Question 1

How much home can I afford in Toronto?

Accepted Answer

Based on standard Canadian lending guidelines (a gross debt service ratio of roughly 39%), your maximum home price is driven by your annual household income, monthly debts, interest rate, and amortization period. This calculator estimates the maximum mortgage amount and home price you may be able to afford.

Question 2

What is the GDS ratio and why does it matter?

Accepted Answer

The gross debt service (GDS) ratio measures the percentage of your gross income needed to cover housing costs. Canadian lenders typically cap housing costs at around 39% of gross income, which this calculator uses to estimate how much home you can afford.

Question 3

Does my monthly debt affect how much home I can afford?

Accepted Answer

Yes. Monthly debt payments reduce the amount available for housing. This calculator subtracts your monthly debts when estimating the maximum mortgage you qualify for.

Mortgage Affordability Calculator