What income do I need to buy a $700,000 home in Canada?

With the minimum down payment of $45,000, you need a household income of about $156,800 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 $136,400.

What is the monthly payment on a $700,000 home?

With the minimum down payment and the CMHC premium added, about $3,587 a month at the Bank of Canada's average insured 5-year fixed rate; with 20% down, about $3,053.

Income Needed to Afford a $700,000 Home in Canada

This page shows how other debts, such as a car loan, change the income needed for a $700,000 home. The calculator lets you add your own.

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: $45,000	$26,200	$4,362	$156,800
10%: $70,000	$19,530	$4,160	$150,600
20%: $140,000	None	$3,700	$136,400

Without other debts, a $700,000 home with the minimum $45,000 down needs about $156,800 of household income.

What other debts do

Lenders also cap all your debt payments, housing included, at 44% of income, and the income you need is set by whichever of the two limits is harder to meet. With $1,000 a month of other debt payments, such as a car loan and a line of credit, the income needed for this home is about $166,200, against $156,800 with none. The debt service guide explains the two tests.

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