Bob earns$48,000per year and his wife Susan earns$50,000per year gross.They have debt as follows:a car loan with$450per month payment,a visa which requires a minimum monthly payment of$100,and combined student loan payments totaling350per month.The bank allows a32%GDSand40%TDS.Thehouse they wish to purchase has been appraisedat$210,000,howeverthe purchase price is$215,000because it is a seller's market.Monthly property taxes and heating costs are$400per month total.They areapplying for aconventionalmortgage(using80%maximumas the bank's rule)and their selected term is at3%interest lender posted rate and the amortizationis25years.Currently,considerthe Bank of Canada benchmark rate to be4.95%for stress test purposes on conventional mortgages.

The maximum conventional mortgage loan that Susan and Bob qualify for on this house purchase is: