Not sure why the writer used a $1 M price point. I certainly hope we don't get to this point since housing prices in Canada are now some the most expensive in the world especially when compared to net income.

A $1 M home with 20% down ($200,000 down!!!) gives a mortgage payment of about $4,000/m + insurance and utilities. To keep this at 30% of net income, one should be netting about $15,000/m or gross about $320,000/yr. I haven't heard of too many people raking this much doe!