The question of housing affordability is on every Canadian’s mind. Whether you’re considering a move across the country or wondering how your city stacks up, income requirements vary drastically depending on the housing market. Let’s break down how much you’d need to earn to afford an average home in Toronto, Halifax, and Calgary.
Toronto: Canada’s Most Expensive Market Outside Vancouver
Toronto remains one of the priciest housing markets in the country.
- Average home price (2025): $1,050,000 (Toronto Regional Real Estate Board)
- Income needed: Around $220,000 annually (assuming 20% down payment, 5-year fixed mortgage at ~5.5%)
In Toronto, even households earning well above the national average face challenges qualifying for a mortgage. High demand, limited supply, and rising population continue to drive affordability issues.
Halifax: A Rising East Coast Market
Halifax has become one of the fastest-growing housing markets in Canada due to population growth and migration from other provinces.
- Average home price (2025): $525,000 (Canadian Real Estate Association)
- Income needed: Around $105,000 annually
While still more affordable than Toronto, Halifax’s housing costs have nearly doubled in the past five years, making it harder for first-time buyers to enter the market.
Calgary: A More Affordable Big City Option
Calgary is gaining attention as one of Canada’s most livable and affordable big cities.
- Average home price (2025): $570,000 (Calgary Real Estate Board)
- Income needed: Around $115,000 annually
Compared to Toronto, Calgary offers significantly more space for less money, attracting Canadians seeking affordability without sacrificing urban amenities.
The Bottom Line
- Toronto: $220,000+ annual income required
- Halifax: $105,000 annual income required
- Calgary: $115,000 annual income required
Where you choose to live depends on your lifestyle, job opportunities, and financial situation. For many Canadians, cities like Halifax and Calgary are becoming more appealing alternatives to Toronto’s sky-high prices.
Important disclaimer:
All “income needed” numbers are rough averages only. They assume things like a 20% down payment, typical debt ratios, and current mortgage rates.
Your actual income needed can be higher or lower depending on your down payment, debts, interest rate, property taxes, and lender guidelines.
References
Canadian Real Estate Association. (2025). MLS® Home Price Index. Retrieved from https://www.crea.ca/
Calgary Real Estate Board. (2025). Housing Market Statistics. Retrieved from https://www.creb.com/
Toronto Regional Real Estate Board. (2025). Market Watch Report. Retrieved from https://trreb.ca/
Ratehub.ca. (2025). Mortgage Affordability Calculator. Retrieved from https://www.ratehub.ca/
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