How much house can you afford on a $250,000 salary?
With a $250,000 salary, you can typically afford a home worth $1,000,000 to $1,250,000 in Canada.
| Scenario | Down Payment | Max Home Price |
|---|---|---|
| 20% down | $200,000 | ~$1,000,000 |
| 20% down | $230,000 | ~$1,150,000 |
| 25% down | $300,000 | ~$1,200,000 |
Note: Homes above $1 million require at least 20% down payment — CMHC insurance is not available.
Monthly budget at $250,000 income
| Expense | Amount |
|---|---|
| Gross monthly income | $20,833 |
| Max housing costs (39% GDS) | $8,125 |
| Typical mortgage payment | ~$6,250 |
| Property tax | ~$1,000 |
| Heating | ~$250 |
How existing debt affects affordability
| Monthly Debt | Max Home Price |
|---|---|
| $0 | ~$1,150,000 |
| $600 (car loan) | ~$1,050,000 |
| $1,000 (car + credit) | ~$975,000 |
| $1,500 | ~$875,000 |
Cities where $250K salary buys a home
| City | Median Home Price | Can You Afford? |
|---|---|---|
| Calgary | ~$550,000 | Premium home |
| Ottawa | ~$650,000 | Excellent home |
| Hamilton | ~$750,000 | Very nice detached |
| Montréal | ~$525,000 | Luxury home |
| Toronto | ~$1,100,000 | Average detached |
| Vancouver | ~$1,200,000 | Small detached or nice townhouse |