The most useful answer to “how much house can I afford?” is a table based on the rules lenders use. The tables below show the highest home price that passes the stress test and the debt limits at six income levels, with no other debts and with $500 a month of other debts. Treat these numbers as a maximum and not as a target.
The assumptions
Every number in both tables uses these assumptions. If yours are different, your result will be different.
- Income: gross (before tax) yearly household income.
- Rate: 4.49% contract rate, so you qualify at 6.49%. The rate is an example, not a quote.
- Amortization and payments: 25 years, monthly payments.
- Property tax: 0.75% of the home price each year.
- Heating: $125 a month. Condo fees: none.
- Debt limits: GDS of 39% and TDS of 44%, which are CMHC’s limits. We use them for both tables, although uninsured lenders can set different limits.
- Prices: rounded down to the nearest $100. All other amounts are rounded to the nearest dollar.
With a 20% down payment
At 20% down there is no insurance premium. You must have the full down payment shown, and closing costs are extra.
| Yearly income | No debts: home price | No debts: mortgage | $500/month debts: home price | $500/month debts: mortgage |
|---|---|---|---|---|
| $60,000 | $305,200 | $244,160 | $263,400 | $210,720 |
| $80,000 | $413,900 | $331,120 | $386,000 | $308,800 |
| $100,000 | $522,600 | $418,080 | $508,700 | $406,960 |
| $120,000 | $631,400 | $505,120 | $631,400 | $505,120 |
| $150,000 | $794,400 | $635,520 | $794,400 | $635,520 |
| $200,000 | $1,066,200 | $852,960 | $1,066,200 | $852,960 |
With the minimum down payment
This table uses the minimum down payment for each price: 5% of the first $500,000 and 10% of the rest. The 4.00% insurance premium is added to the mortgage shown, which is why the prices are lower than in the first table.
| Yearly income | No debts: home price | Down payment | Mortgage with premium | $500/month debts: home price | Down payment | Mortgage with premium |
|---|---|---|---|---|---|---|
| $60,000 | $252,100 | $12,605 | $249,075 | $217,600 | $10,880 | $214,989 |
| $80,000 | $341,900 | $17,095 | $337,797 | $318,900 | $15,945 | $315,073 |
| $100,000 | $431,800 | $21,590 | $426,618 | $420,300 | $21,015 | $415,256 |
| $120,000 | $522,700 | $27,270 | $515,247 | $522,700 | $27,270 | $515,247 |
| $150,000 | $664,200 | $41,420 | $647,691 | $664,200 | $41,420 | $647,691 |
| $200,000 | $900,100 | $65,010 | $868,494 | $900,100 | $65,010 | $868,494 |
A down payment between the minimum and 20% gives a price between the two tables, and your premium falls to 3.10% or 2.80%. Your savings can also limit the price before your income does. Test your exact savings in the affordability calculator.
How to read the tables
Why $500 of debt changes only the lower incomes. Two limits apply at the same time. GDS allows 39% of income for housing. TDS allows 44% for housing plus debts. The difference is 5% of income. On a $120,000 income, 5% is exactly $500 a month, so this debt fits inside the gap. Below $120,000, the debt reduces the amount you can borrow. Above $120,000, it does not, as long as the debt is $500 a month or less. Larger debts will reduce the price at higher incomes too.
Why the debt matters most at low incomes. At $60,000, a $500 payment lowers the maximum price by $41,800 with 20% down. At $100,000, it lowers it by $13,900.
Worked example
Nadia earns $100,000 and pays $500 a month on a car loan. She has saved $101,740 and wants a home for $508,700.
- With 20% down, her mortgage is $406,960.
- Her actual payment at 4.49% is about $2,250 a month. The qualifying payment at 6.49% is $2,723.
- Her GDS is 38.0%, and TDS reaches the 44% limit. TDS is the limit that stops her here.
If she paid off the car loan, her maximum price would rise to $522,600. With a 30-year amortization and no debts, which is available at many lenders with 20% down, it would rise to about $554,900.
What these tables leave out
- Condo fees. Half of the fees count in GDS, so a condo buyer will qualify for less.
- Closing costs. CMHC estimates 1.5% to 4% of the price. These are paid in cash. See closing costs.
- Lender policies. Your lender may count bonus, rental, self-employed or foreign income differently, or set different limits.
- Your other costs. The rules do not consider child care, savings, repairs or insurance. Many buyers choose a price well below the maximum.
To start from the size of a mortgage instead, read how much income you need for a mortgage. Get a pre-approval before you make an offer.
Sources: OSFI, minimum qualifying rate; CMHC, general requirements; CMHC, premiums. All numbers were calculated with this site’s mortgage engine on November 2, 2026.