Built on the real Canadian mortgage stress test and the same GDS and TDS rules a lender actually uses, not a simplified guess. Change any number and the panel updates instantly.
This calculator uses the same two limits a Canadian lender actually applies. Your GDS ratio (mortgage, property tax, heat, and half your condo fees) can't exceed 39% of gross income. Your TDS ratio, which adds your other debts on top, can't exceed 44%. Whichever limit is tighter for your numbers is the one that sets your ceiling.
Your maximum mortgage is then calculated at the stress test rate, the higher of your contract rate plus 2%, or the 5.25% federal floor, even though you'd actually pay your real, lower rate once approved. That's why the "monthly payment at your rate" figure above is usually noticeably less than what the stress test qualifies you for.
Land transfer tax is calculated using Ontario's actual bracket system, plus Toronto's separate municipal tax on top, and the combined first-time buyer rebate of up to $8,475 if it applies to you. Full detail on all of this in the stress test breakdown and the land transfer tax rebate guide.
I can point you toward mortgage brokers I trust, and once you have a real pre-approval, help you shortlist buildings that actually fit it.
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