Mortgage · Ontario
How much house can I afford in Ontario?
Ontario lenders qualify you the same way as the rest of Canada: at the stress-test rate, inside the CMHC 39% GDS and 44% TDS limits. Enter your numbers for a maximum price, then see what Ontario adds on top.
Worked example. A household earning $120,000 with $500 of monthly debts and a $120,000 down payment can afford a home of about $592,100 in Ontario (mortgage $472,100), with GDS as the binding limit. The lender tests the payment at 7%, not the 5% you would actually pay.
The rules behind every figure on this page: the qualifying rate is the greater of your contract rate plus 2% or 5.25% (OSFI, page modified 29 January 2026); CMHC restricts GDS to 39% and TDS to 44%; and the minimum down payment is 5% of the first $500,000, 10% of the portion up to $1.5 million and 20% at $1.5 million or more (FCAC). Checked retrieved 15 October 2026.
Inputs
Result
Fill the form and press Calculate.
Worked numbers
Outputs of this calculator with these assumptions: $500 of other monthly debts, a 5% contract rate (tested at 7%), 25-year amortization, property tax at 1% of the price a year and $100 a month for heating. Those are assumptions you can change in the form, not published figures. Rounded to the nearest $100.
| Gross income | Max mortgage | Max price | Binding limit |
|---|---|---|---|
| $80,000 | $285,000 | $405,000 | TDS 44% |
| $100,000 | $378,500 | $498,500 | TDS 44% |
| $120,000 | $472,100 | $592,100 | GDS 39% |
| $150,000 | $596,500 | $716,500 | GDS 39% |
| $180,000 | $720,900 | $840,900 | GDS 39% |
| Down payment | Max mortgage | Max price | Binding limit |
|---|---|---|---|
| $40,000 | $480,600 | $520,600 | GDS 39% |
| $80,000 | $476,300 | $556,300 | GDS 39% |
| $120,000 | $472,100 | $592,100 | GDS 39% |
| $200,000 | $463,600 | $663,600 | GDS 39% |
What Ontario adds on top of the price
The maximum price above is not the cash you need. Ontario charges a provincial land transfer tax when you register the purchase, and buyers in the City of Toronto also pay Toronto's own municipal land transfer tax (Ontario.ca). First-time homebuyers may be eligible for a refund of all or part of the provincial tax, up to a maximum of $4,000 for transfers on or after 1 January 2017 (Ontario.ca). Work out the exact amount with the Ontario land transfer tax calculator, and budget the rest with the closing costs calculator.
Property tax is set by your municipality and varies a lot across Ontario, so the 1% of price used here is only a placeholder. Replace it with the real bill for the home you are looking at: it moves the result.
How this calculator works
It finds the largest mortgage whose payment at the qualifying rate keeps both ratios inside the limits, then adds your down payment. GDS is mortgage payment + property tax + heating + 50% of condo fees, at most 39% of gross monthly income. TDS adds every other monthly debt payment and is capped at 44%. Payments use Canadian semi-annual compounding. The same engine as the main mortgage affordability calculator is used, so the two always agree for the same inputs.
Not included: the CMHC insurance premium (added to the loan when the down payment is under 20%, so treat results with less than 20% down as an upper bound), your credit score, rental income, and any tighter lender-specific limits. A pre-approval from a lender or broker is the only figure that counts.
Sources (retrieved 15 October 2026)
Frequently asked questions
How much house can I afford in Ontario on a $120,000 income?
With $500 of monthly debts, a $120,000 down payment, a 5% contract rate and a 25-year amortization, about $592,100. Lenders qualify you at 7%, and GDS is the limit that binds. Change any input and the answer moves.
Is the mortgage stress test different in Ontario?
No. The qualifying rate (the greater of your contract rate plus 2% or 5.25%) and the CMHC 39% GDS and 44% TDS limits are federal and apply the same way in every province.
Does this include Ontario land transfer tax?
No. Land transfer tax is a closing cost paid in cash on top of the down payment, not part of the mortgage qualification. Use the Ontario land transfer tax calculator for the amount, including the Toronto municipal tax and the first-time buyer refund.
Why is my bank's number different?
Real approval depends on credit, employment, the actual property tax and heating cost, and lender policy. This tool also uses a placeholder 1% property tax and $100 heating, and leaves out any CMHC premium.
More ways to ask the same question
How Much House Can I Afford in BC · How Much House Can I Afford in Alberta · How Much House Can I Afford in Quebec · Mortgage on a $80,000 Salary · Mortgage on a $100,000 Salary · Mortgage on a $150,000 Salary · GDS and TDS Worked Examples · How Much House Can I Afford: Single vs Couple
Estimate only — not lending advice
This is an educational estimate. It runs in your browser and nothing you enter is sent anywhere. Approval depends on credit, employment, the actual property tax and heating cost, and lender policy; confirm with a lender or mortgage broker.