How much house can I afford on $60,000 a year in Canada?
A home up to about
$307,040
On $60,000 a year, you could afford a home up to about $307,040 with a 20% down payment of $61,408. The mortgage payment would be about $1,360 a month, or $1,664 with property tax and heating.
- Down payment
- $61,408
- Mortgage
- $245,632
- Payment a month
- $1,360
What it costs each month
| Mortgage payment | $1,360 |
| Property tax | $205 |
| Heating | $100 |
| Total | $1,664 |
|---|
How your down payment changes it
| Saved for a down payment | Home up to | Mortgage | Payment a month |
|---|---|---|---|
| $12,699 (5%) | $253,963 | $250,915 | $1,389 |
| $26,882 (10%) | $268,818 | $249,436 | $1,381 |
| $61,408 (20%) | $307,040 | $245,632 | $1,360 |
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 $60,000, that's $1,950 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 $60,000 a year in Canada?
On $60,000 a year, you could afford a home up to about $307,040 with a 20% down payment of $61,408. The mortgage payment would be about $1,360 a month, or $1,664 with property tax and heating.
How much down payment do I need on $60,000?
With $12,699 saved, you could buy a home up to about $253,963. With $26,882 saved, you could buy a home up to about $268,818. With $61,408 saved, you could buy a home up to about $307,040.