Gross (before-tax) annual household income of those applying for the mortgage.
The stress test here is the federal qualifying-rate test. An insured mortgage (less than 20% down) has to pass it whichever lender makes the loan. For an uninsured mortgage it is OSFI's rule for federally regulated lenders, such as banks and federal trust companies; a provincially regulated lender follows its own regulator. Built for an owner-occupied purchase, not a rental.
The federal rules for insured mortgages count you as a first-time buyer if any one of these holds: you have never bought a home in Canada; in this calendar year and the four before it you have not lived in a home in Canada, as your principal residence, that you or your current spouse or partner owned; or you recently separated (apart at least 90 days, with the separation starting this year or in the four years before). It is enough that one of the borrowers counts.
| Item | Amount |
|---|---|
| Mortgage | $0 |
| CMHC premium | $0 |
| Payment at stress-test rate | $0 |
| GDS (39%) | 0% |
| TDS (44%) | 0% |