of credit.

What buyers ask

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How much house can I afford in Canada?
A lender tests your payment at the stress-test rate, the higher of your rate plus 2 percent or 5.25 percent.
At that rate, housing costs (mortgage, property tax, heating and half of any strata fee) should stay within 39 percent of your gross income, and all debt payments within 44 percent.
Your down payment sets a second limit: the minimum rises with the price.
What is the minimum down payment in Canada?
5 percent of the first $500,000 and 10 percent of the part from $500,000 to $1,500,000.
From $1,500,000, 20 percent of the whole price, because mortgage insurance is not available.
Can I get a 30-year mortgage?
With 20 percent or more down, yes. With less, only as a first-time buyer or on a newly built home (since 15 December 2024); otherwise the limit is 25 years.
What is the mortgage stress test?
You must qualify at the higher of your contract rate plus 2 percent or 5.25 percent, even though you pay your actual rate.
It applies to insured and uninsured mortgages from federally regulated lenders.

Government of Canada, CMHC and OSFI (linked on the mortgage calculator page), read 26 September 2026.