Income needed to afford a $600,000 home
To buy a $600,000 home in Canada, you typically need a household income of $115,000 to $140,000 per year.
| Down Payment | Mortgage Amount | Income Needed | Monthly Payment* |
|---|---|---|---|
| Minimum ($35,000) | $565,000 + CMHC | ~$135,000 | ~$3,575 |
| 10% ($60,000) | $540,000 + CMHC | ~$128,000 | ~$3,425 |
| 20% ($120,000) | $480,000 | ~$115,000 | ~$3,000 |
Note: Minimum down on $600K = 5% of first $500K ($25K) + 10% of next $100K ($10K) = $35,000
Monthly housing costs breakdown
| Expense | Min Down | 20% Down |
|---|---|---|
| Mortgage payment | $3,550 | $3,000 |
| Property tax | $500 | $500 |
| Heating | $175 | $175 |
| Total | $4,225 | $3,675 |
Where does $600,000 buy a home?
| City | Median Home | $600K Buys… |
|---|---|---|
| Edmonton | ~$400,000 | Nice detached home |
| Calgary | ~$550,000 | Good detached home |
| Winnipeg | ~$350,000 | Premium home |
| Ottawa | ~$650,000 | Smaller home / townhouse |
| Montréal | ~$525,000 | Good home |
| Hamilton | ~$750,000 | Townhouse |
| Toronto | ~$1,100,000 | Condo |