Affordability · Ontario
How much mortgage can I afford in Ontario?
Stress-tested at the greater of contract +2% or 5.25% — the same math a federally regulated lender will run on your file. Province-aware: includes land transfer tax and closing costs so you see real cash-needed-at-closing, not just the qualifying mortgage.
Live math · no calculate button| Canadian semi-annual compounding · OSFI B-20| Ontario + Toronto LTT-aware| Same engine our advisors use
Your inputs
$135k
Pre-tax household income
$85k
Uninsured (20%+)
$450
Cards, lines, car, student
4.39%
30 yrs
Estimated maximum purchase in Ontario
$677,949
vs $830,000 provincial benchmark — your max is 18% below the Ontario average.
The qualifying math
Max mortgage$592,949
Monthly P&I (qualifying)$3,673
GDS ratio39.0% (target ≤ 39%)
TDS ratio43.0% (target ≤ 44%)
Stress-test rate6.39%
Cash needed at closing — Ontario
Down payment$85,000
Ontario LTT$10,034
First-time buyer rebate−$4,000
Legal + title + inspection + adjustments$3,328
Total cash needed at closing$94,362
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Methodology · Canadian-correct
• Qualified at the stress-test rate of 6.39% (greater of contract +2% or 5.25%).
• Property tax estimated at 1.00% of price annually.
• Insured/uninsured down-payment minimums (5%/20%) and CMHC premiums are not modelled here.
Mortgage glossary— terms that matter for this calculator
How much mortgage can I afford in Ontario?
In Ontario, the same federal stress test applies: the greater of contract +2% or 5.25%, with GDS ≤ 39% and TDS ≤ 44% of gross income. Toronto buyers face doubled land transfer tax — bring extra cash to closing.
What is the maximum mortgage I can afford in Canada?
Federally regulated lenders qualify you at the greater of your contract rate + 2% or 5.25% (OSFI B-20). Your max is bounded by two debt-service ratios: GDS (housing ÷ income) ≤ 39% and TDS (housing + all debts ÷ income) ≤ 44%. Rule of thumb: 4-5× household income at current rates for insured purchases.
How accurate is this affordability calculator?
We use Canadian semi-annual mortgage compounding (not monthly), the current OSFI B-20 qualifying rate floor of 5.25%, the 39%/44% GDS/TDS ratios most lenders enforce, AND we layer in provincial land transfer tax + closing costs to show real cash-needed-at-closing. Your specific lender may flex 1-2% in either direction based on file strength.
Can I qualify at contract rate instead of the stress test?
Certain provincial credit unions and a few non-federally regulated lenders qualify at contract rate. Particularly common in BC (Vancity, Coast Capital, Prospera) and Ontario (Meridian, Alterna, DUCA). This can unlock 10-20% more purchase power. We'll route you to those lenders if your file is at the edge of stress-test affordability.
What's included in cash-needed-at-closing?
Down payment + provincial LTT + lawyer/notary fees (~$1,800) + title insurance (~$350) + home inspection (~$500) + statement-of-adjustments + minor closing fees. For first-time buyers, applicable rebates are netted off the LTT. The breakdown above shows your specific province's numbers.
What about my down payment from FHSA + RRSP HBP?
Both count fully as down-payment funds. FHSA: up to $40K lifetime tax-free for a first home. RRSP HBP: up to $60K per spouse, repaid over 15 years. Combined household max: ~$200K. See our buying a home guide for the stacking strategy.