How much house can I afford on $30,000 a year in Canada?
A home up to about
$145,222
On $30,000 a year, you could afford a home up to about $145,222 with a 20% down payment of $29,045. The mortgage payment would be about $643 a month, or $840 with property tax and heating.
- Down payment
- $29,045
- Mortgage
- $116,177
- Payment a month
- $643
What it costs each month
| Mortgage payment | $643 |
| Property tax | $97 |
| Heating | $100 |
| Total | $840 |
|---|
How your down payment changes it
| Saved for a down payment | Home up to | Mortgage | Payment a month |
|---|---|---|---|
| $6,006 (5%) | $120,117 | $118,675 | $657 |
| $12,715 (10%) | $127,144 | $117,976 | $653 |
| $29,045 (20%) | $145,222 | $116,177 | $643 |
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 $30,000, that's $975 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 $30,000 a year in Canada?
On $30,000 a year, you could afford a home up to about $145,222 with a 20% down payment of $29,045. The mortgage payment would be about $643 a month, or $840 with property tax and heating.
How much down payment do I need on $30,000?
With $6,006 saved, you could buy a home up to about $120,117. With $12,715 saved, you could buy a home up to about $127,144. With $29,045 saved, you could buy a home up to about $145,222.