Here’s how much you need to earn to afford a home in Canada’s major cities

For sale signage on Beach Boulevard in Hamilton, Ont., on July 8, 2026. Photo by Peter Power /Postmedia News

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The income Canadians need to afford a home fell between August and September across all major housing markets except one, according to Ratehub’s latest affordability report.

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Ratehub, an online financial comparison platform, ranked 13 of Canada’s cities according to housing affordability by calculating the minimum annual income needed to buy an average home with a 10 per cent down payment, a 25-year amortization, $4,000 in annual property taxes and a monthly heating bill of $150.

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The analysis also looked at national real estate data on mortgage rates as well as the mortgage stress test to determine how much a prospective buyer would need to earn to qualify for a mortgage on an average-priced home in their local market.

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The data revealed that Halifax recorded the largest improvement in affordability of any Canadian market in September, with the required income for an average home falling to $119,040 — $4,160 less than the $123,200 needed in August, according to Ratehub.

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Ottawa saw the second largest affordability improvement, with the required annual income falling by $2,630 from $137,400 to $134,770. Victoria ranked third, with the average income needed to buy an average home falling from $185,350 to $183,510, a decrease of $1,840.

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The least affordable city in September was Vancouver, where the average home price was $1,075,900, and the income required to buy was $221,750, down $980 from August.

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This is followed by Toronto, where prospective buyers needed to earn $191,320 annually in September to afford an average-priced home costing $917,600.

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At the other end of the scale, Regina was the most affordable city, with prospective buyers needing an annual income of $81,000 to buy an average-priced home worth $343,900 in September.

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Fredericton ranked as the second most affordable city, but it was also the only market to see affordability worsen between August and September. The annual income required to buy an average home there rose slightly from $84,840 to $84,940.

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However, Ratehub noted that while affordability technically decreased in Fredericton, it did so to such a minor extent that home buyers were unlikely to notice the difference. Though it saw a $200 increase in the average home price, this added just $3 to the average monthly mortgage payment, the report said.

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Other relatively affordable markets included Winnipeg, Edmonton and St. John’s, N.L., where prospective buyers needed annual incomes of $90,270, $95,000 and $95,980 respectively to afford an average-priced home.

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Elsewhere, the annual income needed to afford an average home fell to $153,050 in Hamilton, Ont., to $126,050 in Montreal, and to $124,320 in Calgary.