$6,938/month with 20% down · $3,469 accelerated bi-weekly · $299,000 income to pass the stress test — at a 4.94% 5-year fixed.
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Illustrative estimates as of 3 November 2026, not financial advice or a mortgage offer. Rates: typical 5-year fixed 4.94% and variable 3.95% (median of 17 lenders on Ratehub.ca, 2 November 2026); Bank of Canada policy rate 2.50% (raised 28 Oct 2026), prime 4.70%. Your lender’s rate and approval will differ.
The monthly mortgage payment on a $1,500,000 house in Canada is about $6,938 with the required 20% down payment, a typical 4.94% 5-year fixed rate and a 25-year amortization. Putting 35% down lowers it to $5,637. A typical 3.95% variable rate would start at $6,301.
$1,500,000 house at a glance
25-year amortization at a 4.94% 5-year fixed, semi-annual compounding.
$300,000 min. down$6,938 /month$3,469 accel. bi-weekly$299,000 income needed$0 CMHC (not available)
Mortgage payments on a $1,500,000 home by rate and amortization
Rate
%
Monthly 25 yrs
Monthly 30 yrs
Bi-weekly
Accel. bi-weekly
Best 5-yr fixed
4.44%
$6,602
$6,009
$3,047
$3,301
Typical 5-yr fixed
4.94%
$6,938
$6,361
$3,202
$3,469
Best 5-yr variable
3.68%
$6,124
$5,510
$2,826
$3,062
Typical 5-yr variable
3.95%
$6,301
$5,694
$2,908
$3,150
Fixed +1 pt at renewal
5.94%
$7,635
$7,093
$3,524
$3,817
Stress-test rate
6.94%
$8,361
$7,856
$3,859
$4,180
Mortgage of $1,200,000 (20% down). 30-year figures use the same loan for comparison; an insured 30-year loan carries a 0.20% higher premium. Highlighted row = typical 5-year fixed, 2 November 2026.
Different price, rate or down payment?
Open the Canadian mortgage calculator: any price, down payment and rate, with semi-annual compounding, CMHC insurance and accelerated bi-weekly payments built in.
What a $1.5M house costs at today’s mortgage rates
The Bank of Canada raised its policy rate by a quarter point to 2.50% on 28 October 2026 (up from 2.25%), citing inflation of around 3% driven by high energy prices, and the big banks lifted prime to 4.70% the next day. Variable-rate payments follow prime, so a typical variable mortgage at prime − 0.75 (3.95%) now costs $6,301 a month on this loan. Fixed rates track 5-year Government of Canada bond yields instead; the median 5-year fixed among lenders on Ratehub.ca was 4.94% on 2 November 2026, with the cheapest insured offer at 4.44% ($6,602 a month). Every 1 percentage point on the fixed rate changes the payment by about $697 a month.
The $1.5 million cliff. Insured mortgages require a purchase price below $1.5 million. At exactly $1,500,000 default insurance is not available, so the minimum down payment jumps to 20% — $300,000. A home listed at $1,499,999 would need only $125,000. Uninsured mortgages also tend to carry slightly higher rates than insured ones, and lenders will usually let you choose a 30-year amortization without the first-time-buyer condition.
What income do you need for a $1,500,000 house?
The income you need is set by the stress test, not by the payment you will actually make. Your gross debt service (GDS) — the stress-tested mortgage payment plus property tax and heating — must be no more than 39% of gross income, and total debt service (TDS), which adds car loans, credit cards and lines of credit, no more than 44%. On a $1,200,000 mortgage, qualifying at 6.94% means a paper payment of $8,361, so you need about $299,000 a year with no other debts (one earner, or two on about $149,000 each).
Scenario
Mortgage
Income needed
Each of 2 earners
Single ON net / mo
Real pmt share
20% down · fixed
$1,200,000
$299,000
$149,000
$14,964
46%
20% down · variable
$1,200,000
$277,000
$138,000
$14,108
49%
20% down + $500 debt
$1,200,000
$299,000
$149,000
$14,964
46%
The last column shows the real 4.94% payment as a share of a single Ontario earner’s 2026 take-home pay. A $500-a-month car payment would not change the income needed here: housing costs alone reach the 39% GDS limit first, which still leaves about $1,240 a month of room for other debts under the 44% TDS limit. See $150,000 salary after tax for the full payslip.
Down payment and CMHC insurance on a $1,500,000 house
Because the price is $1,500,000 or more, a $1,500,000 house needs at least 20% down — $300,000 — and there is no CMHC insurance. The table compares down payments; the 30-year column assumes you qualify (first-time buyer or new build when insured) and includes the extra 0.20% premium.
Down
Amount
CMHC premium
Mortgage
25 yrs fixed
30 yrs fixed
25 yrs variable
20%
$300,000
—
$1,200,000
$6,938
$6,361
$6,301
25%
$375,000
—
$1,125,000
$6,505
$5,964
$5,907
35%
$525,000
—
$975,000
$5,637
$5,169
$5,120
Gold = minimum down payment. Red sliver = the CMHC premium, which is added to the mortgage rather than paid in cash.
The stress test on a $1,500,000 mortgage
Every federally regulated lender must check that you could still pay if rates rose. The qualifying rate is the greater of 5.25% or your contract rate plus 2 points. For a 4.94% fixed that is 6.94%, turning a $6,938 payment into a $8,361 test payment; for a 3.95% variable it is 5.95% ($7,642), which is why a variable rate needs about $22,000 less income to qualify.
Qualifying rate = the greater of 5.25% or your contract rate + 2 points. Assumes property tax of 1% of the price, $100/month heating and no other debts.
Monthly vs accelerated bi-weekly payments
Canadian lenders offer monthly, semi-monthly, bi-weekly and weekly payments. Plain bi-weekly ($3,202 × 26) costs the same per year as monthly. Accelerated bi-weekly is half the monthly payment — $3,469 — every two weeks; because there are 26 pay periods you make the equivalent of 13 monthly payments a year, and on this $1,200,000 mortgage that saves about $142,000 of interest and 3 yrs 6 mo.
Years to pay off at a constant rate. Plain bi-weekly barely changes anything; the “accelerated” versions add one extra monthly payment a year.Mortgage balance by year (rate assumed constant at renewal). The shaded band is the first 5-year term.
After the first 5-year term
Canadian mortgages are renewed every few years, so the rate above is only locked for the term. Over the first five years you would pay $416,300, of which $277,386 is interest, and still owe about $1,061,000 at renewal. At a renewal rate 1 point higher, the remaining 20 years would cost $7,521 a month. At the 30-year amortization the balance after five years is higher, at $1,100,000.
25-year amortization at the 4.94% typical 5-year fixed; income needed with no other debts (the $1.5M row uses 20% down).
Try your exact numbers
The Canadian mortgage calculator takes any purchase price, down payment, rate and amortization, and shows CMHC insurance and accelerated bi-weekly payments.
Plan for renewal, not just today. After the first 5-year term you will still owe about $1,061,000. Renewal rates could be higher or lower; check what your payment would be at +1 point ($7,635/month at today’s balance).
Watch the 20% line. At 20% down there is no CMHC premium, but uninsured rates are often a little higher. Compare the total cost both ways — sometimes 19% down with insurance is close to 20% down without.
Check the prepayment penalty. Breaking a fixed mortgage early usually costs the greater of three months’ interest or the interest-rate differential (IRD), which can be thousands. Variable mortgages typically charge three months’ interest.
Get pre-approved early. A pre-approval holds a rate (often for 90–120 days) and tells you exactly what the stress test allows. If rates rise before you buy, you keep the held rate; if they fall, ask for the lower one.
Compare insured rates. With less than 20% down your mortgage is insured, and insured mortgages are usually priced lower than uninsured ones. On a $1,200,000 mortgage, 0.25 points is worth about $171 a month.
FAQ
What is the monthly mortgage payment on a $1,500,000 house in Canada?
About $6,938 a month with 20% down, a 4.94% 5-year fixed rate and a 25-year amortization (typical rate on Ratehub.ca, 2 November 2026). At a 3.95% variable rate the starting payment is $6,301.
What is the minimum down payment for a $1,500,000 house?
20%, or $300,000. Homes priced at $1.5 million or more cannot have insured mortgages, so 20% is the legal minimum.
How much income do I need for a $1,500,000 house in Canada?
About $299,000 of gross household income with no other debts, assuming 20% down, a 4.94% 5-year fixed rate qualified at 6.94%, property tax of about $15,000 a year and $100 a month for heating, using the 39% GDS limit.
Do I need CMHC insurance on a $1,500,000 house?
No. Mortgage default insurance is only available when the purchase price is below $1.5 million, so you need at least 20% down and the mortgage is uninsured.
How much do accelerated bi-weekly payments save on a $1,500,000 house?
Paying $3,469 every two weeks instead of $6,938 monthly pays the mortgage off in about 21 yrs 6 mo instead of 25 years and saves about $142,000 of interest, if the 4.94% rate stayed the same.
Is a 30-year amortization available on a $1,500,000 house?
Yes. Uninsured mortgages (20% or more down) can usually be amortized over up to 30 years with any lender. At 4.94% the payment would be $6,361 instead of $6,938.
Bank of Canada raised the target for the overnight rate by 25 basis points to 2.50% on 28 October 2026 (Bank Rate 2.75%, deposit rate 2.45%); next decision 9 December 2026. Big-bank prime rose to 4.70% on 29 October 2026.
Typical rates: 4.94% 5-year fixed and 3.95% 5-year variable are the median of the 17 lenders listed in Ratehub.ca’s rate tables updated 2 November 2026 (fixed range 4.44%–5.99%, variable 3.68%–4.70%). Insured (high-ratio) mortgages often get slightly lower rates than uninsured ones.
Fixed-rate payments use Canadian semi-annual compounding (Interest Act); variable-rate payments use monthly compounding, which most lenders apply to variable mortgages. Rates are assumed constant for the whole amortization.
CMHC homeowner premiums on the loan amount: 4.00% above 90% loan-to-value, 3.10% for 85.01–90%, 2.80% for 80.01–85%, plus 0.20% for amortizations over 25 years. Provincial sales tax on the premium in Ontario (8%), Quebec (9%) and Saskatchewan (6%) must be paid in cash at closing.
Minimum down payment (Department of Finance rules from 15 December 2024): 5% of the first $500,000, 10% of the portion from $500,000 to $1.5 million; 20% at $1.5 million or more, where default insurance is not available. 30-year insured amortizations: first-time buyers and buyers of new builds.
Stress test: qualify at the greater of 5.25% or the contract rate + 2 points (OSFI Guideline B-20; the same floor applies to insured loans). Income needed uses CMHC’s 39% GDS / 44% TDS limits, property tax of 1% of the price a year and $100/month heating. Take-home pay: 2026 Ontario, from our Canada salary after tax engine.
National average price: CREA, September 2026 ($666,538, −1.6% year over year).