Income needed to afford a $750,000 home
To buy a $750,000 home in Canada, you typically need a household income of $145,000 to $180,000 per year.
| Down Payment | Mortgage Amount | Income Needed | Monthly Payment* |
|---|---|---|---|
| Minimum ($50,000) | $700,000 + CMHC | ~$172,000 | ~$4,450 |
| 10% ($75,000) | $675,000 + CMHC | ~$165,000 | ~$4,300 |
| 20% ($150,000) | $600,000 | ~$145,000 | ~$3,750 |
Note: Minimum down on $750K = 5% of first $500K ($25K) + 10% of next $250K ($25K) = $50,000
Monthly housing costs breakdown
| Expense | Min Down | 20% Down |
|---|---|---|
| Mortgage payment | $4,450 | $3,750 |
| Property tax | $625 | $625 |
| Heating | $200 | $200 |
| Total | $5,275 | $4,575 |
Where does $750,000 buy a home?
| City | Median Home | $750K Buys… |
|---|---|---|
| Edmonton | ~$400,000 | Premium detached |
| Calgary | ~$550,000 | Nice detached |
| Ottawa | ~$650,000 | Good detached |
| Hamilton | ~$750,000 | Average detached |
| Montréal | ~$525,000 | Very nice home |
| Toronto | ~$1,100,000 | Townhouse |
| Vancouver | ~$1,200,000 | Condo or East Van townhouse |