Average home prices in Canada have risen more than 50% over the past 10 years, despite recent rate cuts making mortgages more affordable. Mortgages aside, the average Canadian is in debt to the tune of $22,147, according to a Q2 2025 Equifax report.
Given average housing costs and debt statistics in each province, how much income do you need to buy a home in Canada? The answer varies across the country and depends on the type of household you have. But let’s take a look at the income needed (in Canadian dollars) to buy a single, detached home in the biggest city in each Canadian province.
Jump to…
- Saint John, New Brunswick
- Winnipeg, Manitoba
- Saskatoon, Saskatchewan
- St. John’s, Newfoundland & Labrador
- Montreal, Quebec
- Charlottetown, Prince Edward Island
- Halifax, Nova Scotia
- Calgary, Alberta
- Toronto, Ontario
- Vancouver, British Columbia
1. Saint John, New Brunswick
Starting on the east coast, you might need to earn around $47,800 to $92,700 to buy a home in Saint John. That’s lower than any other city on our list, making the Port City a standout location if you’re looking to qualify for a mortgage.
2. Winnipeg, Manitoba
Surrounded by the sprawling fields of “Canada’s breadbasket,” Winnipeg is similarly affordable for those earning less than $100,000. We estimate that you would need between $49,000 and $93,800 to buy a home here.
3. Saskatoon, Saskatchewan
Heading further east into the prairies, it’s possible to buy a home with an annual income of less than $100,000. To live in Saskatoon, it would be helpful to have a minimum annual income ranging from $54,400 to $98,600.
4. St. John’s, Newfoundland & Labrador
Alongside its rich cultural heritage as one of the oldest European cities in North America, St. John’s has one of the lowest income requirements for a mortgage compared to other cities on our list. To buy a single, detached family home, you might need anywhere from $55,500 to $99,500.
5. Montreal, Quebec
One of the largest French-speaking cities in the world, Montreal is known for being a cultural epicentre. To live in this vibrant metropolis, we estimate that a family would need a household income of at least $57,800 to $101,600.
6. Charlottetown, Prince Edward Island
Living on this charming island might come with some quirks—like needing natural gas shipped from the mainland (although many residents rely on electric heating in the winter)—but the concessions might be worth it if you crave the maritime lifestyle.
Bear in mind that you may need to earn between $60,400 and $103,900 per year to finance a home.
7. Halifax, Nova Scotia
Another popular coastal destination on our list, Halifax has a similar profile to Charlottetown, PEI when it comes to the amount of money you need to earn to qualify for a mortgage. By our calculations, minimum earnings range from $61,400 to $104,800.
8. Calgary, Alberta
If you fancy living in “oil country” within an hour or two of Banff, Calgary could be the city for you. To buy a family home in Calgary, you might need between $71,500 and $113,700—not exactly cheap, but still better than several other cities on our list.
Besides, being a stone’s throw away from the Canadian Rockies might make the investment worthwhile.
9. Toronto, Ontario
You’ve heard the horror stories about housing affordability in Canada’s biggest city, and our research confirms the rumours. Alongside Vancouver, Toronto has the highest minimum income requirements to buy a detached family home, ranging from $94,100 to $133,700.
10. Vancouver, British Columbia
Ending on the west coast, our research indicates that you would need to earn between $97,700 and $136,900 to buy a single detached home in Vancouver.
That’s higher than any other city on our list.
Of course, living alone, minimizing debt, boosting your income, buying a smaller dwelling and other strategies can help you qualify for a mortgage with a lower income, but this is what the average family could be facing in the current market.
How is your mortgage eligibility determined?
To make sure you don’t collapse under the weight of a mortgage, lenders weigh your income against your debt and other expenses. Of course, everyone’s financial situations are different, which is why regulators have guidelines to streamline the process.
Among the range of factors mortgage providers look at are three key metrics:
Loan-to-value (LTV) ratio
The loan-to-value ratio tells lenders how much you can pay for a home with your own money.
LTV = mortgage amount ÷ property value
A lower down payment means a higher mortgage, which translates into a higher LTV and greater risk assumed by the lender. Conversely, a higher down payment means you need to borrow less to buy a home and therefore pose less risk to a lender.
Generally, you should aim for a 20% down payment; anything less, and you’re federally required to get mortgage insurance from the Canada Mortgage and Housing Corporation (CMHC), which costs extra.
Total Debt Service (TDS) ratio
Your Total Debt Service ratio tells lenders how much home you can afford with your income and debt load. Most mortgage providers look for a TDS at or below 44%.
TDS = [housing costs + other debt] ÷ gross income
Housing costs include the monthly amount spent on your principal mortgage payment plus interest, property taxes and heating. (The rules are tweaked for condos, chattel loans and leasehold loans.)
Other debt includes both secured and unsecured credit (like credit cards and personal loans), for which the CMHC has guidelines for calculating monthly expense amounts.
Gross Debt Service (GDS) ratio
Your Gross Debt Service ratio tells lenders how much home you can afford with your income (including both traditional earnings and side hustles). Unlike the TDS ratio, it only considers your housing costs.
Aim to keep your GDS at or under 39%, or else you’ll have a hard time getting approved for a mortgage in Canada.
GDS = housing costs ÷ gross income
Methodology: How did we calculate the minimum income you need to buy a home in 10 major Canadian cities?
We identified the biggest city in all 10 Canadian provinces based on data from World Population Review.
Using average home costs in each city and national household debt statistics, we solved for the gross annual income needed to reach the maximum 39% Gross Debt Service (GDS) ratio and the 44% maximum Total Debt Service (TDS) ratio established by the Canada Mortgage and Housing Corporation (CMHC) for determining borrowers’ mortgage eligibility.
For monthly “other debt” costs, we divided the average household debt figure ($22,147) from the Q2 2025 Equifax Canada Market Pulse report by 12 ($1,845).
For monthly mortgage costs in each city, we gathered average data for a single, detached home. For heating costs, we used costs charged by the largest natural gas provider in each city (or electricity provider where natural gas is not primarily used for heating) based on average monthly household usage.
We relied on third-party estimates where pricing information was not available from providers, leaning towards higher, fixed-rate figures and using provincial estimates where city-level estimates were not available.
