Buying tools

Mortgage calculator and analysis.

Payment, affordability and cash to close, worked out with the rules that apply in Ontario: semi-annual compounding, CMHC, the stress test and land transfer tax. Then six deeper looks at the same mortgage.

Good to know

Questions buyers ask

Why is the qualifying rate higher than my rate?

Federal rules test every borrower at the higher of the contract rate plus 2% or 5.25%. The lender checks that you could still afford the payment at that rate.

What are GDS and TDS?

Gross Debt Service is housing costs (payment, property tax, heat and half the condo fee) as a share of gross income; insured lenders cap it at 39%. Total Debt Service adds your other debts; the cap is 44%.

Is the land transfer tax the same everywhere in Ontario?

No. Every buyer pays the provincial tax. Inside the City of Toronto a second, municipal tax applies on top, which roughly doubles it. First-time buyers can claim rebates of up to $4,000 provincially and $4,475 in Toronto.

Can I put less than 20% down?

Yes, up to $1.5M: at least 5% of the first $500,000 and 10% of the rest. Below 20% the mortgage must be insured, and the CMHC premium is added to the loan. From $1.5M, 20% is the minimum.