Can I afford this?

For an owner-occupied home you need at least 5% on the first $500,000 of the price, plus 10% on any portion between $500,000 and $1,500,000. Homes priced at $1,500,000 or more require 20% down. Any down payment under 20% also requires mortgage default insurance.

If your down payment is under 20%, federal rules require mortgage default insurance (through CMHC, Sagen, or Canada Guaranty). The premium runs roughly 2.8% to 4.0% of the mortgage amount depending on your down payment, and is usually added to your mortgage balance rather than paid upfront.

Lenders look at your Gross Debt Service ratio: housing costs (mortgage, property tax, heat, and half of any condo fees) should generally stay under about 32% of gross income, with total debt under roughly 44%. The calculator above estimates the income that keeps you inside those limits.

Canadian fixed-rate mortgages compound interest semi-annually rather than monthly, which makes the effective rate slightly lower than a U.S.-style loan at the same posted rate. This calculator uses semi-annual compounding so the monthly payment matches what a Canadian lender would actually quote.

Ontario charges a provincial land transfer tax on a sliding scale from 0.5% to 2.5% of the price. First-time buyers can claim a rebate of up to $4,000. If you're buying in the City of Toronto, a second municipal land transfer tax of a similar amount applies.