Canadian mortgage guides
The rules behind a Canadian mortgage, in plain language: the stress test, down payments, insurance, debt ratios, renewals, penalties, programs for first-time buyers, and how brokers are regulated.
Figures checked September 24, 2026The mortgage stress test, explainedWhat the qualifying rate is, who has to pass it and when you don't, including the 2024 change for switches at renewal.Read the guideMinimum down payment in Canada (2026)How much you need to put down, how the $1.5 million cap works, and what counts as an acceptable source.Read the guideCMHC mortgage insurance: premiums and rulesWhen mortgage default insurance is required, what it costs in 2026, and the difference between insured, insurable and uninsured mortgages.Read the guideGDS and TDS: the debt ratios lenders useHow lenders measure what you can afford, what counts in each ratio, and the limits for insured mortgages.Read the guideFixed vs variable mortgages in CanadaHow fixed, variable and adjustable-rate mortgages work, trigger rates, and the penalty difference if you break early.Read the guideRenewing or switching your mortgageWhen to start, what your lender must send you, and how switching lenders at renewal works without a stress test.Read the guideMortgage prepayment penalties: IRD and three months' interestHow Canadian lenders calculate the penalty to break a mortgage early, and why it varies so much between lenders.Read the guideFirst-time home buyer programs in Canada (2026)The FHSA, the Home Buyers' Plan, the new-home GST rebate, land transfer tax rebates and 30-year amortizations.Read the guideClosing costs when you buy a home in CanadaWhat to budget beyond the down payment: land transfer tax, legal fees, title insurance, inspections and adjustments.Read the guideHow mortgage brokers are regulated in CanadaWho licenses brokers in each province, what they must disclose to you, and their anti-money-laundering and privacy duties.Read the guide
General information about Canadian mortgages, not financial, legal or tax advice. Lenders and insurers apply their own criteria, and rules change; confirm the details with a licensed mortgage professional before you act.