2.7.3.2 Mortgage Stress Test
Completion requirements
Here are some examples of how federal mortgage rules (the mortgage Stress Test) affect Canadians entering the real estate market.
Note: These numbers assume a 2.99% 5-year fixed mortgage rate with a 25-year amortization.
|
As of April, 2018 .... |
Calgary | Edmonton | Vancouver | Toronto |
| Average Home Price
|
$465,607 | $374,159 | $1,084,000 | $817,642 |
| Down Payment Required (20%)
|
$93,121 | $74,832 | $216,800 | $163,528 |
| Annual Income Required
|
$85,000 | $65,000 | $175,000 | $145,000 |
Note: These numbers assume a 2.99% 5-year fixed mortgage rate with a 25-year amortization.