ontario home prices

Here's how much you need to earn to afford a home in major Ontario cities

There might be a few bastions of relative affordability in Ontario, but let's not kid ourselves here; this province is not an affordable place to own a home.

In fact, there are no large urban centres in the province where the median income even approaches the annual pay required to afford a home, as highlighted in a new report exploring affordability — or lack thereof — in regions across the country.

The report from Zoocasa looks at the minimum income required to qualify for a mortgage on the average home, operating under the assumption that a buyer would pay 20 per cent down and land a current-rate mortgage of 5.14 per cent amortized over 30 years, weighing this data against median single incomes reported by Statistics Canada in 2021.

The report puts Toronto on the not-so-great end of this spectrum, placing the region as the second-least affordable in Canada behind Vancouver, a fact which should surprise absolutely nobody at this point.


With an average home price of $1,081,400, the average income required to afford a home at that price is a generous salary of $168,150, a sum I can safely say most people in the region aren't earning.

The median Toronto income (ages 25 to 64) of $62,000 is not going to cut it for most singles or even couples looking to purchase a home.


Things are a bit less intense just west of Toronto, where the average regional home price comes in at $803,200. It would take an average household income of $124,875 to afford a home at that price.

Unfortunately, the regional median income is just $56,000, cutting most locals out of the home-ownership market.

Guelph and district

Average home prices in this region are just a bit lower than Hamilton-Burlington, at $796,900, and you'll need slightly less annual income to afford a home at $123,900.

But with a local median income of $54,800, buying a house in this locale remains out of reach for most.


You could call the KW region home for an average selling price of $713,400, but it will require an average income of $110,925 to afford the local price range, almost double the median income of $57,600.


The average Ottawa home price of $610,800 seems like a steal compared to the cost of owning a home in a place like Toronto, and at the $99,378 average income required to afford a down payment and mortgage, it's a whole lot more attainable.

Still, the average Ottawa resident is raking in a median annual income of $62,000, a good chunk of cash lower than what's needed to buy into this market at current lending rates.

London-St. Thomas

Prices creep even lower in the London-St.Thomas region, where the average home will cost you $566,600. The average income required to afford a home at that price, $88,088, still puts the region well below the mark of affordability, with median income in the region hovering at $49,600 per year.

Niagara Region

Ontario's cheapest major market can be bought into for the relatively low average price of $631,600. 'Relatively' is really the key word here, though, as you'll need to rake in an average annual income of $98,213 to afford a home near the Falls or the province's wine country.

Salaries average lower in the region, at a median income of just $42,000 per year, so while it's a heck of a lot cheaper than Toronto, it's by no means affordable for locals.

Lead photo by

Jack Landau

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