Income needed to afford a $400,000 home
To buy a $400,000 home in Canada, you typically need a household income of $75,000 to $95,000 per year.
| Down Payment | Mortgage Amount | Income Needed | Monthly Payment* |
|---|---|---|---|
| 5% ($20,000) | $380,000 + CMHC | ~$92,000 | ~$2,400 |
| 10% ($40,000) | $360,000 + CMHC | ~$86,000 | ~$2,300 |
| 20% ($80,000) | $320,000 | ~$76,000 | ~$2,000 |
Monthly housing costs breakdown
| Expense | 5% Down | 20% Down |
|---|---|---|
| Mortgage payment | $2,400 | $2,000 |
| Property tax | $335 | $335 |
| Heating | $175 | $175 |
| Total | $2,910 | $2,510 |
Where does $400,000 buy a home?
| City | Median Home | $400K Buys… |
|---|---|---|
| Edmonton | ~$400,000 | Average home |
| Winnipeg | ~$350,000 | Good detached home |
| Calgary | ~$550,000 | Townhouse / older home |
| Ottawa | ~$650,000 | Condo |
| Halifax | ~$475,000 | Townhouse |
| Toronto | ~$1,100,000 | Small condo |
| Vancouver | ~$1,200,000 | Small condo |