Mortgage Calculator

How much mortgage can I afford in Quebec?

A common rule of thumb is to keep your total housing costs (mortgage payment, property taxes, and heating) below 32% of your gross monthly income. Lenders in Canada also apply the mortgage stress test, which qualifies you at a rate higher than your actual rate. For most buyers, this means a mortgage of roughly 4–5× your annual income.

What is CMHC mortgage insurance?

CMHC (Canada Mortgage and Housing Corporation) insurance is required when your down payment is less than 20% of the purchase price. The premium ranges from 2.8% to 4.0% of the mortgage amount and is added to your loan, not paid upfront. It protects the lender — not you — in case of default, but it does allow buyers to enter the market with as little as 5% down.

What is the best amortization period in Quebec?

A 25-year amortization is the most common choice in Quebec and across Canada. A shorter period (15–20 years) means higher monthly payments but significantly less interest paid over time. A longer period (30 years) lowers your monthly payment but increases the total interest cost — use the amortization table above to compare the difference.

What is the mortgage stress test in Canada?

The mortgage stress test requires lenders to qualify you at the higher of your contracted rate plus 2%, or the Bank of Canada's minimum qualifying rate (currently 5.25%). This applies to all insured and uninsured mortgages in Canada, including Quebec. It ensures borrowers can still afford their payments if rates rise.

How much is the down payment on a house in Quebec?

The minimum down payment in Quebec is 5% for homes priced up to $500,000. For homes between $500,000 and $999,999, you need 5% on the first $500,000 plus 10% on the remainder. Homes over $1 million require at least 20% down and are not eligible for CMHC insurance. The average down payment in Quebec is around 15–20%.