Homebuyer Journey
New to buying? Go step by step. Enter your numbers once and we'll carry them through — from whether you qualify, to your payment, down payment plan, and closing costs.
Step 1 of 4: Can you qualify?
Can you qualify?
Start here: your income and target price show whether you pass the mortgage stress test.
Your credit score is one of the main qualifiers that influence mortgage approval
For an insured mortgage (under 20% down), CMHC's baseline is that at least one borrower needs a credit score around 600+ — but this is a floor, not a guarantee: individual lenders often layer their own, stricter minimums on top, and some expect every applicant on the application to clear their bar. Other insurers and lenders set their own minimums, and alternative lenders may go lower at higher rates. You can get your credit report free at my.equifax.ca — useful as a guideline, but different bureaus and scoring models mean it may not match the exact score your lender pulls. Educational guidance only — not a lender decision.
Your Income
Only your base salary or guaranteed hours belong here. Earn overtime, bonuses, or commission on top of this job? Add that separately below under "Part-time (non-guaranteed) / overtime / commission" — lenders qualify it differently.
This isn't your official mortgage score — lenders pull their own. For the most accurate picture, check your Equifax score.
This doesn't change the numbers here — it changes which lender programs you can use, which is a conversation for your mortgage professional.
Property & Mortgage
This is our starting rate, last reviewed August 10, 2026 — replace it with your own quote if you have one
Estimated current 5-year rates (for direction only, not a quote)
Insured mortgages often price lower than conventional ones despite the insurance premium — the lender takes on less risk. With 20%+ down you may also see "insurable" pricing that lands between these two. The very lowest advertised rates often come with restrictions — limited prepayments, steep penalties, no porting — that not everyone qualifies for or wants. Ask your broker for a quote and terms specific to you.
Monthly Housing Costs
Enter 0 if not a condo
Your Other Debts
These only affect your TDS. Get your GDS working first — if the home fits your income before debt, then we add debt to check TDS.
Not sure what to enter? A quick guide
- Only count the minimum payment shown on your credit report.
- Student loan or other deferred loan with no payment showing yet? Use at least 1–3% of the balance.
- Credit card or line of credit balance? Use 3% of the balance as the monthly payment.
- Paying a loan bi-weekly? Convert to monthly: payment × 26 ÷ 12.
Your GDS Works — Now Add Your Debts
At 6.79% your housing costs fit within the 39% GDS limit (36.62%). TDS isn't evaluated yet — enter your monthly debts below. No other debts? Use the “I have no other debts” button and your TDS will match your GDS exactly.
Qualification Ratios
GDS
Housing Costs / Income
$3,052 housing / $8,333 income
TDS
All Debts / Income
Add your monthly debts below to evaluate TDS.
39% GDS / 44% TDS is a benchmark, not a hard cap
These are the CMHC-insured maximums, used here as the standard screen. With 20% down, you may have options to qualify at higher debt ratios — this tool shows the benchmark case. Either way, this is a ratio screen, not a lender approval: credit, income verification, and property still apply.
Payment Comparison
The monthly buffer the stress test protects against: $437/month (difference between your contract payment and the payment at the OSFI qualifying rate of 6.79%).
(at stress test rate)