How Much House Can I Afford? (Canada 2021 Mortgage Calculator)

#mortgageaffordability #mortgagecalculator #toronto
** JUNE 1, 2021 UPDATE**
My Online Calculator now conforms to the new stress test rules and benchmark rate of 5.25%, so you know you're using an accurate, up-to-date calculator!
Thinking of buying a house in Toronto or the GTA? Before you go shopping for that dream home, you’ll want to know exactly how much you can afford.
But, how do you calculate that, especially with all the complicated mortgage rules? In this video, I’m going to show you 3 simple and easy steps to find the maximum purchase price for your specific needs.
Link to the Canadian Mortgage Affordability Calculator:
alternativemor...
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Link to explanation on the Mortgage Stress Test:
• Canadian Mortgage Stre...
3 Reasons to use my mortgage broker services:
1. I save you (lots) of money!
2. I have your back! I'll go the extra mile to get you approved.
3. Get expert advice from a mortgage broker that lives and breathes mortgages, and only mortgages.
Need help with your mortgage? Contact me!
[e-mail]
416-435-8340
Victor Camba B.Eng
Mortgage Broker
Brokerage License 13297
Mortgage Architects - EMI Mortgage Services Inc.
Independently owned and operated
Visit:
alternativemor...
Providing Bank financing, B-lender and private mortgages for the Greater Toronto Area, Richmond Hill, Vaughan, Newmarket, Aurora, Markham & Mississauga.
#affordhouse #mortgagebroker #torontomortgage

[@victorcamba]

Watch the 2023 Toronto Affordability UPDATE here: kzbin.info/www/bejne/b3qal2irftZ4aMk

[@victorcamba]

*** JUNE 1, 2023 UPDATE *** My Online Mortgage Affordability Calculator now conforms to the new stress test rules and benchmark rate of 5.25%; so you're working with the BEST, most up-to-date mortgage calculator! As mentioned in the video, here's the link to the Canadian Mortgage Affordability Calculator: alternativemortgage.ca/canadian-mortgage-affordability-calculator/ Here's the video link for an explanation to the Mortgage Stress Test: kzbin.info/www/bejne/bHmxeqdmpr56ma8

[@Alex-bq3dx]

Vic really knows his stuff!

[@victorcamba]

Thanks Alex! Glad you found the info useful!

[@jayho123]

Everytime i do a preapproval, does it affect my credit? Is it true i should shop around diff lenders, if so wouldnt that ding my credit?

[@victorcamba]

It does impact your score. However Equifax has changed it such that multiple pulls within a short period of time will have a lesser impact if it's evident you're looking for a mortgage. That being said, there are many, many more advantages to using a GOOD broker besides preserving your credit score.

[@djc5897]

out of curiosity as someone who is envisioning buying a property in about 3 years (waiting for credit counselling bad info to fall of credit report) if the minimum down payment in canada is technically only 5% to squeeze into the housing market why arent there more young people buying properties? It seems the governemnt of canada makes it accesible for first time home buyers yet people still find it difficult? I dont get it

[@victorcamba]

Hi DJC, it's because the 5% is really a small component to the overall qualification requirements. And 5% is only for the first $500k, then you need 10% on the remainder. Income is a main factor which prevents Canadians from affording a home, especially in the GTA.

[@djc5897]

based on the calculator as a single salary person making 70,000 a year apparently when everything is said and done i can afford a house/ condo around the $380,000 dollar range lol time to go out in the boonies and look for houses i giess since i know roughly what i can achieve and afford

[@victorcamba]

Hi DJC, yes that's the sad truth, unfortunately. The rising costs of homes, coupled with tightening lending rules have made it much more difficult to buy in the GTA. And you are correct, you can still buy for much less "out in the boonies", as you put it. Plus, there are some exceptions with other lenders. This is why it's important to speak with a mortgage agent/broker (a.k.a me 😉) to explore more options.

[@Starskypadrone]

great work

[@letran2313]

Good luck looking for a house in the GTA less than a million 😫

[@victorcamba]

To your point, the average price for a home in Toronto is now over $1M. Still, that's just an average. There are homes that sell for less.

[@PROCanadian]

Stay blessed

[@rovinvazirani3185]

Calculator is not showing any results. Is it broken?

[@victorcamba]

Thanks for the heads up. It's now fixed!