What Income Do I need to Qualify for a Mortgage?

The Government Stress Test Rate is currently 5.19% for homes with less than a 20% down payment. The last change to this rate was on July 22, 2019 when it dropped from 5.34 to 5.19%.  Remember, the Stress Test Rate is NOT the rate consumers actually pay, it is only mandatory to qualify under this rate in Canada. These numbers apply only to owner occupied properties.

CONDO - $250,000

Assuming: 5% down payment, 25yr amortization, property taxes 1% of purchase price, condo fee $350/mo, heat $100/mo, credit score over 680, current stress test rate as indicated above.

Gross Income/s with no debt payments:        $60,000

Gross Income/s with $500/mo debt pmts:    $67,000

Gross Income/s with $1,000/mo debt pmts: $81,000

HOUSE - $400,000

Assuming: 5% down payment, 25yr amortization, property taxes 1% of purchase price, heat $100/mo, credit score over 680, current stress test rate as indicated above.

Gross Income/s with no debt payments:        $87,000

Gross Income/s with $500/mo debt pmts:    $92,000

Gross Income/s with $1,000/mo debt pmts: $105,000

​TMG The Mortgage Group

10250-176 Street
Edmonton, AB, T5S 1L2

780.916.2492

*by appointment only*


© 2016 by BrokerYEG, a licensed mortgage broker with TMG The Mortgage Group