Quick answer
Affordability on a freehold townhome depends on purchase price, down payment, mortgage rate, amortization, property tax and heating costs, with no condo fee added to the calculation. Ask a mortgage broker to run current numbers against the specific Lackner Ridge unit price you're considering, since lenders qualify you at the contract rate plus 2% or the benchmark rate, whichever is higher.
The inputs
Purchase price, down payment, mortgage rate, amortization period, property tax and heating costs are the main variables lenders use to calculate affordability. On a freehold townhome, there is typically no condo fee added to the debt-service calculation, which can improve qualifying capacity relative to an equivalently priced condo.
How to estimate your own numbers
Rather than relying on a single hypothetical price point, ask a mortgage broker to run your specific numbers against current rates and the specific unit price you're considering at Lackner Ridge. Rates and lending guidelines change often enough that a general example can go stale quickly.
Stress test
Canadian lenders qualify buyers at the greater of the contract mortgage rate plus 2% or a set benchmark rate. Ask your broker to run the qualifying number specifically, since it's typically higher than your actual payment and is what determines your approved amount.
One caution
A pre-approval obtained today isn't guaranteed to hold at a closing that may be many months out. Keep your credit and income as stable as possible through the purchase and construction period.
Pricing referenced above is preliminary VIP pricing and subject to change without notice. We do not represent the builder. Register below for the official Lackner Ridge Townhomes price list and floor plans.
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