What this includes
The payment you qualify on is not the contract rate. OSFI B-20 uses the higher of the contract rate plus 2 points and 5.25%.
Canada
The monthly number is not the payment.
Four planning tools for Canadian buyers and owners: monthly owner cost with the B-20 qualifying rate, a price ceiling, prepayment-penalty break-even, and land transfer tax with the CMHC premium.
Mortgage
Principal and interest plus property tax, insurance and condo fees — the monthly number the payment quote leaves out. Extra principal is a first-class input.
Afford
The highest price at which owner cost is 28% of gross income, with how lenders in this market actually test it.
Refinance
Months to recover switching costs from a lower payment. Compare the break-even period with how long you expect to keep the new loan.
Stamp & taxes
Land transfer tax for Ontario, Toronto, BC and Alberta, with first-time buyer relief.
Official sources used for Canada
- Interest Act (Canada), section 6
- OSFI — minimum qualifying rate (confirmed 29 January 2026)
- CMHC — premium information
- CMHC Purchase — maximum amortization 25 years
- CMHC Home Start — 30-year amortization for first-time buyers and new builds
- Finance Canada — first-time homebuyer and new-build definitions (in force 15 Dec 2024)
- CMHC — requirements (GDS 39%, TDS 44%)
- FCAC — minimum down payment
- Ontario — calculating land transfer tax
- Ontario — land transfer tax refunds for first-time homebuyers
- City of Toronto — MLTT rates (rates as of 1 April 2026)
- City of Toronto — MLTT rebates
- B.C. — property transfer tax calculation examples
- B.C. — first-time home buyers' exemption amounts (registrations from 1 April 2024)
- B.C. — newly built home exemption (from 1 April 2024)
- Alberta — land titles fee schedule
- CMHC — mortgage loan insurance cost (provincial sales tax)
- Ontario — retail sales tax on insurance
Rules checked on 24–25 September 2026.