It all depends on how much you earn and what other debt obligations you have outside of a mortgage.
It's always best to call a Mortgage Agent, but if you are simply curious, try this handy calculator. All you need to know is your Gross Household Income (total income before deductions) and what other Monthly Debt Obligations you have (total of all credit card, loan and line of credit payments).
CALL US TO DISCUSS THE RESULTS
Household Gross Annual Income ($)
How much does your family earn per year before tax?
Monthly Debt Payments ($)
How much do you spend on things like car payments, student loans, lines of credit, and credit card debt?
Congratulations! This is the maximum mortgage you can afford to carry, NOT accounting for the CMHC premium
This is the minimum 5% you would need up front to qualify for this amount.
With the above down payment you could purchase a house for this much.
This is your cost per month to carry the mortgage.
*Calculations are based on our current 5 year fixed rates with 25 year amortization, O.A.C.
Please note that this is just an estimate and actual amounts may vary.