Home/Mortgage·Buy vs Rent
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Hold:
🏙️Toronto, OntarioBenchmark data
Benchmark: $1,080,000Avg rent: $2,850/mo5yr appreciation: 4.2%/yrProp. tax: 0.66%HST 13%
🏠MORTGAGE
$-
/mo
Down
$216,000
10yr Total
$-
⚖BUY VS RENT
Rent
verdict
Own
$-
Rent
$-
Mortgage Details
🏠Property
Home Price
$
Down Payment
Amount (20%)?
$
Mortgage Rate
% / yr
Amortization
Closing Costs?
$
💸Monthly Costs
Property Tax / yr
$
Toronto rate: 0.66% · est. $7,128/yr
Condo / HOA / mo
$
Home Insurance / mo
$
Maintenance / mo?
$
📈Market Assumptions
Home Appreciation / yr
%
Toronto historical avg: 4.2%/yr
🏢Rent Alternative
Equivalent Monthly Rent
$
Toronto avg 2BR: $2,850/mo
Rent Increase / yr
%
✦ AI rate & city benchmark▼
Mortgage /mo
$-
25yr amort.
Fees & Costs /mo
$-
tax + condo + ins.
Total /mo
$-
all-in monthly cost
🇨🇦Canada: CMHC mortgage insurance required for down payments under 20% (max purchase price $1.5M). First-time buyers may qualify for the First Home Savings Account (FHSA) and Home Buyers' Plan (HBP). Land transfer tax applies in most provinces.
🏦STRESS TEST CHECK▲
Canadian lenders must qualify you at the higher of 5.25% or your contract rate + 2%. This ensures you can afford payments if rates rise.
Your gross annual income
$
Before taxes and deductions
Partner's gross annual income (optional)
$
Leave at 0 if applying solo
Monthly debt obligations
$
Credit cards, car loans, student loans, etc.
Monthly heating cost (estimate)
$
Gas, electric, oil heating
Not qualifying yet
Your current loan and debt levels are above stress-test limits. Try reducing loan size, debt, or increasing income.
Contract Rate
5.49%
Your actual rate
Qualifying Rate
7.49%
Stress test rate
85.4%
/39%
GDS
Over limit
93.2%
/44%
TDS
Over limit
GDS limit
85.4% / 39%
TDS limit
93.2% / 44%
Actual Payment
$5,301
At 5.49%
Stress Test Payment
$6,379
At 7.49%
Maximum You Can Borrow
$309,252
Max home price (20% down): $386,565
GDS (Gross Debt Service): Housing costs ÷ income. Must be ≤ 39%.
TDS (Total Debt Service): All debt ÷ income. Must be ≤ 44%.

Stress test applies to new purchases and refinances, but NOT renewals with the same lender.