Canada mortgage stress test.

The rule this page applies

You qualify at the higher of the contract rate plus 2 percentage points and 5.25%. At a 4.4% contract that is 6.4%, not 5.25%. The floor only binds when the contract rate is under 3.25%.

Down payment: 5% on the first $500,000 and 10% on the portion up to $1.5 million. A price above $1.5 million needs 20% and is treated as uninsured. Below 20% down, a default-insurance premium is added to the loan using 4.00%, 3.10%, or 2.80% by down-payment band.

Income is the amount that keeps stressed housing inside 39% of gross income (GDS) and stressed housing plus other debt inside 44% (TDS). A lender can use tighter ratios.