CostThe short answer
At typical 2026 rates with a 10% down payment, a $700,000 home requires roughly $135,000 to $150,000 in household income to pass the mortgage stress test, depending on your other debts, property tax, and condo fees if applicable.
A worked example
$700,000 home, 10% down, minimal other debt
| Down payment | $70,000 |
| Mortgage principal + CMHC premium | ~$647,600 |
| Stress-tested qualifying rate (illustrative) | ~6.99% |
| Approximate household income needed | $135,000–$150,000 |
This is an illustrative range, not a precise answer for your situation — see your exact number on the affordability calculator, which applies the current stress test to your specific inputs.
What moves this number the most
- Down payment size — a larger down payment reduces the loan amount and therefore the income needed to qualify.
- Existing debts — car payments, credit cards, and student loans all count against your qualifying ratios and can meaningfully raise the income threshold.
- Property tax and condo fees — both count as carrying costs in the qualifying calculation, so a condo with a high monthly fee needs more income than a comparable house with none.
- Amortization length — a 30-year amortization (where available) lowers the qualifying payment compared to 25 years, reducing the income needed.
Check your own number
General ranges like the one above are a starting point, not a substitute for your actual numbers — the affordability calculator factors in your specific down payment, debts, and location to give a real answer rather than an illustrative one.