For many Canadians, owning a home is a significant milestone, symbolizing financial stability and personal achievement. However, with the real estate market constantly evolving, aspiring homeowners often face the challenge of navigating fluctuating house prices and assessing their affordability. In this article, we’ll explore the average house prices across various Canadian cities and the minimum income required to purchase a home in each location as of January 2024.
| City | Avg. Home Price | Minimum Income To Buy | Month-Over-Month Change |
|---|---|---|---|
| Vancouver | $1,161,300 | $227,780 | -$9,620 |
| Toronto | $1,065,800 | $210,300 | -$7,800 |
| Victoria | $847,900 | $170,360 | -$7,890 |
| Hamilton | $809,600 | $163,330 | -$4,620 |
| Ottawa | $621,600 | $128,840 | -$4,820 |
| Calgary | $557,500 | $117,100 | -$3,350 |
| Halifax | $518,500 | $109,950 | -$2,350 |
| Montreal | $509,400 | $108,270 | -$3,380 |
| Edmonton | $370,100 | $82,730 | -$2,700 |
| St. John’s | $332,000 | $75,750 | -$2,990 |
| Winnipeg | $334,700 | $76,250 | -$1,860 |
| Regina | $301,900 | $70,230 | -$1,730 |
| Fredericton | $286,400 | $67,380 | -$2,020 |
Note: all data sourced from Ratehub.ca as of January 2024
Vancouver
- Average Home Price: $1,161,300
- Minimum Income To Buy A Home: $227,780
Situated on the stunning west coast of British Columbia, Vancouver boasts breathtaking natural scenery, a thriving cultural scene, and a robust economy. However, its real estate market is known for its high prices, making homeownership a significant financial undertaking for many residents. With an average house price exceeding $1 million, prospective homebuyers in Vancouver must meet stringent income requirements to afford a home in this vibrant city.
Toronto
- Average Home Price: $1,065,800
- Minimum Income To Buy A Home: $210,300
As Canada’s largest city and financial hub, Toronto offers a diverse array of amenities, cultural attractions, and employment opportunities. However, the city’s red-hot real estate market has made homeownership increasingly challenging for many residents. With an average house price surpassing $1 million, aspiring homeowners in Toronto face steep affordability barriers and must earn a substantial income to purchase property in this dynamic urban center.
Victoria
- Average Home Price: $847,900
- Minimum Income To Buy A Home: $170,360
Nestled on the southern tip of Vancouver Island, Victoria captivates residents with its charming neighborhoods, temperate climate, and picturesque landscapes. Despite its smaller size compared to major metropolises like Vancouver and Toronto, Victoria’s real estate market remains competitive, with average house prices approaching the $850,000 mark. Aspiring homeowners in Victoria must demonstrate significant financial resources to afford property in this idyllic coastal city.
Hamilton
- Average Home Price: $809,600
- Minimum Income To Buy A Home: $163,330
Located just west of Toronto, Hamilton offers a more affordable alternative for homebuyers seeking proximity to the Greater Toronto Area (GTA) at a lower cost. With its revitalized downtown core, scenic waterfront, and diverse housing options, Hamilton has emerged as a popular destination for first-time buyers and families looking to enter the housing market. However, even with average house prices exceeding $800,000, homeownership in Hamilton remains within reach for many residents with moderate incomes.
Ottawa
- Average Home Price: $621,600
- Minimum Income To Buy A Home: $128,840
As the nation’s capital, Ottawa combines a rich history with cultural attractions and a strong job market, making it an attractive destination for homebuyers seeking a balance between urban amenities and suburban tranquility. With average house prices hovering around $620,000, Ottawa offers relatively affordable housing options compared to larger cities like Toronto and Vancouver. However, prospective homebuyers still need to meet stringent income requirements to navigate Ottawa’s competitive real estate market.
Calgary
- Average Home Price: $557,500
- Minimum Income To Buy A Home: $117,100
Known for its booming energy sector, vibrant downtown core, and proximity to the majestic Rocky Mountains, Calgary offers residents a high quality of life and abundant recreational opportunities. While the city’s real estate market has experienced fluctuations in recent years, average house prices remain relatively affordable compared to other major Canadian cities. With an average house price of $557,500, Calgary provides opportunities for homeownership for individuals with moderate incomes.
Halifax
- Average Home Price: $518,500
- Minimum Income To Buy A Home: $109,950
Perched on the scenic shores of the Atlantic Ocean, Halifax charms residents and visitors alike with its maritime heritage, lively arts scene, and stunning coastal landscapes. Despite its smaller size compared to larger Canadian cities, Halifax’s real estate market is robust, with average house prices exceeding half a million dollars. Aspiring homeowners in Halifax must navigate competitive market conditions and meet stringent income requirements to purchase property in this picturesque maritime city.
Montreal
- Average Home Price: $509,400
- Minimum Income To Buy A Home: $108,270
Renowned for its rich history, cultural diversity, and vibrant arts scene, Montreal offers residents a unique blend of old-world charm and modern amenities. With its relatively affordable housing market compared to other major Canadian cities, Montreal attracts homebuyers seeking value and quality of life. With an average house price of $509,400, homeownership in Montreal is within reach for many residents, provided they meet the city’s income requirements and affordability standards.
Edmonton
- Average Home Price: $370,100
- Minimum Income To Buy A Home: $82,730
Located in the heart of Alberta’s oil patch, Edmonton is a dynamic city known for its strong economy, diverse cultural scene, and abundant green spaces. Despite fluctuations in the energy sector, Edmonton’s real estate market remains stable, offering affordable housing options for residents. With an average house price of $370,100, Edmonton provides opportunities for homeownership for individuals with moderate incomes, making it an attractive destination for families and young professionals alike.
St. John’s
- Average Home Price: $332,000
- Minimum Income To Buy A Home: $75,750
Perched on the rugged coast of Newfoundland and Labrador, St. John’s is a historic city brimming with character, natural beauty, and maritime charm. Despite its remote location, St. John’s boasts a vibrant real estate market, with average house prices exceeding $330,000. Aspiring homeowners in St. John’s must navigate unique market dynamics and meet stringent income requirements to purchase property in this scenic coastal city.
Winnipeg
- Average Home Price: $334,700
- Minimum Income To Buy A Home: $76,250
Situated at the crossroads of Canada, Winnipeg is a diverse and dynamic city known for its rich history, cultural attractions, and affordable cost of living. With its stable real estate market and relatively low average house prices, Winnipeg offers opportunities for homeownership for individuals with moderate incomes. With an average house price of $334,700, Winnipeg provides a compelling option for families and first-time buyers looking to enter the housing market.
Regina
- Average Home Price: $301,900
- Minimum Income To Buy A Home: $70,230
Nestled on the vast prairies of Saskatchewan, Regina is a thriving city known for its strong economy, friendly community, and affordable housing market. With its stable real estate market and relatively low average house prices, Regina offers opportunities for homeownership for individuals with moderate incomes. With an average house price of $301,900, Regina provides a compelling option for families and first-time buyers looking to establish roots in this dynamic prairie city.
Fredericton
- Average Home Price: $286,400
- Minimum Income To Buy A Home: $67,380
Tucked away in the heart of New Brunswick, Fredericton is a charming city known for its historic architecture, vibrant arts scene, and affordable cost of living. With its stable real estate market and relatively low average house prices, Fredericton offers opportunities for homeownership for individuals with moderate incomes. With an average house price of $286,400, Fredericton provides a compelling option for families and first-time buyers seeking affordability and quality of life in the Maritimes.
