Canadian Major City Home Buying Out of Reach
Housing dysfunction, which ‘started’ 20 years ago
Today, a $115,000 income earner, they really can’t buy anything.
Since 2004, lower-end new home prices have risen by 265%, while young dual-earner incomes grew 76%.
According to March 2026 figures from the Canadian Real Estate Association (CREA), the national average sale price for a home in Canada was $673,084. That means the minimum down payment required would be just over $42,000.
In the Greater Toronto Area, the average price was $1,017,796, while in Greater Vancouver, it was $1,201,123. In those cases, the minimum down payment would be about about $76,000 and $95,000, respectively.
CBC calculated that by using CREA’s March 2026 median house prices and assuming a mortgage rate of 4.39 per cent amortized over 25 years, a person would need to make $122,300 to afford a 10 per cent down payment, a $4,000 annual tax bill and to pay $150 monthly in heating for a home in Calgary.
In Montreal, one would need to make $127,800, and in Ottawa $132,100 to do the same.
New home prices at the lower end of the market have risen by 265 per cent on average, while young dual-earner incomes grew just 76 per cent.
The housing dysfunction, which 20 years ago was basically just a Toronto and Vancouver problem, has spread across the country, for the main reason that people moved.
Full Read:
For mortgages and Living benefits.
Take control of your financial future by
Scheduling An Appointment,
with aDiamondMortgage here, today.