Image of the pink square with a house and a dollar-sign Mortgage Qualifier Tool

From Financial Consumer Agency of Canada
Upcoming change to mortgage qualification

As of January 1, 2018, if you have a down payment of 20% or more, you will need to pass a “stress test” to qualify for a mortgage loan at a bank. You will need to prove you can afford payments at a higher interest rate than the actual rate in your mortgage contract.

To see if you qualify for a mortgage loan, the bank must use the higher interest rate of either:

Credit unions and other lenders that are not federally regulated do not need to use this mortgage stress test.

This calculator helps you determine whether or not you can qualify for a home mortgage based on income and expenses.

If your down payment is less than 20%, you will need to pass a “stress test” to qualify for a mortgage loan at a bank. You will need to prove you can afford payments at a higher interest rate than the actual rate in your mortgage contract.

To see if you qualify for a mortgage loan, the bank must use the higher interest rate of either:

Credit unions and other lenders that are not federally regulated do not need to use this mortgage stress test.

Property Information

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We offer this mortgage calculator as a self-help tool for your use. This tool does not replace professional financial advice. We cannot guarantee that this calculator will apply or be accurate in your situation. For example, your mortgage lender may make its calculations in a different way. All calculations are examples only.
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