British Columbia

Affordability

The most a buyer can borrow under the GDS and TDS limits.

Rules for

Buyer’s finances

Gross household income, per year

Before tax, for every borrower together.

Other debt payments, per month

Car and student loans, credit card minimums, support payments.

Down payment available

The mortgage

Interest rate

Rate type

FixedVariable

Amortization

First-time home buyerAllows a 30-year insured amortization, and earns the transfer tax rebates.Newly built homeAlso allows a 30-year insured amortization.

The home

Property tax, per year

The listing’s taxes, or an estimate for the area.

Heating, per month

Lenders use the actual cost, or a reasonable estimate for the home.

Condo fees, per month

Half of them count. Enter 0 for a freehold home.

Most they can pay

$743,000

Held back by GDS: housing costs reach 39% of income at the qualifying rate.

Mortgage amount: $662,933
Default insurance premium, added to the mortgage: $19,933
Monthly payment at 4.49%: $3,665.47
Monthly payment at the qualifying rate of 6.49%: $4,436.47
GDS: 39.0% of 39%
TDS: 43.0% of 44%

Cash needed to close

Down payment: $100,000
Property transfer tax: $12,860
Total: $112,860

Legal fees, title insurance, inspections and adjustments come on top and are not included.

Good to know

Lenders qualify every buyer at the greater of the contract rate plus 2% or 5.25%, whatever rate they will actually pay.
The 39% and 44% limits are CMHC’s, for insured mortgages. Most lenders use them for uninsured mortgages too; some are stricter.
An insured mortgage also needs a credit score of at least 600 for one of the borrowers.

Where the rules come from

CMHC — calculating GDS and TDS · checked 2026-09-29
OSFI — minimum qualifying rate · checked 2026-09-29
CMHC — mortgage loan insurance premiums · checked 2026-09-29
FCAC — minimum down payment · checked 2026-09-29

An estimate from CMHC’s published limits. A lender looks at the whole application — income history, credit, the property — and may approve less.