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Set up direct deposit and skip the monthly fee. Free to open, and the Easy plan has no monthly fee. Worth doing if you will actually move your pay or your CRA deposits over, not if the card sits unused. Code BREMO2026.
See how much mortgage you can afford under Canada's 2026 stress test rules — based on your income, debts, and down payment.
Your mortgage is qualified at the higher of: your actual rate + 2%, OR 5.25%. With today's rates (~5.2%), the qualifying rate is typically 7.2%. This reduces borrowing power by ~20% vs unqualified.
Gross Debt Service: housing costs (mortgage P+I, property tax, heating, 50% condo fees) ÷ gross income. Must be under 39%.
Total Debt Service: all housing costs + all other debt payments ÷ gross income. Must be under 44%. This is where car loans and credit cards cut into your mortgage room.
Required if down payment is under 20%. Rate: 4.00% (5–9.99% down), 3.10% (10–14.99%), 2.80% (15–19.99%). Added to mortgage. Max insured home price: $1.5M as of Dec 2024.
KOHO pays 3.0% interest automatically on your balance. For every $100 saved for your down payment, that's $300/year extra — with zero effort and zero fees.
Open KOHO Free + $100 Bonus →| City / Region | Avg Home Price | Income Needed (est.) | Min Down (5%) |
|---|---|---|---|
| Greater Vancouver, BC | $1,230,000 | ~$220,000 | $73,000 |
| Toronto, ON | $1,050,000 | ~$190,000 | $63,000 |
| Victoria, BC | $885,000 | ~$160,000 | $53,000 |
| Calgary, AB | $620,000 | ~$110,000 | $37,000 |
| Ottawa, ON | $580,000 | ~$100,000 | $34,000 |
| Edmonton, AB | $420,000 | ~$75,000 | $25,000 |
| Montreal, QC | $510,000 | ~$90,000 | $30,500 |
| Halifax, NS | $460,000 | ~$82,000 | $27,500 |
| Winnipeg, MB | $380,000 | ~$68,000 | $22,500 |
CREA average benchmark prices, approximate. Income estimate based on 25-year amortization at 5.2% rate, 20% down, stress tested at 7.2%.
Every $1 of monthly debt payment reduces your mortgage room by ~$7–10. A $400/mo car payment costs you $40,000–$50,000 in mortgage borrowing power. Pay off debt before applying.
Putting 20% down saves thousands in CMHC insurance (4.00% of mortgage = $20,000 on a $500K mortgage). It also qualifies you for any lender, not just CMHC-approved ones.
30-year amortization (available with 20%+ down) reduces monthly payments vs 25 years by ~10%. You pay more interest over time, but qualify for more with the same income.
Adding a spouse, partner, or family member with income to your mortgage application can significantly increase your qualification amount. Both incomes count toward GDS/TDS ratios.
A credit score above 720 gets you the best mortgage rates. Even a 0.25% better rate on a $500K mortgage saves ~$15,000 over 5 years. Use KOHO's credit-building feature to improve your score.
Rates vary significantly between lenders. A mortgage broker compares 30+ lenders at once, often finding 0.25–0.50% better rates than going directly to your bank. No cost to use a broker.