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What income is required to afford a home in Canada?

April 22, 2025

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What Income It Takes to Buy a Home in Canada

Housing affordability varies widely across Canada. Here's what you need to earn to buy a median-priced home.

Cities where buyers need the most income

Vancouver, BC
$237,000
Toronto, ON
$201,000
Victoria, BC
$169,000
Hamilton, ON
$148,000
Ottawa, ON
$134,000
Kelowna, BC
$131,000
Halifax, NS
$115,000
Calgary, AB
$111,000
Montreal, QC
$105,000
London, ON
$101,000
National
$109,000

Cities where buyers need the least income

Saint John, NB
$52,000
Thunder Bay, ON
$55,000
Saguenay, QC
$57,000
Sudbury, ON
$61,000
Regina, SK
$64,000
Winnipeg, MB
$67,000
Saskatoon, SK
$69,000
Quebec City, QC
$72,000
Edmonton, AB
$75,000
St. John's, NL
$78,000
National
$109,000

Income calculations are based on a median-priced home in each market, the average 5-year fixed mortgage rate (4.5%) and a 20% down payment. It assumes spending no more than 30% of annual gross income on housing costs, including property taxes and insurance. Source: CREA, Ratehub, and Statistics Canada data.

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