^* You must qualify for a mortgage using a minimum qualifying rate set by the federal government to show you’ll be able to afford payments at an interest rate typically higher than the actual rate of your mortgage contract. As of June 1, 2021, this minimum qualifying rate is either 5.25% or your interest rate plus 2%, whichever is higher.

To get a better estimate of what you could qualify for when using the Affordability calculator, complete your calculation by completing “enter your own rate” using 5.25%.

These calculators are for illustration purposes only and any examples are hypothetical. The applicability and accuracy of the calculations are not guaranteed. Vancity does not make any express or implied warranties or representations with respect to any information or results in connection with this calculator. Vancity will not be liable for any losses or damages arising from any errors or omissions in any information or results, or any action or decision made by you relying on any information or results. Actual mortgage rates may fluctuate and are subject to change at any time without notice. Mortgage prepayments may be subject to a prepayment charge. You may qualify for a larger mortgage amount based on other sources of income such as rental income. For mortgage approval you will typically need at least 5% of the purchase price as a down payment. Mortgage default insurance is mandatory for down payments between 5% and 19.99% of the purchase price.

^◊ Some conditions apply. Available to Vancity members on new and renewing mortgages where the mortgage loan-to-value is less than 75% and the amortization is 25 years or less. Must be owner occupied. All applicants must meet the Vancity lending criteria. Rate is subject to change or may be withdrawn without notice at any time.

^§ Some conditions apply. Available to Vancity members on new and renewing mortgages where the amortization is 25 years or less, and residential property with a purchase price under $1,000,000. Must be owner occupied. All applicants must meet the Vancity lending criteria. Rate is subject to change or may be withdrawn without notice at any time.

¤ Only available to members with less than 20% down payment, a residential property with a purchase price under $1,000,000, the amortization is 25 years or less, owner occupied, and who are eligible for and purchase mortgage default insurance. All applicants must meet the Vancity lending criteria. The annual percentage rate (APR), compounded semi-annually, not in advance. The APR is for a mortgage of $100,000 with monthly payments and a 25 year amortization. APR assumes no fees apply. You may be required to pay additional fees which would increase your APR. Rate is subject to change or may be withdrawn without notice at any time.