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 2026-10-16. 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	$1,399,400	$255,000	$590,000	$121,000
Mississauga	$1,299,900	$241,000	$584,900	$121,000
Hamilton	$799,900	$151,000	$449,900	$97,000
Brampton	$979,950	$184,000	$524,902	$109,000
Vaughan	$1,549,999	$280,000	$599,000	$121,000
Markham	$1,399,999	$255,000	$646,500	$128,000
Oakville	$1,699,000	$307,000	$599,000	$121,000
Richmond Hill	$1,599,000	$291,000	$599,000	$121,000
Barrie	$740,000	$140,000	$449,900	$97,000
Oshawa	$769,999	$146,000	$479,900	$101,000
Burlington	$1,295,000	$236,000	$627,000	$127,000
London South	$759,450	$144,000	$434,000	$88,000
Kitchener	$774,950	$145,000	$399,900	$86,000
Kawartha Lakes	$650,000	$121,000	$549,000	$115,000
London East	$524,900	$100,000	$319,450	$69,000
St. Catharines	$599,900	$115,000	$394,450	$87,000
Niagara Falls	$649,000	$122,000	$449,000	$95,000
Milton	$1,099,945	$200,000	$569,000	$113,000
Guelph	$837,000	$158,000	$525,000	$109,000
London North	$769,900	$146,000	$507,876	$106,000
Kingston	$649,450	$124,000	$442,500	$95,000
Whitby	$974,000	$184,000	$564,999	$120,000
Innisfil	$858,888	$160,000	$498,944	$107,000
Clarington	$839,900	$158,000	$459,900	$96,000

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.