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Income Needed to Afford a $2 Million Home in Canada

Updated

A $2 million home needs 20% down, $400,000, and a mortgage from a lender’s own (uninsured) guidelines.

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: $400,000None$10,572$381,200

Using CMHC’s 39% housing-cost limit as a guide, the income needed is about $381,200 a year.

The payments

The $1,600,000 mortgage costs about $8,723 a month at the uninsured contract rate, and $10,572 at the 6.35% stress-test rate. Property tax at this site’s assumed rate adds $1,667 a month.

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