Income needed to afford an $800,000 home
To buy an $800,000 home in Canada, you typically need a household income of $155,000 to $190,000 per year.
| Down Payment | Mortgage Amount | Income Needed | Monthly Payment* |
|---|---|---|---|
| Minimum ($55,000) | $745,000 + CMHC | ~$182,000 | ~$4,725 |
| 10% ($80,000) | $720,000 + CMHC | ~$175,000 | ~$4,575 |
| 20% ($160,000) | $640,000 | ~$155,000 | ~$4,000 |
Note: Minimum down on $800K = 5% of first $500K ($25K) + 10% of next $300K ($30K) = $55,000
Monthly housing costs breakdown
| Expense | Min Down | 20% Down |
|---|---|---|
| Mortgage payment | $4,725 | $4,000 |
| Property tax | $665 | $665 |
| Heating | $200 | $200 |
| Total | $5,590 | $4,865 |
Where does $800,000 buy a home?
| City | Median Home | $800K Buys… |
|---|---|---|
| Edmonton | ~$400,000 | Luxury home |
| Calgary | ~$550,000 | Very nice detached |
| Ottawa | ~$650,000 | Good detached |
| Hamilton | ~$750,000 | Average detached |
| Toronto | ~$1,100,000 | Townhouse / large condo |
| Vancouver | ~$1,200,000 | Condo or East Van townhouse |