$ How Much House Can You Afford on a $80,000 Salary in Canada?

The math on a $80,000 salary

Lenders cap you with two ratios. GDS limits housing costs to 39% of gross income: on $80,000 that's $6,667 a month gross, so a housing budget of about $2,600 — minus the $470 in property tax and heat in the defaults leaves a maximum mortgage payment of $2,130/month. TDS caps housing plus other debts at 44%; with $250/month of other debts it's the looser limit at this salary, so GDS is what decides your number.

Your payment is tested at the qualifying (stress-test) rate of 6.49% — the higher of the 5.25% floor or your 4.49% contract rate + 2%. A $2,130 payment at 6.49% over 25 years supports a mortgage of $318,282; add the $50,000 down payment and you get the $368,282 maximum price shown above. At your actual 4.49% contract rate the payment on that mortgage (including the estimated $9,867 CMHC premium, since the down payment is under 20%) is about $1,814/month.

Clearing the $250/month of other debts would raise the TDS ceiling but not your result here — GDS binds first. What moves this number most: a bigger down payment, a lower purchase price (less CMHC), or lower property tax. Every figure on this page is an estimate from the defaults shown; change them and the result updates live.