Pre-Qualification

It estimates your maximum purchase price and mortgage amount using Canadian lending guidelines: GDS/TDS limits, the qualifying (stress-test) rate, minimum down-payment rules, and (if applicable) mortgage default insurance premiums.

Pre-qualification is an estimate based on the numbers you enter; no credit check. Pre-approval involves a lender review, credit pull, and often a rate hold. Use this tool for affordability; apply for pre-approval to firm things up.

We use the higher of contract rate + 2.00% or your entered minimum qualifying rate (default 5.25%). Your qualifying payment is based on this higher rate.

Defaults are GDS 39% and TDS 44%. You can edit these caps in the calculator.

We now apply 100% of monthly condo fees in the GDS/TDS calculation.
Heating is auto-set by property type for consistency: $50/mo for Condos and $100/mo for Non-Condos (house/townhouse/duplex). The heating field is read-only so results are aligned with this policy.

For revolving balances (credit cards and lines of credit), we assume a 3% of balance per month payment. Installment debts (auto/other loans, support) use the monthly values you enter.

If in repayment, we use your monthly payment. If not in repayment, we assume 1% of the outstanding balance per month.

For homes under $1,500,000: 5% of the first $500k + 10% of the portion from $500k to $1,000,000. For homes $1,500,000+: minimum down is 20% and default insurance isn’t available.

If LTV > 80% and purchase price is below $1.5M, the mortgage is typically insured and a premium is added to the mortgage. The calculator estimates the premium from the LTV tier and caps the base mortgage at a 95% LTV ceiling when needed.

Lenders/insurers may apply different overlays (e.g., alternate condo or utility treatment, credit-based limits). They also verify income, down-payment source, and credit. Treat this as a guide, not a credit decision.

No — enter what applies. The calculator sums incomes and applies the same caps to combined income and debts.

The tool automatically reduces the maximum purchase price until the minimum down-payment and insured LTV rules are met.

Yes — after you click Calculate, the Print to PDF button enables and prints a clean summary panel.

All Canadian provinces and territories. Enter realistic taxes/fees to improve accuracy.

Verify: incomes are annual, taxes are annual, condo fees are monthly and fully counted, property type is set correctly (for heat), and rate/qualifying rate are reasonable. If still odd, refresh and try simpler numbers to isolate the issue.