Mortgage Income Qualification Calculator (Canada)

Calculator Required Gross Income for Mortgage Qualification (Canada)

Mortgage Amount ($)

Contract Interest Rate (%)

Used for the payment calculation and (if stress test OFF) qualification.

Amortization (years)

Property Taxes (annual $)

Heating (monthly $)

Condo Fees (monthly $, optional)

Tip: Lenders count 50% of condo fees in GDS.

Other Monthly Debt ($, optional)

Qualification Profile

Apply Stress Test (MQR: max[contract + 2%, 5.25%])

Use ON for purchases/refis. Turn OFF for straight switches at renewal (no increase to loan amount or amortization).

Scenario

GDS Treatment of Condo Fees

Required Gross Annual Income (min)

Binding constraint: —

Monthly Mortgage Payment

Calculated at contract rate.

Qualifying Payment

Uses stress test rate if ON.

Monthly Housing Costs (for GDS): $0

Includes qualifying payment + taxes/12 + heating + condo fees per setting.

GDS Income Need: $0

TDS Income Need: $0

Qualifying Rate Used: —

Educational tool. Actual qualification varies by lender/insurer. Stress test toggle follows OSFI’s framework: when ON, uses the greater of contract rate + 2% or the 5.25% MQR floor. For straight switches at renewal with no increase to amount or amortization, stress test is typically not applied.