How much income does it take to buy a home in Canada? Check out family affordability in March 2025
March 2025: House Affordability Report
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| City | Average housing prices in February | Average house price in March | House price changes | Average mortgage loans in February | Average mortgage loans in March | Monthly mortgage payments | Need for February income | Need a March income | Changes in required income |
|---|---|---|---|---|---|---|---|---|---|
| Toronto | $1,073,900 | $1,068,500 | – $5,400 | $5,543 | $5,422 | – $121 | $221,200 | $217,010 | – $4,190 |
| Hamilton | $812,600 | $811,000 | – $1,600 | $4,194 | $4,115 | – $79 | $171,000 | $168,300 | – $2,700 |
| Fredericton | $343,800 | $335,900 | – $7,900 | $1,775 | $1,704 | – $71 | $80,920 | $78,420 | – $2,500 |
| Halifax | $561,400 | $557,000 | – $4,400 | $2,898 | $2,826 | – $72 | $122,730 | $120,240 | – $2,490 |
| Vancouver | $1,185,100 | $1,190,900 | $5,800 | $6,117 | $6,043 | – $74 | $242,600 | $240,160 | – $2,440 |
| St. John | $371,300 | $370,500 | – $800 | $1,916 | $1,880 | – $36 | $86,210 | $84,960 | – $1,250 |
| Calgary | $576,800 | $583,400 | $6,600 | $2,977 | $2,960 | – $17 | $125,700 | $125,250 | – $450 |
| Montreal | $562,300 | $568,600 | $6,300 | $2,902 | $2,885 | – $17 | $122,900 | $122,450 | – $450 |
| Victoria | $878,700 | $891,000 | $12,300 | $4,535 | $4,521 | – $14 | $183,700 | $183,430 | – $270 |
| Ottawa | $618,000 | $626,200 | $8,200 | $3,190 | $3,177 | – $13 | $133,600 | $133,350 | – $250 |
| Edmonton | $421,800 | $431,300 | $9,500 | $2,177 | $2,188 | $11 | $95,910 | $96,470 | $560 |
| Regina | $317,700 | $326,300 | $8,600 | $1,640 | $1,656 | $16 | $75,910 | $76,600 | $690 |
| Winnipeg | $373,700 | $384,600 | $10,900 | $1,929 | $1,951 | $22 | $86,670 | $87,640 | $970 |
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Affordable improvements in Canadian cities
Where is Canada becoming more and more affordable to own a home? Crea noted in its latest data report that while sales account for two-thirds of all markets, Ontario’s larger gold horseshoe has taken a particularly bad hit. According to the Hamilton Burlington Association of Real Estate Agents, this is obvious in Hamilton, where transactions fell by 35%. This caused the city’s average house price to drop $6,900 to $812,600; combined with lower mortgage rates, cooling down the required income by $3,450. Hamilton’s average monthly mortgage payments also fell by $100, compared with $4,194 in January.
Buy in Toronto: Decline of sales
Toronto Regional Real Estate Board (TRREB) reported that so far this is the Rock Spring so far as sales fell 23.1% each year. Meanwhile, housing inventory continues to accumulate, and the number of newly listed houses soars in the short term, up 43% from February. This has a pull-down effect on Toronto’s average house prices, down $5,400 to $1,068,500 between February and March. As a result, the income required to buy a home in the city fell by $4,190, while monthly mortgage payments were cut to $121 to $5,422.
Buy in Hamilton: Slower Sales Plague Is Gold Horseshoe Iron
Hamilton area transactions also fell to 2009 levels, with only 701 units sold in March. This is because “the ongoing uncertainty about tariffs and retaliatory tariffs are affecting housing activity,” according to Nicolas von Bredow, a cornerstone spokesman for Hamilton-Burlington Market Area. Between February and March, average house prices in Hamilton fell by $1,600 to $811,000, causing a decrease in the required purchasing power by $2,700. The average monthly mortgage loan also fell by $79 to $4,115.
Buy in Fredericton: vulnerable to fluctuations
Fredericton’s affordability ranking has fluctuated in recent months, placing it at the top or bottom of the chart in the previous RateHub affordability report. Even if sales activity and prices have changed slightly, the city’s lower average house prices can put the market under swings.
According to the New Brunswick Real Estate Board (NBREA), home sales rose only 1.3% year-on-year in March, with the number of newly listed homes far exceeding 9.5%. This led to an increase in purchasing power in the local area, with the reduction of the income required to buy a home by $2,500, which is equivalent to a drop in price of $7,900 per month. Average monthly mortgage payments also fell by $71 to $1,704.
Canadian cities with deteriorating affordability
Only three of the 13 cities had a worsening affordability in February, all in western Canada. Their average house price is below $500,000, and they each reflect how particularly sensitive affordability conditions are in the low-priced market.
Buy in Winnipeg: The second month of the bottom
Unlike other major cities covered in this Canadian housing affordability report, Winnipeg was consistent in Winnipeg in early 2025.
