This is the Income Required to Own a Home in Canada’s 13 Hottest Real Estate Markets

Benchmark House Price:

$1,441,000
Income Required: $205,475
Even though it’s cooled down significantly over the past year, Vancouver remains Canada’s hottest real estate market. According to Zoocasa’s data, only the top 2.5 per cent can afford to buy a home in Lotusland.
Related: Here’s What $500K Can Buy Throughout Canada

Benchmark House Price:

$873,100
Income Required: $124,554
Canada’s second-most expensive market is still Toronto, where you’ll need to be in the top 10 per cent of earners in order to get a mortgage on a house at the benchmark price of $873,100.

Benchmark House Price:

$741,000
Income Required: $105,661
The British Columbia capital is loaded with charm and remains the country’s top retirement destination. Your income will need to be within the city’s top 10 per cent in order to buy a home here.
Related: Priced at $6.8M, This Stunning Victoria Condo Offers Sky-High Views – and a Price to Match

Benchmark House Price:

$630,000
Income Required: $89,834
Only an hour from Toronto, Hamilton is a far more affordable option for prospective homeowners, with home ownership in reach for those whose income is within the city’s top 25 per cent.
Related: The Biggest, Most Expensive Houses for Sale in Hamilton, Ontario

Benchmark House Price:

$523,720
Income Required: $74,679
An income of $75K per year would put you within the top 25 per cent income bracket in Kitchener-Waterloo, enough to qualify for home ownership.

Benchmark House Price:

$467,600
Income Required: $66,677
Alberta’s economic downturn in recent years appears to be lifting, but has made home ownership in Calgary increasingly affordable. As a result, home ownership is in the grasp of those whose income is within the city’s top 50 per cent.
Related: How to Become a Homeowner if You’re Under 35

Benchmark House Price:

$444,500
Income Required: $63,383
Canada’s capital city offers a combination of solid wages and low real estate prices, meaning those earning incomes within the top 50 per cent should be able to afford a home.

Benchmark House Price:

$426,236
Income Required: $60,778
While home prices are afforable, incomes in London are lower than those found in larger cities, meaning an income of $60K per year will place you within the top 25 per cent tier in order to purchase a home at the benchmark price of $426,236.
Related: This is Where to Buy a House in Canada in 2019

Benchmark House Price:

$375,000
Income Required: $53,472
Owning a home in Montreal – one of Canada’s most charming and historic cities – is achievable by those with incomes within the top 50 per cent tier.

Benchmark House Price:

$372,100
Income Required: $53,059
While Calgary is affordable, Edmonton is even more so, with an annual income of $53K placing you within the top 50 per cent tier required to be able to purchase a home in the city.

Benchmark House Price:

$326,433
Income Required: $46,547
The prairie provinces continue to offer good values for homebuyers, with an annual income of just under $50K all that’s required to place you within the top 50 per cent tier required to afford a home in the Winnipeg.
Related: These Are the Houses You Can Get on a $300K Budget Across Canada

Benchmark House Price:

$301,900
Income Required: $43,049
Homebuyers in Saskatoon whose income is at least $43K (within the city’s top 50 per cent bracket) can afford to buy a home here, with the benchmark price just $300K – less than four times of that in Canada’s most expensive city, Vancouver.

Benchmark House Price:

$275,900
Income Required: $39,342
Of Canada’s 13 top real estate markets, Regina is the most affordable; with an income of just under $40K landing you within the top 75 per cent, which would allow you to purchase a home at the benchmark price of $275K.
Related: 12 Incredibly Cheap Houses for Sale in Canada