Question 1

How much are monthly mortgage payments on $500,000 in Canada?

Accepted Answer

On a $500,000 mortgage at 5% with a 25-year amortization, monthly payments would be approximately $2,908. Actual payments depend on your rate, amortization period, and payment frequency (monthly vs biweekly accelerated).

Question 2

What is the mortgage stress test in Ontario?

Accepted Answer

The mortgage stress test in Canada requires borrowers to qualify at the higher of their contract rate + 2% or the benchmark rate (currently 5.25%). This ensures you can afford payments if rates rise.

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