What income do I need to buy a $450,000 home in Canada?

With the minimum down payment of $22,500, you need a household income of about $103,800 under the stress test and CMHC's 39% housing-cost limit, assuming a 25-year amortization, property tax of 1% of the price a year and $150 a month for heat. With 20% down it is about $89,300.

What is the monthly payment on a $450,000 home?

With the minimum down payment and the CMHC premium added, about $2,341 a month at the Bank of Canada's average insured 5-year fixed rate; with 20% down, about $1,963.

Income Needed to Afford a $450,000 Home in Canada

$450,000 is still below the $500,000 line where the higher down-payment rate starts, so 5% down is enough.

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 payment	CMHC premium	Payment at the qualifying rate	Income needed
Minimum: $22,500	$17,100	$2,847	$103,800
10%: $45,000	$12,555	$2,674	$98,400
20%: $90,000	None	$2,379	$89,300

On the minimum $22,500 down payment, lenders’ limits call for roughly $103,800 of household income. The $500,000 page has the figure at the next price step.

What the monthly costs look like

The housing costs lenders count come to $3,372 a month at the qualifying rate: the mortgage payment of $2,847, property tax of $375 and $150 for heat under this site’s assumptions. That total has to fit within 39% of gross monthly income.

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.

Bank of Canada: Data table
CMHC: Calculating GDS / TDS
CMHC: CMHC Purchase
CMHC: Home Start
CMHC: CMHC Improvement
Department of Finance Canada: Technical backgrounder mortgage insurance rules income proposals revised october 14 2016
Department of Finance Canada: Government announces boldest mortgage reforms in decades to unlock homeownership for more canadians
Department of Finance Canada: Straight switches and portfolio insurance
Department of Finance Canada: Boldest mortgage reforms in decades come into force today
Financial Consumer Agency of Canada: Down payment
Financial Consumer Agency of Canada: Buying home
OSFI: Minimum qualifying rate for uninsured mortgages

4 more sources