How much house can I afford on $150,000 a year in Canada?
A home up to about
$792,497
On $150,000 a year, you could afford a home up to about $792,497 with a 20% down payment of $158,500. The mortgage payment would be about $3,509 a month, or $4,137 with property tax and heating.
- Down payment
- $158,500
- Mortgage
- $633,997
- Payment a month
- $3,509
What it costs each month
| Mortgage payment | $3,509 |
| Property tax | $528 |
| Heating | $100 |
| Total | $4,137 |
|---|
How your down payment changes it
| Saved for a down payment | Home up to | Mortgage | Payment a month |
|---|---|---|---|
| $32,775 (6%) | $577,750 | $566,774 | $3,137 |
| $69,385 (10%) | $693,843 | $643,816 | $3,563 |
| $158,500 (20%) | $792,497 | $633,997 | $3,509 |
How it’s worked out
Lenders qualify you at the stress test rate, the higher of your rate plus 2% or 5.25% (6.50% here). Your housing costs at that rate can be up to 39% of your gross income, and all your debt payments up to 44%. On $150,000, that's $4,875 a month for housing.
Assumes no other debts, a 25-year amortization, 0.8% property tax and $100 a month heating, with the stress test and the GDS and TDS limits. New uninsured fixed-rate mortgages of 5 years or more averaged 4.49% in July 2026 (Bank of Canada).
- You qualify at the stress test rate: the higher of your rate plus 2% or 5.25%. Your actual payment uses your real rate.
- Housing costs (mortgage at the stress test rate, property tax, heating and half of any condo fees) can be up to 39% of gross income, and all debt payments up to 44%.
- With less than 20% down, the CMHC premium is added to your mortgage. Heating is an estimate; lenders use your actual costs.
Frequently asked questions
How much house can I afford on $150,000 a year in Canada?
On $150,000 a year, you could afford a home up to about $792,497 with a 20% down payment of $158,500. The mortgage payment would be about $3,509 a month, or $4,137 with property tax and heating.
How much down payment do I need on $150,000?
With $32,775 saved, you could buy a home up to about $577,750. With $69,385 saved, you could buy a home up to about $693,843. With $158,500 saved, you could buy a home up to about $792,497.