Stress Test Calculator 2021

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Mortgage Stress Test Rates Rising to 5.25%

Effective June 1st, 2021

New Stress Test Rate for Uninsured Mortgages: The higher of 5.25% and your mortgage rate + 2%

New Stress Test Rate for Insured Mortgages: The higher of 5.25% and your mortgage rate + 2%

Mortgage Terms

Purchase Price

The purchase price of your home.

Down Payment

The amount paid upfront. In Canada, the minimum down payment is 5%. Mortgage default insurance (commonly referred to as CMHC insurance) is required for down payments under 20%.

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Interest Rate

The annual interest rate on the mortgage loan amount. A lower interest rate can drastically reduce your mortgage payments.

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Unsure about your purchase price? Find out how much you can afford.

Annual Household Income

Your Income

Your Partner’s Income

Enter your annual income before taxes.
Gross Income: $00
Estimated Net Income: $00

Where are you looking to buy?

What type of home are you looking for?

Monthly Non-Housing Expenses

Food & Groceries

Car & Transport

Bills (e.g. Phone, TV)

Other Expenses

Enter your average monthly expenses in each of the above categories, excluding any housing-related expenses. Exclude your heating costs from your utility bill total.
Monthly Debt Payments

Some examples include: Credit Card, Student Loan, Car Payment, etc.

Enter your average monthly payment. If you have multiple sources of debt, enter the total for your household.
Ontario Lic. #13115

How is my stress-test mortgage payment calculated?

To pass the stress test, you must still be able to afford your mortgage payments if your interest rate increases to a value called the qualifying rate.

If your mortgage is uninsured (generally, if your down payment is 20% or higher), then the qualifying rate is the higher of

If your mortgage is insured (required if your down payment is below 20%), then the qualifying rate is the higher of

Stress Test Rate Changes

As of June 1st, the benchmark rate for both insured and uninsured mortgages will increase to 5.25%. In addition, insured mortgages will be required to qualify for the higher of the benchmark rate and the borrower's mortgage rate + 2%. Previously, the qualification rate was limited to the higher of the benchmark rate and the borrower's mortgage rate.

DateQualifying Rate for Insured MortgagesQualifying Rate for Uninsured Mortgages
Jun 1st, 2021Higher of 5.25% and Borrower Rate + 2%Higher of 5.25% and Borrower Rate + 2%
Aug 12th, 2020Higher of 4.79% and Borrower RateHigher of 4.79% and Borrower Rate + 2%
May 20th, 2020Higher of 4.94% and Borrower RateHigher of 4.94% and Borrower Rate + 2%
Mar 18th, 2020Higher of 5.04% and Borrower RateHigher of 5.04% and Borrower Rate + 2%
Learn more about the stress test on our Mortgage Stress Test Guide page
This calculator is provided for general information purposes only. WOWA does not guarantee the accuracy of the information shown and is not responsible for any consequence that arise from the use of the calculator and its results. Any financing products shown are subject to terms and conditions and may not be available in certain regions.