Topic

Mortgages and financing

Rates, pre-approvals, insurance and the stress test.

Mortgages and financing November 2, 2026 5 min read How Mortgage Pre-Approval Works in Ontario: The Stress Test, Your Documents and Locking a Rate A mortgage pre-approval tells you how much a lender is prepared to lend and holds a rate for a set period while you shop. It is the first real step in any purchase. It is also where three things get decided: whether you pass the mortgage stress test in Canada, which documents the lender needs, and whether a fixed or variable mortgage suits you. This guide covers each, with the practical detail that Toronto mortgage advice often skips. What is mortgage pre-approval in Ontario? Mortgage pre-approval in Ontario is a lender's conditional assessment of how much you can borrow, based on your income, debts, credit history and down payment. If the lender is satisfied, it issues a written approval with a maximum amount and a rate hold. Three points matter: It is not a final approval. The lender still has… Read
Mortgages and financing October 20, 2026 4 min read Mortgage Stress Test Canada: How to Estimate What You Can Qualify For in Toronto Before you look at a single listing in Toronto this fall, it helps to know your real borrowing limit. The mortgage stress test in Canada decides that limit, and it is often lower than buyers expect. This article explains how the test works, shows a worked example, and covers how fixed vs variable mortgage choices fit in. Treat it as general Toronto mortgage advice to bring to your lender or mortgage broker, not a replacement for their assessment. What is the mortgage stress test in Canada? The mortgage stress test is a federal qualifying rule. It requires you to show you could still afford your payments if rates were meaningfully higher than your actual rate. Under the guidelines for federally regulated lenders, you qualify at the greater of two figures: your contract rate plus 2 percentage points, or a minimum… Read
First-time buyers October 3, 2026 2 min read First-time buyer in Ontario? The programs worth knowing Buying your first home is the moment the government is most willing to help. The programs below can be combined, and together they can be worth tens of thousands of dollars. Rules change, so confirm the details with your lender, lawyer or accountant before you count on any of them. The First Home Savings Account (FHSA) The FHSA works like an RRSP on the way in and a TFSA on the way out: contributions are tax-deductible, growth is tax-free, and a qualifying withdrawal for your first home is tax-free too. You can contribute up to $8,000 a year, to a lifetime maximum of $40,000, and unused room can carry forward (up to $8,000). If you are buying with a partner, each of you can have one. The Home Buyers' Plan (HBP) The HBP lets you withdraw from your RRSP for… Read

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