Affordability calculator · rates checked October 19, 2026
What can you afford in York Region?
Start with your income and savings to see your price ceiling, or start with a home's price to see the monthly cost and cash to close. Results update as you type.
Matthew Gizzie, REALTOR®, Keller Williams Realty Centres, Newmarket. I live in Uxbridge and work with buyers in Newmarket, Aurora and across York Region, and in Simcoe County communities including Bradford and Barrie.
Car loans, lines of credit, student loans, minimum card payments.
Savings, FHSA, Home Buyers' Plan withdrawals and gifts. Closing costs come out first; the rest is your down payment.
Generally: you, and any spouse or partner, haven't owned and lived in a home in the last four years.
Insured rate (under 20% down), October 19, 2026. Stress test: 6.59%.
30 years adds 0.20% to the insurance premium.
Change these to the home you're looking at. Lenders count half of a condo fee; your budget counts all of it.
Ask your lawyer for a quote. Land transfer tax is added for you.
Lender maximum price
$885,000
$84,636 down (9.6%), insured mortgage.
Comfortable budget (32% / 40%)
$735,000
Monthly payment at the lender maximum
$4,249
Monthly mortgage payment
–
Monthly budget, all-in
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Cash to close
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See what $885,000 buys: each market report shows the latest prices by home type.
Estimates for planning, not a mortgage approval. Stress-test payments are used for the income check only.
Want to know what your number buys? In 15 minutes I'll go through it with you: which towns and home types fit, the costs to plan for, and what a mortgage professional still needs to confirm.
Quick reference
Income needed by price
First-time buyer, resale home, minimum down payment, 5-year fixed at 4.59% (insured, October 19, 2026), 30-year amortization, no other debts. Use the calculator for your own numbers.
| Price | Minimum down | Monthly payment | Income, lender limit | Income, comfortable |
|---|---|---|---|---|
| $600,000 | $35,000 (5.8%) | $2,999 | $131,436 | $160,188 |
| $700,000 | $45,000 (6.4%) | $3,477 | $149,677 | $182,419 |
| $800,000 | $55,000 (6.9%) | $3,955 | $167,918 | $204,651 |
| $900,000 | $65,000 (7.2%) | $4,433 | $186,159 | $226,882 |
| $1,000,000 | $75,000 (7.5%) | $4,910 | $204,400 | $249,113 |
| $1,200,000 | $95,000 (7.9%) | $5,866 | $240,883 | $293,576 |
| $1,400,000 | $115,000 (8.2%) | $6,822 | $277,365 | $338,038 |
Payment includes mortgage insurance added to the loan. Income is the higher of the GDS and TDS requirements at the stress-test rate (6.59%), with property tax of $400 and heating of $150 a month. Lender limit: 39% / 44%. Comfortable: 32% / 40%.
Programs
What can lower the cost
Three different things, so they're kept apart: ways to use your own savings, tax relief, and HST relief on a newly built home. Each has its own rules.
Use your own savings
Ways to put your money toward the down payment with tax savings. Not government money.
$8,000 a year of contribution room. Contributions are deductible; qualifying withdrawals are tax-free.
Withdraw from your RRSP for a qualifying home and repay it over 15 years. Can be used with an FHSA.
Tax relief
Lowers what you pay at or after closing.
For first-time buyers. Shown in the cash-to-close estimate above.
On your 2026 tax return, one credit per home, subject to tax payable.
New build HST relief
For a newly built home you buy from a builder and live in.
The 8% provincial HST, in full up to $1,000,000 and $80,000 up to $1,500,000. Agreements signed April 1, 2026 to March 31, 2027. Any eligible buyer.
Ontario pays up to the 5% federal HST in the same window. First-time buyers also have the federal rebate: full to $1,000,000, phased out by $1,500,000, agreements on or after March 20, 2025 and before 2031.
New-build relief is not down payment. A builder may credit it at closing, or you may claim it afterwards and wait for the CRA. Lenders and insurers can treat the price as the price less the rebate. Plan your financing so the purchase still closes if a rebate is late or refused, and confirm the details with your lawyer before you sign.
How the numbers work
Three things that set your ceiling
The stress test
You qualify at your contract rate plus 2%, or 5.25%, whichever is higher. You pay the contract rate; the higher rate only checks you could absorb an increase.
Two ratios
Housing costs (GDS) and housing plus debts (TDS) are each checked against their own limit. The calculator shows the insurer limits of 39% and 44%, and a comfortable budget at 32% and 40%.
Your cash
Under $1,500,000, the minimum down payment is 5% of the first $500,000 and 10% of the rest. From $1,500,000, it's 20%. Less than 20% down means mortgage insurance.
Questions
Affordability questions buyers ask me
Who can get a 30-year amortization?
On an insured mortgage (less than 20% down), a 30-year amortization is open to first-time buyers and to anyone buying a newly built home. It adds a 0.20% surcharge to the insurance premium. With 20% or more down, many lenders offer 30 years, but it's their choice, so check the lender's terms.
Why is my comfortable budget lower than the lender maximum?
The lender maximum is the most an insurer will usually allow. The comfortable budget uses lower ratios (32% and 40%), leaving room for savings, childcare, a car and the costs of owning that lenders don't count. I'd rather you buy at a price you can carry than at the top of your approval.
Do new-build HST rebates count toward my down payment?
No. They lower what you pay, but they may arrive at or after closing, and lenders can base the mortgage on the price less the rebate. Keep your down payment and closing cash separate from any rebate.
What isn't included here?
Toronto's municipal land transfer tax, the HST on a new build itself, utilities other than heat, maintenance, moving costs and your lender's own criteria. A mortgage professional confirms your approval; this page helps you know which questions to ask.
Know your number before you book showings
Bring your result to a 15-minute call. I'll show you where it fits in the towns you're considering and what to check before you write an offer.
Figures and program rules current as of October 19, 2026. Rates: lowest insured and uninsured rates on a public rate comparison table for a $500,000 mortgage, checked October 19, 2026. Your rate depends on the lender, your file and the day.
Sources: Department of Finance Canada mortgage rules (insured price cap, minimum down payment, 30-year amortization, December 15, 2024); federal minimum qualifying rate; CMHC mortgage insurance premiums and debt service limits; Ontario Ministry of Finance land transfer tax and first-time buyer refund; CRA FHSA, Home Buyers' Plan and home buyers' amount; CRA, Ontario Enhanced New Housing Rebate (July 23, 2026); Ontario New Home Affordability Payment (September 17, 2026); CRA, first-time home buyers' GST/HST rebate (March 17, 2026).
General information only, not legal, tax or mortgage advice, and not a lending decision. Approval depends on your lender, insurer, credit and full financial picture. Fixed-rate payments use semi-annual compounding; variable-rate payments use monthly compounding. Program rules can change; confirm eligibility with your lawyer, accountant and mortgage professional. Matthew Gizzie, REALTOR®, Keller Williams Realty Centres, Brokerage.
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