01How much do I need to earn to buy a $1 million condo?
When I ran this in February 2026, assuming a 4% five-year fixed and typical strata fees, taxes and heat, minimum down needed a household income north of $200,000 a year. With 20% down, that dropped to the mid $170,000 range. Both assume clean credit and no other debt, and it’s an example, not a quote.
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02What’s the minimum down payment on a $1 million home?
It isn’t 5% flat, it’s tiered. When I covered it in February 2026, it was 5% on the first $500,000 and 10% on the rest, which works out to $75,000 on $1,000,000. Under 20% down you also carry mortgage default insurance, and that premium gets added to your mortgage, so confirm the current rules with your broker.
03What is the mortgage stress test?
You don’t qualify at the rate you sign. When I covered it in February 2026, lenders had to qualify you at the greater of your contract rate plus 2% or the benchmark rate, so a 4% mortgage was tested at 6%. It exists to prove you can handle a higher payment if rates rise.
04What does a $5,000 a month mortgage payment buy?
In my March 2026 example, at 4% over 30 years, $5,000 a month supported roughly $1,047,000 of mortgage. With 20% down that’s about a $1.3 million purchase, and with minimum down it’s closer to $1.15 to $1.17 million, because the insurance inflates the loan. Same payment, roughly $150,000 less house.
05If I’m comfortable at $5,000 a month, am I covered?
Probably not. That’s just the mortgage, before strata fees, property taxes, insurance and utilities. The more accurate question is whether you’re comfortable at $6,000 to $7,000 a month all in.
06Should I wait until I have 20% down?
Not just to dodge the insurance. Waiting to save more so you don’t pay CMHC insurance often means you end up paying for a lot more house. 20% down does lower the income you need, by nearly $30,000 a year in my $1 million example, so it’s worth it if you already have it.
Run the numbersBC real estate calculatorsMortgage payments, transfer tax, closing costs and more, built for British Columbia.Open the calculators →07Can rent from a suite help me qualify?
Yes, rental income from a legal suite or a laneway house can be credited toward your qualification, but lenders differ a lot in how much of it they count. Your own bank branch may count less of it than lenders a good mortgage broker can reach. Get that broker before you write the offer, not after, and know that an unpermitted suite gets no credit at all.
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08How does a mortgage helper make a detached home affordable?
Buy one where a legal suite, a laneway house or both cover somewhere between 40 and 60% of your carrying costs on day one. Say a $1.8 million home costs about $8,490 a month on paper and the two units bring in $4,700. Your effective cost drops to roughly $3,790, which is what a $1 million mortgage feels like.
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09Should I spend my whole pre-approval?
No. Stretching your ratios to the max and betting on appreciation to bail you out is the wrong way to buy, and it’s how people end up as forced sellers. Leave a buffer and a rainy day fund, because strata fees, property taxes and special levies keep going up. If that means a townhouse or duplex instead of a detached, that can be the better call.
10Should I spend my full budget to get the better neighbourhood?
Not always. I once sold two one-bedrooms with dens within a few weeks of each other, one in Fairview and one in Mount Pleasant, and the Mount Pleasant one went for $90,000 less. You could max out your budget for the west side location or put that money in the bank and live somewhere just as great, and I don’t think either is a bad option.
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11What does stepping up from $1 million to $1.5 million get me?
In Vancouver, that extra $500,000 is often the difference between compromise and optionality, not between entry-level and luxury. At the lower end, newer builds come with smaller rooms and tighter dimensions, so you trade size for age. Going up usually buys you space, a better floor plan and things like a second parking stall, which I’d want in an older condo.
6:18Hear me say it at 6:18How Much House Can You ACTUALLY Afford In Vancouver (By Salary)February 2026 · 6:53 long
