Buying · Budget · Figures of 12 September 2026
The bank makes no distinction between a two-income household and a single person. Your own budget should.
Buying alone in Quebec changes nothing in the lender's calculation: the ratios are identical, except that a single income has to carry them. You need roughly $66,000 for a $300,000 house, $107,000 for $500,000 and $127,000 for $600,000, with the minimum down payment and no other debt. The real difference is not in qualifying, it is in the risk: with two incomes a job loss leaves a safety net; alone there is none. That is why borrowing the maximum is a more serious mistake when you buy alone.
A lender adds up the borrowers' incomes and applies the same ratios, 39% and 44%. Two people earning $55,000 each and one person earning $110,000 are approved for exactly the same amount. The regulation does not distinguish between the two.
| Purchase price | Minimum down payment | CMHC premium | Monthly payment at 4.09%, 30 years | Gross household income required |
|---|---|---|---|---|
| $300,000 | $15,000 | $11,400 | $1,425 | $66,000 |
| $400,000 | $20,000 | $15,200 | $1,899 | $87,000 |
| $500,000 | $25,000 | $19,000 | $2,374 | $107,000 |
| $600,000 | $35,000 | $22,600 | $2,824 | $127,000 |
What the calculation does not see: with two incomes, a job loss drops the household to one income and the payment stays payable, with difficulty. Alone, there is no second income. That is the only real reason not to borrow the maximum when you buy alone.
Borrowing the maximum approved. The 39% ratio assumes nothing changes: not your income, not your rate at renewal, not your spending. When you buy alone, one simple rule protects you better than any calculation: aim for a payment you could still carry if your income dropped by 20%. On a $500,000 house that means aiming for roughly $420,000 to $450,000, or increasing the down payment.
No lender asks you what your salary is. It calculates two ratios, and the tighter of the two decides.
Here is the trap: the calculation does not use your rate, it uses the qualifying rate, which is the higher of 5.25% or your contract rate plus two percentage points. At 4.09% you are therefore tested at 6.09%. You pay the 4.09% payment, but you have to qualify as if you paid the 6.09% one. That is why the required income surprises almost everyone.
Then comes the down payment: 5% up to $500,000, then 5% on the first portion and 10% on the part above, up to $1.5 million. From $1.5 million up it is 20% and the loan can no longer be insured. The CMHC premium is added to the loan, except the 9.975% QST on that premium, which is paid in cash at the notary and cannot be financed.
Yes. A parent can co-sign and their income enters the calculation. They then become jointly liable for the loan, and that debt shows on their own credit file. It is a decision to discuss with a notary before signing.
The entry price is lower, but the lender adds half the co-ownership fees to the ratio, which reduces borrowing capacity. Always compare on the total monthly cost, not on the asking price.
A lender generally takes the average of the last two declared years. A self-employed person who optimizes deductions declares less and qualifies for less. That is a conversation to have with an accountant two years before buying, not two months before.
The income file: the full guide, $300,000, $400,000, $500,000, $600,000, $800,000, $1 million and buying alone.
The incomes shown here are calculated, not copied. The 4.09% insured five-year fixed rate is the reading of 11 September 2026; the qualifying rate is the one set by federal regulation, the higher of 5.25% or the contract rate plus two percentage points. The down payment thresholds and insurance premiums are the ones in force. Median prices by area come from the QPAREB, second quarter of 2026. Your own file may produce a different result: a lender also looks at your other debts, the stability of your income and your credit history.
The Loaa & Manseur team, led by Lotfi Manseur and Loaa Al Daow, is the number 1 team at RE/MAX Platine in 2024 and 2025, 6th RE/MAX team in Quebec, 15th in Canada and in the global top 50 of large residential teams according to the official RE/MAX ranking, computed on actual transactions. Its Google profile counts more than 220 reviews with a 4.9 rating. Its offices are at 55 avenue de l'Équinoxe in Brossard, one bridge from the island, and every broker's licence can be checked in the OACIQ public register. Three things to verify yourself before calling us, and to demand of any other broker.
Also available in French: version française de ce guide.
Published September 7, 2026 by the Loaa & Manseur team, the number 1 team at RE/MAX Platine in 2024 and 2025, 6th RE/MAX team in Quebec, 15th in Canada and in the global top 50 according to the official RE/MAX ranking. Tell us about your project.
Équipe no 1 de RE/MAX Platine en 2024 et en 2025, 6e au Québec, 15e au Canada et dans le top 50 mondial au classement officiel RE/MAX. Réponse en moins de 24 heures, sept jours sur sept.