The actual number a lender approves depends on your debt load, the mortgage rate offered, the amortization period and your down payment size, not on income alone. Two households earning the same $150,000 can qualify for different amounts if one is carrying a car loan or credit card balance the other is not.
At the benchmark price, the minimum down payment is 5 percent on the first $500,000 of the purchase price and 10 percent on any amount above that, and a buyer putting down less than 20 percent will also carry mortgage default insurance through CMHC, Sagen or Canada Guaranty.
A mortgage pre-approval turns this from a rough estimate into an exact number specific to your finances.
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