Before you start shopping, the most important number isn't the list price — it's how much a lender will actually give you. Four things decide that:
- Income: base salary, bonus, self-employment — and how consistently it can be documented over the last two years.
- Down payment: 5% on the first $500,000, 10% on the portion between $500K and $1.5M, 20% above $1.5M. Under 20% triggers CMHC insurance premiums added to the mortgage.
- Debts: car loans, credit cards, student loans, child support — anything on your credit bureau eats into what you qualify for.
- Stress test: lenders qualify you at your contract rate plus 2%, or 5.25% — whichever is higher. That's the number that decides your actual approval, not the rate you'll pay.
The mortgage calculator on this site will give you a monthly payment at a given price and rate. For the full approval picture — including CMHC, GDS/TDS ratios, and what a specific lender will actually fund — book a call with Michael.
