*This is a rough estimate based on your income and the Government of Canada’s 5-year “stress test” rate necessary for qualifying. This is assuming applicants have a good credit score. Your down payment can limit the above amount in various ways.
The minimum down payments in Canada are:
5% of the purchase price up to $500,000, plus
10% of any part of the price between $500,000 and $1 million, or
20% of the total purchase price for homes valued at over $1 million