Simply the most comprehensive affordability calculator in Canada.†
The stress test rate has fallen by 15 basis points to 4.79%, 40 basis points lower than early 2020 and only 15 basis points above the record-low of 4.64%.
This comes as National Bank followed the rest of the Big 5 in cutting their posted 5-year fixed rate to 4.79% from 4.94%. BMO and CIBC lowered their rates over the weekend and TD and RBC lowered their rates last week.
As of August 12th, 2020, this has been confirmed by the Bank of Canada. Our calculator has been updated to reflect these new changes.
Here’s a breakdown of each factor impacting your home affordability and the limit it places on your asking price. Your affordability is the minimum of all the values shown.
|Limiting Factor||Purchase Price Limit|
|Minimum Down Payment||$||850,000850k|
Affordability calculators need to take into account government stress testing regulations published by the Office of the Superintendent of Financial Institutions (OSFI). You must still be able to afford your mortgage payments if your interest rate increases to the greater of
Want to take a closer look at your potential mortgage payments? Use our Mortgage Calculatorto estimate your future payments, find out how different interest rates affect you, and how much you'll pay over the course of your mortgage.
The CMHC has announced that on July 1st, 2020, they will be changing their guidelines for determining mortgage affordability. These changes include: