How much house can I afford on $45,000 a year in Canada?
A home up to about
$226,132
On $45,000 a year, you could afford a home up to about $226,132 with a 20% down payment of $45,227. The mortgage payment would be about $1,001 a month, or $1,252 with property tax and heating.
- Down payment
- $45,227
- Mortgage
- $180,905
- Payment a month
- $1,001
What it costs each month
| Mortgage payment | $1,001 |
| Property tax | $151 |
| Heating | $100 |
| Total | $1,252 |
|---|
How your down payment changes it
| Saved for a down payment | Home up to | Mortgage | Payment a month |
|---|---|---|---|
| $9,352 (5%) | $187,040 | $184,796 | $1,023 |
| $19,799 (10%) | $197,982 | $183,707 | $1,017 |
| $45,227 (20%) | $226,132 | $180,905 | $1,001 |
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 $45,000, that's $1,463 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 $45,000 a year in Canada?
On $45,000 a year, you could afford a home up to about $226,132 with a 20% down payment of $45,227. The mortgage payment would be about $1,001 a month, or $1,252 with property tax and heating.
How much down payment do I need on $45,000?
With $9,352 saved, you could buy a home up to about $187,040. With $19,799 saved, you could buy a home up to about $197,982. With $45,227 saved, you could buy a home up to about $226,132.