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In Canada, if your down payment is less than 20% of the home price, you're required to pay mortgage default insurance. The premium ranges from 2.8% to 4% of your loan amount. Homes over $1,000,000 are not eligible.
The stress test requires you to qualify at the greater of your contract rate + 2% or 5.25%. It applies to all federally regulated lenders.
A 25-year amortization is the maximum if your down payment is less than 20%. A longer amortization lowers monthly payments but costs significantly more in total interest.
Land transfer tax is a one-time tax paid when buying a home in Ontario, calculated on a sliding scale. Toronto buyers also pay a Municipal Land Transfer Tax on top. First-time buyers can get rebates.