How much money to make to buy a home in Toronto, Hamilton

New data reveals how much prospective homebuyers need to make in order to buy a home in Toronto and Hamilton, and the income required dropped by over $10,000., an online mortgage brokerage service, looked at real estate data from March, June and August this year in 10 major cities across the country, and for Toronto, it revealed the average home price in August was $1,124,600.

According to the data, this means home buyers need to be making just over $213,000 in order to afford a 20 percent down payment on a house in the city.

“Toronto saw the biggest change to affordability, with $12,550 less income needed between June and August 2022,” James Laird, co-CEO of, said in a statement.

In June, homebuyers looking for a place in Toronto needed to have an income of at least $226,500 to comfortably afford a roughly $1.2 million home.

Still in the Greater Toronto and Hamilton Area (GTHA), prospective homebuyers wanting to buy in Hamilton should be making over $165,000 to afford a 20 percent down payment. That is roughly $11,500 less than how much it was in June.

Average home prices in Hamilton also dropped by over $70,000 from $934,000 to $862,300 from June to August.

According to the data, mortgage and stress test rates have slightly gone up across the country from June to August, going from 5.21 percent to 5.3 percent, and 7.21 percent to 7.3 percent, respectively.

The report found housing affordability improved, although it notes it is still less affordable now than what it was earlier in the year.

“Homes in every city we looked at are slightly easier to afford than [what] they were two months ago. This is because rates have remained unchanged, while home prices have softened,” Laird said.

While the average price of a house in Toronto was just over $1.3 million in March, homebuyers needed to make just over $210,750 to make a 20 percent down payment. Mortgage rates were at 3.14 percent.

“If rate hikes come to an end soon and home prices continue to come down, then affordability will improve,” Laird said.

Leave a Reply

Your email address will not be published.

Back to top button