How much home can you afford in Oakville?
Five inputs, an honest range, and the real number from Ken if you want it.
Ken Finch, Mortgage Agent Level 1, Licence #M26000634 · Canada Express-Mortgage Inc.
The same ratios lenders use
GDS 39%, TDS 44%, stress test, minimum down payment and the insurance premium.
Two minutes, live
The estimate updates as you type. Change the rate assumption and watch the ceiling move.
Then a real answer
Ken checks your numbers against what lenders are approving this month and sends a personal report.
Household income
Before tax. Salary, confirmed bonus, pension; for self-employed income use the two-year average on your tax returns.
Down payment
Savings, FHSA, RRSP Home Buyers' Plan, a gift from family, or proceeds from a sale.
Monthly debts
Car loans or leases, student loans, lines of credit, and about 3% of any credit card balance you carry.
Property tax, heat and condo fees
Oakville detached homes often run $400 to $900 a month.
Lenders count half of condo fees.
Qualifying rate and amortization
Assumption for this estimate only. Not an offer, not a rate quote. Lenders qualify you at the greater of your contract rate plus two points or a regulator-set floor.
30 years: first-time buyers and new builds on insured mortgages.
Enter your income and down payment to see what you could qualify for.
Three Oakville examples, same assumptions
First condo, Uptown Core
Couple, $130,000 combined income, $60,000 saved, $450 condo fees, one car payment
about $560,000
Townhouse, West Oak Trails
Growing family, $190,000 income, $150,000 down, one car loan
about $980,000
Detached, Glen Abbey
Move-up buyers, $280,000 income, $400,000 from the sale of their first home, no debts
about $1,700,000
Get the real number from Ken
The calculator uses one set of ratios. Lenders differ, programs differ, and your situation has details a form cannot see. Ken will send you a personal affordability report and the programs you may qualify for. No credit check.
Ken Finch, Mortgage Agent Level 1, Licence #M26000634. Mortgage services provided through Canada Express-Mortgage Inc., FSRA Brokerage Licence #13241. Real estate services provided by Ken Finch, Broker, Royal LePage Signature Realty, Brokerage. Independently owned and operated. A mortgage pre-approval is not a commitment to lend. Rates, terms, and approval are subject to lender criteria and may change without notice.
Ken's Never List, buyers
Six things I would never do buying my own home
- 1
Start touring before a real pre-approval. A bank pre-qualification is a guess.
- 2
Spend the full maximum a lender will give you. Qualifying for it and living with it are different things.
- 3
Forget closing costs. Land transfer tax, legal fees and the inspection add roughly 2 to 4 percent on top of the price.
- 4
Waive the inspection to win a bidding war on a house you know nothing about.
- 5
Change jobs or finance a car between pre-approval and closing.
- 6
Shop with a budget set at today's rate instead of the stress-test rate you have to qualify at.
Affordability FAQ
What actually sets your budget
What are GDS and TDS, and why do they decide my budget?
Gross debt service (GDS) is the share of your gross income that goes to housing: mortgage payment, property tax, heat and half of any condo fees. Total debt service (TDS) adds your other monthly debts. Most lenders cap GDS at 39% and TDS at 44% on insured mortgages. Whichever cap you hit first is your ceiling, and the calculator shows you which one it is.
What is the mortgage stress test, in plain words?
Lenders do not qualify you at the rate you will actually pay. They qualify you at a higher one: your contract rate plus two percentage points, or a floor set by the regulators, whichever is greater. That is why the calculator asks for a qualifying-rate assumption rather than a mortgage rate. The number you type is only used to size the estimate; it is not a quote and not an offer.
How much do I need for a down payment in Ontario?
Five percent of the first $500,000 of the price, ten percent of the portion between $500,000 and $1.5 million, and twenty percent of the whole price above $1.5 million. Under twenty percent down the mortgage is default-insured and the premium is added to the loan; the calculator includes it.
What is the FHSA and how does it help?
The First Home Savings Account lets a first-time buyer contribute up to $8,000 a year, to a $40,000 lifetime limit. Contributions are tax-deductible like an RRSP and withdrawals for a qualifying first home are tax-free like a TFSA. It stacks with the RRSP Home Buyers' Plan and the Ontario land transfer tax rebate.
Is this calculator a pre-approval?
No. It is an estimate from the numbers you type, using one set of ratios. A pre-approval means a lender has reviewed your credit, income and down payment and will hold a rate for you. Ken gets you from the estimate to a pre-approval letter in a few days, with no fee to you on standard residential mortgages.
Want the long version? Read how pre-approval works in Ontario and the first-time buyer guide.
Ken Finch, Mortgage Agent Level 1, Licence #M26000634. Mortgage services provided through Canada Express-Mortgage Inc., FSRA Brokerage Licence #13241. Real estate services provided by Ken Finch, Broker, Royal LePage Signature Realty, Brokerage. Independently owned and operated. A mortgage pre-approval is not a commitment to lend. Rates, terms, and approval are subject to lender criteria and may change without notice.