Semi-annual compounding, CMHC premium bands and provincial land transfer tax — the way lenders actually calculate them.
per payment
Qualified at the stress-test rate of —
Uses the standard 39% GDS and 44% TDS limits and qualifies at the greater of your rate plus 2% or 5.25%. Credit unions set their own rules and can sometimes go further.
over a 5-year term
due on closing day, in cash
Alberta and Saskatchewan charge registration fees rather than a transfer tax. Quebec's welcome tax varies by municipality — the figure shown uses the provincial scale.
Lenders qualify on your full file, including property taxes, heating, condo fees and any other property you own.
Federally regulated lenders must approve you at your rate plus two percent, or 5.25%, whichever is higher.
They are provincially regulated and set their own qualifying rules, which sometimes stretches what you can buy.
