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GUIDES
Canada
The payment you make and the payment you qualify on are different. These pages separate them.
Canada minimum down payment
5%, 10%, and the $1.5 million line
Canada Mortgage Default Insurance
Standard mortgage insurance premiums added to a Canadian loan: 4.00% with 5% to under 10% down, 3.10% with 10% to under 15%, and 2.80% with 15% to under 20%.
Canada GDS and TDS
Gross debt service is housing costs over gross income, modeled here at 39%. Total debt service adds other debts, modeled at 44%. Both are tested on the stressed payment, not the contract payment.
Canada Mortgage Qualifying Rate
The Canadian mortgage stress test qualifies you at the higher of your contract rate plus 2 percentage points and 5.25%. At a 4.4% contract rate the test is 6.4%, not 5.25%.
Read the rule, not just the result
The long pages are where the brackets, the wage base, and the three UK property taxes are written out.