Two new tools to help Canadians make "informed and responsible home-buying decisions" have been launched by Canada Mortgage and Housing Corporation.
A new Debt Service Calculator allows home buyers to evaluate their financial situation and understand how much they can comfortably afford to spend on a mortgage. The calculator allows users to quickly estimate their gross debt-service ratio (GDS) and total debt-service ratio (TDS), both important measures in assessing their financial readiness for homeownership. Find it online at www. cmhc.ca (search "calculator").
Also, CMHC's new "Ready, Set, Home" mobile app provides consumers, especially first-time home buyers, with comprehensive CMHC information and tools. The app can be downloaded at cmhc.ca/mobile.