Buying · Budget · Figures of 12 September 2026
$127,000 of household income for a $600,000 house: here is where the number comes from and how to bring it down.
To buy a $600,000 house in Quebec in 2026 you need roughly $127,000 of gross household income, with the minimum down payment of $35,000 and no other debt. The mortgage payment would be about $2,824 a month at 4.09% over 30 years, but the lender qualifies you at the 6.09% qualifying rate, which explains the gap between what you pay and what you have to earn. The $22,600 CMHC premium is added to the loan, and the QST on that premium, roughly $2,254, is paid in cash at the notary.
For a $600,000 house in Quebec, with the minimum down payment and a 30-year amortization:
| Purchase price | Minimum down payment | CMHC premium | Monthly payment at 4.09%, 30 years | Gross household income required |
|---|---|---|---|---|
| $600,000 | $35,000 | $22,600 | $2,824 | $127,000 |
Six hundred thousand dollars is roughly the median of the Montreal metropolitan area, which sits at $645,000. In other words, this is the income needed to buy a typical greater Montreal house.
The South Shore median is $648,500, Laval's is $633,500, the North Shore's is $600,000. At this budget you are buying the median house of most suburbs: Saint-Hubert, Vieux-Longueuil, Sainte-Julie, Varennes, Mascouche, Boisbriand, Vaudreuil-Dorion. On the island of Montreal only Montréal-Nord and the east end stay below this figure.
This is the budget where the minimum down payment becomes $35,000 rather than $30,000, because of the 10% rule on the portion above $500,000. Many buyers discover that $5,000 gap too late, at the moment of signing the offer.
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.
Gross, before tax. Lenders always calculate on gross household income, and the 39% ratio is designed on that basis.
Yes for the ratio: two incomes totalling $127,000 give the same result as one. The lender then looks at the stability of each and at both borrowers' credit histories.
The $35,000 down payment, plus roughly $2,254 of QST on the premium, plus notary fees of $1,500 to $2,500, an inspection of $500 to $800 and the welcome tax. Count the whole thing before you make an offer, not after.
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.