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To afford a $500,000 house in Canada, potential homebuyers need to consider mortgage qualifications. Income requirements vary based on factors like debt-to-income ratios, mortgage rates, and down payments. Generally, homebuyers should aim for a total debt service ratio of 32% or less of their gross monthly income. With a 20% down payment, buyers may need an annual income of around $90,000 or more to qualify for a $400,000 mortgage, assuming a 3% interest rate over 25 years.

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