Buying in Quebec carries one charge that exists nowhere else in Canada in the same form: the droit de mutation, known as the welcome tax, payable to the municipality after closing. Quebec also splits property tax into municipal and school lines, and adds provincial sales tax to mortgage insurance premiums. Each one belongs in the cash you need and the payment you carry.
What a budget comfortably carries, and where the lender ceiling sits above it. Start from a scenario or enter your own numbers; nothing here is pre-filled on your behalf.
Income before taxes and deductions. Lender ratios run on gross income by convention, which is why an affordable-on-paper payment can feel heavier in practice.
The required minimum payments on loans and cards: car loans, student loans, credit card minimums, support obligations. Utilities, groceries, and subscriptions do not count.
The part of the purchase price paid in cash up front. The loan covers the rest. Below 20% down, mortgage insurance usually applies.
All monthly debt payments, including the proposed housing payment, divided by gross monthly income. Lenders commonly cap it near 36%, with program-specific exceptions.
Source: Bank of Canada posted average, as of Aug 26, 2026. A national average, not your quote.
The rate a lender must test your payment against, which can be higher than the contract rate. Where a stress test applies, the maximum loan is sized at the qualifying rate.
Optional. Taxes and insurance start from national averages.
The annual premium for insuring the building against damage and liability. It does not cover tenant belongings or rent shortfalls unless specifically added.
Monthly dues charged by a homeowners or condo association for shared amenities and building upkeep. They are paid to the association, not the lender.
Lenders do not count utilities or other spending. Your budget does, so these lower the comfortable figure and never the lender ceiling.
Comfortable range
A lender may approve up to $1,547,883: about $27,883 above the comfortable figure. Approval is priced on gross income and credit-report debts, not on your budget, so the two are not expected to match.
The $550,000 down payment is only part of the cash due at signing. Estimate cash to close
Illustrative estimate only. Not advice and not a pre-qualification.
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You choose the assumptions; nothing is guessed for you.
The rest of this suite. Each answers one question.
The welcome tax, or droit de mutation, is a one-time duty your municipality charges when a property changes hands. It is calculated on brackets of the higher of the purchase price and the municipal assessment, and the bill arrives after closing rather than at the notary. Budget for it separately: it is not part of your down payment and it is not collected with your mortgage payment.
Plain-language definitions of every term this calculator uses.
All monthly debt payments, including the proposed housing payment, divided by gross monthly income. Lenders commonly cap it near 36%, with program-specific exceptions.
Front-end is the housing payment alone as a share of gross income, commonly capped near 28%. Back-end adds every other monthly debt payment, commonly capped near 36%.
Income before taxes and deductions. Lender ratios run on gross income by convention, which is why an affordable-on-paper payment can feel heavier in practice.
The required minimum payments on loans and cards: car loans, student loans, credit card minimums, support obligations. Utilities, groceries, and subscriptions do not count.
Pre-qualification is an estimate from stated numbers. Pre-approval is a lender’s written commitment after verifying income, assets, and credit. Sellers weigh pre-approval; pre-qualification is a starting point.
The rate a lender must test your payment against, which can be higher than the contract rate. Where a stress test applies, the maximum loan is sized at the qualifying rate.
Insurance that protects the lender when the down payment is under 20%. It is added to the monthly payment and can usually be removed once you reach about 20% equity.
The maximum price your income, debts, and down payment support at a given rate. It moves with rates: roughly 10% less for every one-point rate rise.
The part of the purchase price paid in cash up front. The loan covers the rest. Below 20% down, mortgage insurance usually applies.
One-time transaction costs due at purchase: legal or title work, taxes and registration, inspection, appraisal, lender fees. Commonly 2 to 4% of the price, paid on top of the down payment.