This page shows the most a $40,000 household income can spend on a home, and the savings it takes.
Most you can spend on a home
Down payment
CMHC insurance premium
Mortgage (with premium)
Qualifying (stress test) rate
Actual monthly payment
What a $40,000 income buys
| Down payment | Most you can spend | Down payment needed | Actual monthly payment |
|---|---|---|---|
| Minimum | $160,000 | $8,000 | $832 |
| 10% | $169,000 | $16,900 | $826 |
| 20% | $187,000 | $37,400 | $816 |
The assumptions and rules behind these figures are on the affordability calculator page.
Savings needed
At the top price with the minimum down payment, you’d need $8,000 saved; the actual payment would be about $832 a month. The province pages show where prices are closest to that range.