Income needed to afford a $700,000 home
To buy a $700,000 home in Canada, you typically need a household income of $135,000 to $165,000 per year.
| Down Payment | Mortgage Amount | Income Needed | Monthly Payment* |
|---|---|---|---|
| Minimum ($45,000) | $655,000 + CMHC | ~$158,000 | ~$4,150 |
| 10% ($70,000) | $630,000 + CMHC | ~$150,000 | ~$4,000 |
| 20% ($140,000) | $560,000 | ~$135,000 | ~$3,500 |
Note: Minimum down on $700K = 5% of first $500K ($25K) + 10% of next $200K ($20K) = $45,000
Monthly housing costs breakdown
| Expense | Min Down | 20% Down |
|---|---|---|
| Mortgage payment | $4,150 | $3,500 |
| Property tax | $585 | $585 |
| Heating | $200 | $200 |
| Total | $4,935 | $4,285 |
Where does $700,000 buy a home?
| City | Median Home | $700K Buys… |
|---|---|---|
| Edmonton | ~$400,000 | Premium detached |
| Calgary | ~$550,000 | Nice detached |
| Ottawa | ~$650,000 | Average detached |
| Hamilton | ~$750,000 | Smaller home |
| Montréal | ~$525,000 | Very nice home |
| Toronto | ~$1,100,000 | Nice condo / small townhouse |
| Vancouver | ~$1,200,000 | Condo |