Canada's housing affordability crisis has been building for decades and reached a critical threshold between 2020 and 2023. Despite some softening in prices since the 2022 peak, homeownership remains out of reach for most single-income earners and many couples in the country's largest cities.
| City | Median Home Price | Required Household Income | Monthly Payment (20% down) |
|---|---|---|---|
| Vancouver | $1,300,000 | ~$220,000+ | ~$6,500 |
| Toronto | $1,100,000 | ~$185,000+ | ~$5,500 |
| Victoria | $900,000 | ~$155,000+ | ~$4,500 |
| Ottawa | $650,000 | ~$115,000+ | ~$3,300 |
| Calgary | $600,000 | ~$105,000+ | ~$3,000 |
| Edmonton | $420,000 | ~$75,000+ | ~$2,100 |
| Montreal | $550,000 | ~$95,000+ | ~$2,750 |
| Winnipeg | $380,000 | ~$65,000+ | ~$1,900 |
Calculations assume 20% down payment, 5.5% mortgage rate, 25-year amortization. Does not include property tax, insurance, or maintenance (typically add $500–$1,500/month).
Canada's mortgage stress test requires buyers to qualify at their contract rate plus 2%, or 5.25% — whichever is higher. With current 5-year fixed rates around 5–5.5%, buyers must qualify at 7–7.5%. This means the income required to qualify is higher than the actual payment would suggest.
For a $600,000 mortgage at a qualifying rate of 7.5%, a borrower needs to demonstrate they can service approximately $4,200/month in principal and interest — requiring gross household income of roughly $145,000+ under standard debt-service guidelines.
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Get KOHO Free — Use Code 45ET55JSYAOn a single income, buying in Toronto is extremely difficult in 2025. To qualify for a mortgage on a median-priced Toronto property (~$1.1M), you would need a gross salary well above $150,000. Single buyers typically target condos in the $550,000–$700,000 range on $100,000+ incomes.
Winnipeg and Edmonton offer the most attainable entry points for first-time buyers, with median prices under $420,000. A couple earning $100,000 combined can realistically qualify for a meaningful portion of the ownership market in these cities.