CostHonest
Free instant estimates · Ontario market ranges

How much house can you actually afford?

Quick answer: How much house can you afford in Canada? Income, debts and down payment through GDS/TDS at the stress-test rate. $110k income lands near a $500,000 maximum.

US-style calculators flatter you because they skip the Canadian stress test. This one runs your income, debts and down payment through the real GDS 39% / TDS 44% ratios at your rate plus 2% — the way a lender will. The default household ($110,000 income, $500 monthly debts, $60,000 down at a 5% rate) supports about a $500,215 purchase; without the stress test the same inputs suggest $590,142, and that gap is exactly why pre-approvals feel low. The binding constraint is shown, so you know what to fix.

Common questions

What are GDS and TDS?

Gross Debt Service is housing costs (mortgage, property tax, heat) as a share of gross income — lenders want roughly 39% or less. Total Debt Service adds your other payments — car loans, student loans, card minimums — capped around 44%. Whichever binds first sets your ceiling, and the calculator tells you which one it was.

Why does the stress test lower what I can afford?

Canadian lenders must qualify you at your contract rate plus 2% (or the benchmark if higher). At 5% you're tested at 7%, which shrinks the mortgage your payment room supports — about $90,000 on the default inputs. It is not the payment you'll make; it is proof you could survive renewal at worse rates.

How much down payment do I need in Canada?

Minimum 5% on the first $500,000 and 10% on the portion above, with 20% down avoiding mortgage default insurance entirely. Under 20%, insurance premiums get rolled into the loan and insured mortgages carry a price cap — the calculator flags when your scenario crosses that line.

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