Home — Afford & Pay
One tool for the full home-buying journey. Flip between 'what can I afford?' and 'what will this house cost me?' without losing context.
What are you trying to answer?
How much home can I afford?
How much money comes in?
Down payment & monthly debts
Monthly housing costs
The mortgage
First-time buyer?
Your comfortable home price
$271,359
This is the price you should actually aim for. At about 30% of your income going to housing, you'll still have room for retirement savings, emergencies, and a life.
First-time home buyer benefits
You save about $4,045 in cash rebates + tax credits
FHSA — First Home Savings Account
$8,000/year · $40,000 lifetime
Tax-deductible contributions (like RRSP) AND tax-free withdrawal for a first home (like TFSA). Best-in-class account for first-time buyers.
RRSP Home Buyers' Plan (HBP)
Up to $60,000 tax-free
Borrow up to $60,000 per person ($120,000 per couple) from your RRSP tax-free. Repay over 15 years. Combines with FHSA for a massive down payment.
Home Buyers' Tax Credit
$1,500
Federal non-refundable tax credit worth $1,500 (15% of $10,000). Claim it on your next tax return after buying.
Ontario Land Transfer Tax
Rebate: $2,545
On your recommended $271,359 home, LTT would be $2,545. First-time buyer rebate saves you $2,545. Net cost: $0.
Bank maximum — what they'll let you borrow (NOT what you should)
$359,557
This is the absolute ceiling. Banks will lend you this much, but this is how people end up house-poor. Just because you CAN borrow this much doesn't mean you SHOULD.
Rate you must qualify at
7.25%
Down payment as % of price
13.9%
Minimum down required
$17,978
CMHC insurance cost
$9,596
The monthly math
What is the B-20 stress test?
Canadian lenders must qualify you at the HIGHER of your contract rate + 2% or 5.25%. This protects you from getting approved for a payment you couldn't afford if rates rise. At a contract rate of 5.25%, you're qualified at 7.25%.