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Independent and free · no "instant approval": a pre-approval is a lender's conditional estimate · rules checked Nov 2, 2026Who runs this site
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Methodology

Rules, formulas, sources and changelog

Short answer

Every rule and assumption our pre-approval tools use, with its source and the date we checked it, the formulas behind the readiness check, lender facts from each lender's own page, and a dated changelog. Rules last checked November 2, 2026. Nothing here is a pre-approval: only a lender can issue one.

Figures as of 2026-11-02.
Facts checked How we check facts
The formulas on one purchase
The formulas on one purchase: inputs, steps and result
Price / down payment$560,000 / $60,000
Income / other debts$120,000 / $400 a month
Rate4.12%Bank of Canada average for new insured 5-year+ fixed mortgages, 2026-08
Qualifying rate6.12%max(rate + 2, 5.25%)
Mortgage incl. premium$516,500premium 3.30%
Payment at the qualifying rate$3,111/mo30 years, semi-annual compounding
GDS35.6%(payment + tax + heat + ½ condo) ÷ monthly income
TDS39.6%limit 44% (CMHC, insured)

Open this example in the calculator →Computed November 2, 2026.

Mitey the yeti reads a small book and points at a line.
Mitey checks one formula against its source line by line: qualifying rate, then GDS, then TDS.

Which formulas do the tools use?

  • Qualifying rate = max(rate + 2, 5.25)%.
  • GDS = (payment at the qualifying rate + property tax + heating + 50% of condo fees) ÷ monthly gross income ≤ 39%; TDS adds other debts, ≤ 44%. These are CMHC's limits for insured mortgages; uninsured lenders set their own.
  • Maximum price: the highest price passing GDS, TDS, the minimum down payment (5% to $500,000, 10% above, 20% from $1,500,000) and insured limits, found by bisection.
  • Amortization: 0 means the longest allowed: 30 years for first-time buyers and new builds on insured mortgages (since December 15, 2024), 25 otherwise.
  • Cash to close = down payment + land transfer tax + legal, title insurance and inspection estimates + sales tax on any CMHC premium (ON, QC, SK).
  • Rate hold: expiry = letter date + hold days. Breakers: each change recomputes the maximum; low-appraisal cash = gap % × offer × loan-to-value at the offer.

Where do the lender facts come from?

Rate holds, credit-check types and conditions for 9 lenders, each read from the lender's own page on November 2, 2026. Where a lender's page didn't state something or didn't load, we say so rather than use a third-party figure.

Which rules and values do we use?

Rules and labelled estimates
ItemValueSource
Buffer added to the contract rate (percentage points)2OSFI
Floor qualifying rate (%)5.25OSFI
Price up to which 5% applies500000CMHC
Minimum down payment on the first $500,0000.05CMHC
Minimum down payment on the portion above $500,0000.1CMHC
Down payment at which a mortgage is uninsured (and the minimum at $1.5M+)0.2CMHC
Insured mortgages: purchase price must be below1500000Department of Finance Canada
Maximum GDS ratio (%)39CMHC
Maximum TDS ratio (%)44CMHC
Minimum credit score (at least one borrower)600CMHC
Maximum insured amortization (years), standard purchase25CMHC
Maximum insured amortization for first-time buyers and new builds (years)30CMHC
Days of account history lenders typically ask for to verify the down payment90Our estimate (typical lender practice)
Typical probation period lenders look past for salaried borrowers (months)3Our estimate (typical lender practice)
Share of a credit card balance we count as its monthly payment (lenders vary)0.03Our estimate (typical lender practice)
Shortest rate lock on a pre-approval, per FCAC (days)60Financial Consumer Agency of Canada
Longest rate lock on a pre-approval, per FCAC (days)130Financial Consumer Agency of Canada
Rate hold RBC, TD and CIBC state for a pre-approval (days)120TD
Legal / notary fees and disbursements (our estimate; quotes vary)1800Our estimate (typical lender practice)
Title insurance (our estimate)350Our estimate (typical lender practice)
Home inspection and appraisal (our estimate)550Our estimate (typical lender practice)

What changed, and when?

  • 2026-11-02: First-time buyers and new builds now default to the 30-year insured amortization (25-year figure shown beside it). "What could break it" defaults to an offer inside the maximum, says when an offer is already over, and costs a low appraisal on the offer. Added BMO, Scotiabank, National Bank, nesto, Desjardins and ATB rate-hold facts, a pre-approval letter reader, CMHC, Sagen and Canada Guaranty self-employed and newcomer programmes, and noted that 39%/44% are CMHC's insured limits. Presets now reset every field.
  • 2026-11-01: Site rebuilt on the MITEY site kit as an honest pre-approval toolkit. "Instant approval" and "1,000+ customers" claims removed. Rate-hold facts from FCAC (60–130 days) and RBC, TD and CIBC (120 days). 85 old URLs kept working.
  • 2026-10-29: Bank of Canada policy rate 2.50%; example rates use the Bank of Canada's dated average for new insured 5-year+ fixed mortgages.

All sources

Primary sources (checked dates shown)

  1. OSFI — Minimum qualifying rate for uninsured mortgages (Guideline B-20). Checked .
  2. OSFI — Straight-switch exemption and loan-to-income portfolio limits (effective November 21, 2024). Checked .
  3. Department of Finance Canada — Statement on the insured mortgage stress test (effective December 12, 2023). Checked .
  4. Justice Laws — Insurable Housing Loan Regulations (SOR/2012-282): qualifying rate and GDS/TDS for CMHC-insured loans (effective February 27, 2025). Checked .
  5. Justice Laws — Eligible Mortgage Loan Regulations (SOR/2012-281): the same rules for privately insured loans (effective February 27, 2025). Checked .
  6. CMHC — Mortgage loan insurance cost (premium table). Checked .
  7. CMHC — Homeowner mortgage loan insurance: Purchase (eligibility). Checked .
  8. CMHC — Home Start: 30-year amortization for first-time buyers and new builds. Checked .
  9. Department of Finance Canada — Mortgage reforms in force: $1.5M insured price cap, 30-year amortization (effective December 15, 2024). Checked .
  10. CMHC — Calculating GDS / TDS. Checked .
  11. Sagen — Premium rates chart. Checked .
  12. Canada Guaranty — Products at a glance (Low Doc Advantage, Maple Leaf Advantage) (effective July 1, 2025). Checked .
  13. Government of Ontario — Retail sales tax on insurance premiums. Checked .
  14. Revenu Québec — Insurance premium tax rate harmonized with the QST (effective April 9, 2026). Checked .
  15. Government of Saskatchewan — PST Bulletin PST-73: Insurance contracts (effective April 1, 2020). Checked .
  16. Justice Laws — Interest Act, R.S.C. 1985, c. I-15, s. 6. Checked .
  17. Government of British Columbia — Property transfer tax. Checked .
  18. Government of British Columbia — First time home buyers' exemption (effective April 1, 2024). Checked .
  19. Government of British Columbia — Newly built home exemption (effective April 1, 2024). Checked .
  20. Government of Ontario — Calculating land transfer tax. Checked .
  21. Government of Ontario — Land transfer tax refunds for first-time homebuyers. Checked .
  22. City of Toronto — Municipal land transfer tax rates and fees (effective April 1, 2026). Checked .
  23. City of Toronto — MLTT rebate opportunities (first-time purchasers). Checked .
  24. LégisQuébec — Act respecting duties on transfers of immovables (D-15.1), s. 2. Checked .
  25. Gouvernement du Québec — Transfer-duty brackets for 2027 (effective January 1, 2027). Checked .
  26. Ville de Montréal — How property transfer duties are calculated (effective January 1, 2026). Checked .
  27. Government of Manitoba — Land transfer tax. Checked .
  28. Government of New Brunswick — Real Property Transfer Tax Act, s. 2. Checked .
  29. Government of Nova Scotia — Municipal deed transfer tax rates (effective July 1, 2026). Checked .
  30. Government of Nova Scotia — Non-resident deed transfer tax changes (effective April 1, 2025). Checked .
  31. Government of Prince Edward Island — Real Property Transfer Tax Act. Checked .
  32. Government of Newfoundland and Labrador — Registry of Deeds schedule of fees. Checked .
  33. Government of Alberta — Land Titles and Surveys common documents fee schedule (effective October 1, 2026). Checked .
  34. Saskatchewan Registry Services (ISC) — Land titles fees table (effective April 15, 2026). Checked .
  35. Canada Revenue Agency — Contributing to your FHSA. Checked .
  36. Canada Revenue Agency — What is the Home Buyers' Plan. Checked .
  37. Canada Revenue Agency — Line 31270: Home buyers' amount. Checked .
  38. Canada Revenue Agency — Federal income tax rates for the current year. Checked .
  39. Canada Revenue Agency — GST/HST Memorandum 19-3-10: First-time home buyers' GST/HST rebate. Checked .
  40. Department of Finance Canada — Legislation to make life more affordable receives Royal Assent (Bill C-4) (effective March 12, 2026). Checked .
  41. City of Toronto — Property tax rates and fees (2026). Checked .
  42. City of Vancouver — Residential property tax rates (2026). Checked .
  43. City of Calgary — How your property tax bill is calculated (2026). Checked .
  44. City of Edmonton — Property taxes (2026 rates). Checked .
  45. Ville de Montréal — Taux de taxes pour 2026. Checked .
  46. CGTSIM — Understanding school tax (2026-27 rate). Checked .
  47. City of Winnipeg Assessment and Taxation — Property tax bills (2026 mill rates). Checked .
  48. City of Winnipeg Assessment and Taxation — Answer guide: residential portioning (45%). Checked .
  49. Halifax Regional Municipality — Tax rates (2026/27). Checked .
  50. City of Ottawa — What you get for your property taxes (2026, per $100,000 of assessment). Checked .
  51. CMHC — Identifying core housing need (affordable = under 30% of before-tax income). Checked .
  52. Financial Consumer Agency of Canada — Getting a mortgage pre-approval (rate lock 60 to 130 days) (effective October 15, 2025). Checked .
  53. RBC Royal Bank — Getting pre-approved (rate guaranteed up to 120 days; online is a soft check). Checked .
  54. TD — Mortgage pre-approval (rate held 120 days; no score impact online). Checked .
  55. CIBC — Mortgage pre-approval (up to 120 days from the certificate date, fixed rates). Checked .
  56. CMHC — Self-employed: homeowner mortgage loan insurance (24 months recommended, up to 95% LTV, NOA and T2125). Checked .
  57. CMHC — Newcomers: homeowner mortgage loan insurance (no minimum residency; international credit report accepted). Checked .
  58. Sagen — Products: Business for Self (Alt. A) and New to Canada. Checked .
  59. Financial Consumer Agency of Canada — Down payment and mortgage loan insurance. Checked .
  60. CMHC — Mortgage loan insurance for consumers. Checked .
  61. Canada Revenue Agency — First Home Savings Account (FHSA). Checked .
  62. OSFI — Guideline B-20: Residential mortgage underwriting practices and procedures. Checked .
  63. OSFI — Loan-to-income limits for uninsured mortgage portfolios. Checked .
  64. Bank of Canada — Policy interest rate announcement (effective October 28, 2026). Checked .
  65. Bank of Canada — 5-year conventional mortgage lending rate (series V80691335) (effective October 28, 2026). Checked .
  66. BMO — BMO extends mortgage rate guarantee period for home buyers (90 to 130 days) (effective March 6, 2018). Checked .
  67. Scotiabank — How do I get a mortgage pre-approval online? (Advice+ article, April 2021) (effective April 9, 2021). Checked .
  68. National Bank — Mortgage pre-approval (rate guaranteed up to 120 days). Checked .
  69. nesto — 150-day rate lock (one float-down permitted). Checked .
  70. Desjardins — Mortgage pre-approval (rate typically guaranteed 3 to 6 months). Checked .
  71. ATB Financial — 6 things you need to know about mortgage pre-qualification and pre-approval (October 2021) (effective October 22, 2021). Checked .