Skip to main content

Income Needed to Afford a $1.5 Million Home in Canada

Updated

At $1,500,000 a home is at the insured-mortgage cap, so mortgage insurance isn’t available and the minimum down payment is 20%.

Home price
Down payment (%)
Mortgage rate (%)
Amortization (years)
Property tax ($ a month)
Heating ($ a month)
Condo fees ($ a month)
Other debt payments ($ a month)
Household income needed
Down payment
CMHC insurance premium
Mortgage (with premium)
Qualifying (stress test) rate
Payment at the qualifying rate
Actual payment at your rate

Income needed

Down paymentCMHC premiumPayment at the qualifying rateIncome needed
Minimum: $300,000None$7,929$287,000

With the required $300,000 down, the income needed is about $287,000.

Qualifying without insurance

The loan is uninsured, so the contract rate used here is the Bank of Canada’s uninsured average (4.35%) and the stress-test rate is 6.35%. CMHC’s debt limits don’t formally apply to uninsured loans; each lender sets its own, and this page uses CMHC’s 39% as a guide.

Sources

The figures and rules on this page come from these sources, last checked against them between September 24, 2026 and September 25, 2026. How we check facts.

4 more sources