How much house can I afford on $80,000 a year in Canada?
A home up to about
$414,920
On $80,000 a year, you could afford a home up to about $414,920 with a 20% down payment of $82,984. The mortgage payment would be about $1,837 a month, or $2,214 with property tax and heating.
- Down payment
- $82,984
- Mortgage
- $331,936
- Payment a month
- $1,837
What it costs each month
| Mortgage payment | $1,837 |
| Property tax | $277 |
| Heating | $100 |
| Total | $2,214 |
|---|
How your down payment changes it
| Saved for a down payment | Home up to | Mortgage | Payment a month |
|---|---|---|---|
| $17,160 (5%) | $343,193 | $339,074 | $1,877 |
| $36,327 (10%) | $363,268 | $337,076 | $1,866 |
| $82,984 (20%) | $414,920 | $331,936 | $1,837 |
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 $80,000, that's $2,600 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 $80,000 a year in Canada?
On $80,000 a year, you could afford a home up to about $414,920 with a 20% down payment of $82,984. The mortgage payment would be about $1,837 a month, or $2,214 with property tax and heating.
How much down payment do I need on $80,000?
With $17,160 saved, you could buy a home up to about $343,193. With $36,327 saved, you could buy a home up to about $363,268. With $82,984 saved, you could buy a home up to about $414,920.