Income needed to afford a $450,000 home
To buy a $450,000 home in Canada, you typically need a household income of $85,000 to $105,000 per year.
| Down Payment | Mortgage Amount | Income Needed | Monthly Payment* |
|---|---|---|---|
| 5% ($22,500) | $427,500 + CMHC | ~$103,000 | ~$2,700 |
| 10% ($45,000) | $405,000 + CMHC | ~$97,000 | ~$2,575 |
| 20% ($90,000) | $360,000 | ~$86,000 | ~$2,250 |
Monthly housing costs breakdown
| Expense | 5% Down | 20% Down |
|---|---|---|
| Mortgage payment | $2,700 | $2,250 |
| Property tax | $375 | $375 |
| Heating | $175 | $175 |
| Total | $3,250 | $2,800 |
Where does $450,000 buy a home?
| City | Median Home | $450K Buys… |
|---|---|---|
| Regina | ~$310,000 | Nice detached |
| Winnipeg | ~$350,000 | Good detached |
| Edmonton | ~$400,000 | Above-average home |
| Calgary | ~$550,000 | Townhouse |
| Ottawa | ~$650,000 | Condo |
| Halifax | ~$475,000 | Average home |
| Toronto | ~$1,100,000 | Small condo |