Mortgage rates and affordability

Bank of Canada policy rate: 2.25%
Prime rate: 4.45%
5-year posted (big banks): 6.19%
1-year posted: 5.49%

Bank of Canada data, as of 2026-10-20. Posted rates are higher than the discounted rates most borrowers get.

Bank of Canada policy rate5-year posted mortgagePrime rate

Income needed to buy the typical home

Household income a lender would want to see for the median-priced home for sale in each city, with 20% down (or the minimum), a 25-year mortgage and today’s stress test (qualifying at 6.69%), plus typical property tax, heating and half the condo fee, at 39% of income.

City	Typical house	Income needed	Typical condo	Income needed
Toronto	$1,399,900	$255,000	$590,000	$121,000
Mississauga	$1,299,999	$242,000	$580,000	$120,000
Hamilton	$799,000	$151,000	$449,900	$97,000
Brampton	$974,900	$183,000	$519,450	$108,000
Vaughan	$1,549,450	$280,000	$599,000	$121,000
Markham	$1,399,999	$255,000	$649,000	$129,000
Oakville	$1,698,500	$308,000	$599,000	$121,000
Richmond Hill	$1,595,000	$290,000	$599,900	$121,000
Barrie	$740,000	$141,000	$449,000	$97,000
Oshawa	$769,450	$146,000	$481,538	$101,000
Burlington	$1,299,900	$237,000	$629,000	$127,000
London South	$759,900	$144,000	$439,450	$90,000
Kitchener	$769,900	$144,000	$399,900	$86,000
Kawartha Lakes	$650,000	$121,000	$549,000	$115,000
London East	$524,900	$100,000	$319,950	$70,000
St. Catharines	$599,000	$115,000	$399,900	$88,000
Niagara Falls	$649,000	$122,000	$449,000	$95,000
Milton	$1,139,900	$207,000	$559,900	$111,000
Guelph	$824,900	$156,000	$525,000	$109,000
London North	$774,950	$147,000	$508,438	$106,000
Kingston	$649,900	$124,000	$440,000	$95,000
Whitby	$992,000	$187,000	$570,000	$120,000
Clarington	$839,857	$158,000	$459,900	$96,000
Innisfil	$858,888	$160,000	$499,450	$107,000

A rough guide, not a mortgage approval: other debts, your credit and the lender’s rules change the answer. Try your own numbers in the mortgage calculator.