The qualifying rate moved
Your eligibility is tested at a rate higher than your contract rate. When that test rate rises, the maximum loan falls mechanically, even if your income is unchanged.
A debt appeared without your noticing
A line of credit opened, a card limit raised, a purchase financed in instalments: the calculation often uses a theoretical minimum payment, even at a zero balance. Available credit counts, not just used credit.
Taxes and costs on the target property rose
The housing ratio includes municipal and school taxes, heating, and a portion of condo fees. At the same price, a property that costs more to own reduces what you can borrow.
The lender tightened its policy
Ratio caps, how variable income is weighted, or requirements on self-employed income are internal policies, subject to revision. Two lenders can give two amounts on the same file on the same day.
No rate, price, or recommendation on this page. Amounts and limits change: verify them with official sources before deciding.