Skip to main content
Ratehub logo
Ratehub logo

How Much You Need to Earn to Buy a Home in the Greater Toronto Area

Over the last year alone, the average price of a home in Canada’s largest metropolis increased by $95,865—a near six-figure jump that adds even greater pressure on the wallets of Toronto house hunters.

New figures from TheRedPin brokerage suggests that even when factoring in a record low mortgage rate of 2.49%, the household income needed to afford an average home in the Greater Toronto Area (GTA) is $124,153.

The salary range is significant: Richmond Hill buyers require a total salary of $179,551 in order to afford a property in the popular York Region city, while in Brampton, required incomes hover around $108,246.

The one persistent theme however is that a six-figure household income is almost a must when buying an average house across the GTA, with the only exceptions being a couple areas in the east.

The brokerage broke down affordability by looking at average selling prices for all home types (houses and condos combined) on a per-city basis.

More reflective of needed incomes for repeat buyers who’ve already built up equity from a previous property, a 20% down payment was assumed. Property taxes and utility costs were factored in as well.

While the numbers may prove disconcerting to first-time buyers, the study found there are still affordable avenues for those looking to make their way into the market. For example, the average GTA condo apartment requires a household salary of $74,827, while in Oshawa, homebuyers would need to earn $87,801 to buy a house.

“A lot of the statistics and the reports tend to steer towards the detached home and semi-detached home markets,” said Luke Sheehan, TheRedPin’s marketing director in a CTV News interview. “A young person living in the downtown core of Toronto, still, we believe, has a pretty good and affordable chance of being able to own their own [condo].”

Income needed to buy a home in the GTA


View full screen map



Richmond Hill








East Gwillimbury













Source: TheRedPin (based on average year-to-date selling prices for all home types) is a full-service real estate brokerage that carries the largest database of residential listings in the Greater Toronto Area. Sign up for its newsletter simply by clicking here.

Compare today's top mortgage rates

Looking for a great mortgage rate? Check out the lowest mortgage rates available