What price of home can I afford?

That is going to depend on your income to debt ratio. You can use the calculator above to get an estimate of what it could be. Typically the Gross Debt Service Ratio (GDS) needs to be under 39% of your total income and the Total Debt Service Ratio (TDS) needs to be under 44% of your total income.

What is included in the GDS and TDS ratios?

• Gross Debt Service Ratio (GDS): mortgage payment, property taxes, heat, and condo fees if it is a condo

• Total Debt Service Ratios (TDS): everything included in the GDS equation plus all other debt you have (i.e. credit cards, lines of credit, car loans, student loans, personal loans, spousal support, child support, other properties, etc.)

What types of income can I use to qualify for a mortgage?

• Your standard employed or self employed situation (i.e. hourly, salary, commission, sole proprietor, corporation, etc.)

• Also Canada Child Benefit, Child Disability Benefit, Spousal Support, Child Support, Canada Pension Plan, Old Age Security Pension, Work Pension, Survivors Benefit Pension, RRSP Income, Investment Income, Rental Income, etc.

What income amount can I use for to qualify for a mortgage?

For your standard employed or self employed situation, there are 3 options:

1. Whatever your guaranteed minimum amount is that is on your letter of employment

2. Using the previous 2 years, if the most recent year is higher than the one before, we can use the average of the 2 years

3. Using the previous 2 years, if the most recent year is lower than the one before, we can use the most recent year amount