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Income Needed to Afford an $800,000 Home in Canada

Updated

For an $800,000 home, this page sets the payment you qualify on beside the payment you’d actually make.

Home price
Down payment (%)
Mortgage rate (%)
Amortization (years)
Property tax ($ a month)
Heating ($ a month)
Condo fees ($ a month)
Other debt payments ($ a month)
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 paymentCMHC premiumPayment at the qualifying rateIncome needed
Minimum: $55,000$29,800$4,962$177,800
10%: $80,000$22,320$4,754$171,400
20%: $160,000None$4,229$155,200

With the minimum $55,000 down, qualifying takes about $177,800 a year; with 20% down, about $155,200.

Qualifying payment versus actual payment

At the 6.01% stress-test rate the payment is $4,962 a month; at the 4.01% contract rate it’s $4,080. Lenders use the first to set the income you need, so the income is higher than your real payment alone would suggest.

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.

4 more sources