Below is a breakdown of approx. income required for the purchases below:

$500,000 purchase 

$100,000 down payment

Required income $75,000 

$1,000,000 purchase

$200,000 down payment

Required income $140,000 

~ All the calculations above depend on credit scores, type of income, type of property, any other debt obligations, property taxes, strata fees etc, etc, etc.

Below are approx. before and after values with the proposed changes to the mortgage regulations coming in October for clients with at least 20% down:

Before proposed changes:

$500,000 purchase 

$100,000 down payment 

At 3.24% and a 30 year am

After proposed changes:

$400,000 purchase

$100,000 down payment 

Qualifying at 4.84 % (posted rate) and 25 year am

Before:

$1,000,000

$200,000 down payment 

At 3.24% and 30 year am

After:

$800,000 purchase

$200,000 down

At 4.84% and 25 year am

Please note that these are very rough numbers and are based on “proposed changes”.