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How Much You Need to Earn to Afford a House in Each Major Canadian City in 2024

A map of Canada illustrating the average income required to buy a house across Canada
Effie Theodosiuo @lzysunday

According to the CREA, the national average home price reached $698,530 in March 2024, a 2 per cent increase year over year. While home ownership in some markets still feels achievable despite rising costs, the skyrocketing rates in others has made the idea of owning a home completely out of reach.


For anyone considering a home purchase in 2024, here’s a breakdown of how much you need to earn per year to afford a house in each major Canadian city.

(The minimum down payments listed below were calculated based on 5 per cent of the purchase price for homes $500,000 and under, 10 per cent for the portions between $500,001 and $999,999 and 20 per cent for homes at $1 million and over. Down payments were calculated based on 6.2 per cent of annual income.)

See also: The Best Places for Gen Z to Live in Canada

A fully detached home with sloped roof and grey exterior with steps leading to the front door
Listed by: CHARLES

Calgary, Alberta

One of the more affordable markets in Canada is Calgary, with an average home price of $580,400 in April 2024. To afford the down payment of $33,040, buyers would need a household income of $87,000 and it would take six years and one month to save. What can you get in that price range right now? A four-bedroom, two-bathroom detached home on a quiet street in the northeast part of the city.

According to Zoocasa, Calgary saw a remarkable 146% increase in home sales, rising from 6,391 in 2020 to 15,732 in 2024.

A semi-detached house with orange facade on the lower half and wood steps leading to the front door.

Greater Toronto, Ontario

Toronto had the second-highest average real estate price in April at $1,113,600. That means the minimum down payment would be $222,720 and with a median annual salary of $85,000, you’d have to save for 42 years and two months. For something at a lower price point of $899,000, you could opt for a three-bedroom, two-bathroom modern semi-detached home in Danforth Village.

Related: It’s Official: Toronto Is Now Less Affordable Than New York and Miami


A duplex on a hill with green siding.

Saint John, New Brunswick

The most affordable city for potential homebuyers at the moment is Saint John, with an average real estate price of $288,300. For the $14,415 down payment required at the median income of $56,000, you’d only have to save for four years and two months. Right now, you could purchase a duplex in Saint John East with a four-bedroom upper unit and a two-bedroom lower unit.

An end of row townhome with light brown brick, black garage door, front door and window frames.
Listed by: RE/MAX Escarpment Realty Inc.

Hamilton-Burlington, Ontario

If you venture about 45 minutes from Toronto to the Hamilton-Burlington area, the average home price is currently $850,500. For the $60,050 down payment at a median salary of $76,000, plan to save for 12 years and seven months. Within that price range is a three-bedroom, two-bathroom end-of-row townhome in Ancaster with a large backyard.

See also: What is a First Home Savings Account and How Does it Work?

A fully detached home with a protruding garage, red brick lower and white siding upper.

Ottawa, Ontario

If you want to stay in Ontario, Ottawa is one of the most affordable real estate markets with an average home price of $636,700. With a median income of $63,000, you’re looking at nine years and nine months to save up for the $38,670 down payment. In that price range is a fully detached three-bedroom, three-bathroom house in Barrhaven with a finished basement and spacious yard.

A character townhouse with light green exterior and winding white stairs leading to the entrance.
Listed by: Re/Max Island Properties

Victoria, British Columbia

The third most expensive location on this list is Victoria, with an average real estate price of $861,000. A down payment of $61,100 would take 16 years and four months to save at the median household income of $60,000. For slightly below that price range, you’ll find something like this two-bedroom, two-bathroom character townhouse in Fairfield.

You might also like: When Will Mortgage Rates Drop in Canada? An Expert Weighs In


A modern townhome exterior with large windows.
Listed by: Macdonald Realty

Greater Vancouver, BC

Vancouver had the highest average home price in April at $1,196,800 which calls for a minimum down payment of $239,360. At a median income of $80,000, you’ll be saving up for 48 years and three months. As for the type of home you could get at that price point? A two-bedroom, two-bathroom townhouse in Mount Pleasant with an open-plan layout and 14-foot ceilings on the main floor, plus a patio.

A detached two-storey home with pale yellow siding and a snow-covered lawn.
Listed by: Royal LePage Next Level

Regina, Saskatchewan

The second most affordable place in April was Regina with an average home price of $313,100. For the required down payment of $15,655 at a median income of $75,000, it would take three years and four months to save. Your real estate options would include something like this three-bedroom, two-bathroom detached home with a sunroom in the Arnheim Place area of the city.

Related: A Complete Guide to Navigating Interest Rates in Canada for 2024

A detached house with pale sandy-pink brick and an earthy green garage door.
Listed by: Cloud Realty Inc.

Kitchener-Waterloo, Ontario

Not too far from the Greater Toronto Area is Kitchener-Waterloo where the average real estate price is $740,900. This would require a down payment of $49,090 so at a median income of $81,000, it would take nine years and eight months to save. If you want something slightly above the average rate, this detached four-bedroom, three-bathroom house in the Columbia Forest neighbourhood of Waterloo could be a match.

A half duplex home with blue siding and white trim.
Listed by: Re/Max Real Estate

Edmonton, Alberta

Edmonton continues to be an affordable market for first time homebuyers with an average price of $385,900 in April. In order to save for the $19,295 down payment at a median salary of $80,000, you’d have to save for three years and nine months. For those looking for a new home right now, you could purchase a three-bedroom, two-bathroom half duplex in the Cy Becker neighbourhood.

See also: Feng Shui Tips to Improve Every Room of Your Home


A corner end unit townhouse with dark grey siding and white accents.
Listed by: RE/MAX Saskatoon

Saskatoon, Saskatchewan

Another market to consider is Saskatoon, with an average real estate price of $394,300. This would require a $19,715 down payment and at a median income of $75,000, it would take four years and two months to save. Within that range is a corner-end townhouse unit with three bedrooms and two bathrooms in the Stonebridge area of the city.

A fully detached house with green siding and a white garage door.
Listed by: EXP Realty of Canada Inc.

Halifax, Nova Scotia

The average real estate price in Halifax is $529,600 which requires a down payment of $27,960. For those earning a median income of $69,500, it would take six years and six months to save. About 90 minutes outside the city in Kings County, you could purchase something like this newly constructed three-bedroom, two-bathroom detached home near the Bay of Fundy.

Related: Everything You Need to Know About Owning a Tiny Home in Canada

The exterior of a boutique condo building in Montreal, Quebec.

Montreal, Quebec

One of Canada’s more affordable housing markets is Montreal with an average home price of $531,300. This means that buyers would need a down payment of $28,130. At a median income of $65,500, it would take seven years to save up for the down payment. For something at a lower price point, consider something like this one-bedroom, one-bathroom condo in a boutique building close to Downtown Montreal, Plateau Mont-Royal and Old Montreal.

A bungalow with light blue siding and large windows on either side of the front entrance.
Listed by: RE/MAX Infinity Realty Inc.

St. John’s, Newfoundland and Labrador

If you’re considering a move to Canada’s east coast, St. John’s boasts an average real estate price of $335,000. For a down payment of $16,750 at a median annual income of $72,500, you’ll have to save for three years and nine months. Within that price range, you could purchase a 2168 square foot, two-apartment bungalow in Kilbride where you can live in one unit and rent out the other.

Winnipeg, Manitoba

Winnipeg is another affordable market for first-time home buyers with an average home price of $353,600, which means you’d need a down payment of $17,680. At a median income of $71,500, saving for a down payment would take four years.


You might also like: Where First-Time Homebuyers Can Find Opportunities in Canada Now

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