In Canada, you don't qualify at the rate you'll actually pay. Under the federal B-20 rules, your lender must check that you could still afford your payments at a higher qualifying rate — the greater of your contract rate + 2%, or the 5.25% federal floor. Here's what that does to your numbers.
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Estimate only — not a pre-approval or an offer. The federal minimum qualifying rate is the greater of your contract rate + 2% or 5.25% (the floor is set by OSFI for uninsured mortgages and under the federal mortgage-insurance rules for insured mortgages; OSFI, "Minimum qualifying rate for uninsured mortgages," osfi-bsif.gc.ca, checked October 29, 2026). The income figure uses the 39% gross debt service (GDS) limit with only the mortgage payment, property tax and heating included — other debts lower what you qualify for under the 44% total debt service (TDS) limit. Payments use the standard Canadian mortgage formula (nominal rate compounded semi-annually). Your lender runs the full calculation on your actual file.
Posted rates are a starting point. Rates are sometimes negotiable, and we work with multiple lenders with different and sometimes more competitive products. Contact us and we'll shop across lenders for you.
Prefer to talk? Call Travis Bannert at 780-720-8240.