Earning a six-figure salary was once considered a clear path to homeownership. Today, even Canadians making $100,000 per year are struggling to afford a home in Ontario’s largest markets.
A new analysis from real estate brokerage Zoocasa shows that households earning $100,000 annually can afford the average home in just four of Canada’s 18 major housing markets – and none of them are in Ontario.
Six-Figure Salaries No Longer Stretch Far Enough
Zoocasa’s study used the CIBC Mortgage Affordability Calculator to assess what a single buyer earning $100,000 could realistically afford under current conditions. The assumptions included:
- A 25-year amortization
- A 3.89% mortgage rate
- A standardized mortgage stress test
Rather than assuming an unrealistic 20% down payment, the report used average provincial annual incomes from Statistics Canada as the down payment amount. This approach reflects how buyers actually enter the market, often combining personal savings with family assistance.
According to CIBC, parental financial support has become the norm for Canadian homebuyers, with the average gift now sitting at $167,000 nationally. In Ontario’s most expensive markets, that figure rises to $189,000.
Ontario’s Average Home Prices Far Exceed What $100K Can Buy
Despite earning $100,000 annually, buyers are effectively locked out of Ontario’s ownership market.
In the Greater Toronto Area, the average home price sits around $951,700. Based on Zoocasa’s affordability model, a $100,000 earner faces a shortfall of approximately $553,000, even after accounting for a realistic down payment.
This gap highlights how far prices have detached from incomes in Ontario’s largest housing markets.
Where $100,000 Still Buys a Home in Canada
The study found that homeownership remains most attainable in the Prairie and Atlantic provinces, where prices have not escalated to the same degree.
Regina ranked as the most affordable major market in the country, with an average home price of $329,300, well within reach for a $100,000 income.
Other affordable markets were also concentrated outside Ontario, reinforcing the growing regional divide in Canada’s housing market.
Condos Offer a Narrower Path in Ontario
For buyers priced out of detached homes, condominiums often serve as a more accessible entry point. In some Ontario cities, that option still exists.
The most affordable Ontario condo markets for $100,000 earners include:
- London–St. Thomas – average condo price: $324,000
- Kitchener–Waterloo – average condo price: $366,784
In Ottawa, the average condo price of $401,465 puts ownership nearly within reach, leaving a modest affordability gap of just $2,947.
The GTA Condo Market Remains Out of Reach
Even condominiums are increasingly unaffordable in the Greater Toronto Area.
The average GTA condo price now sits at $663,227. A $100,000 earner, with a maximum purchasing power of roughly $398,500, still faces a deficit of more than $260,000.
This suggests that affordability challenges in Ontario are no longer limited to detached homes, but are spreading across all housing types.
What This Signals for Ontario’s Housing Market
The findings reinforce a growing reality in Canada’s housing system: income growth has not kept pace with home prices, particularly in Ontario.
As six-figure earners are priced out, demand is increasingly shifting:
- Toward smaller units
- Toward secondary cities
- Or out of the province entirely
Unless prices adjust meaningfully or incomes rise substantially, Ontario’s ownership market risks becoming inaccessible to a widening share of the middle class.
References
Zoocasa. (2026). Housing affordability analysis for $100,000 earners. https://www.zoocasa.com
Canadian Imperial Bank of Commerce. (2025). Mortgage affordability calculator. https://www.cibc.com
Statistics Canada. (2025). Average income by province. https://www.statcan.gc.ca
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