How much income do you need to buy a house in the GTA? (2026)

To buy the typical condo apartment for sale in the Greater Toronto Area (asking $565,000) with the minimum down payment, a household needs an income of about $124,000 a year. A freehold townhouse ($899,000) takes about $176,000, and the typical detached house ($1,399,000) about $268,000. In Oshawa, the same detached-house budget drops to about $161,000; in Oakville or Richmond Hill it rises past $310,000.

Those figures come from the mortgage stress test that every lender in Canada applies, using what homes for sale across Toronto, York, Peel, Durham and Halton were asking on October 18, 2026. Your own number depends on your debts, down payment and lender, so treat these as a starting point.

$124,000Condo apartment (asking $565,000)$31,500 down; about $3,620 a month to own

$176,000Freehold townhouse (asking $899,000)$64,900 down; about $4,580 a month

$268,000Detached house (asking $1,399,000)$114,900 down; about $7,020 a month

Household income before tax, no other debts. Assumptions are in the next section.

Source: Dibz calculation from active MLS® listings (TRREB, via PropTx), Oct 18, 2026; Bank of Canada; CMHC; OSFI

How we worked it out

Lenders don't approve a mortgage based on the rate you'll actually pay. They check that you could still afford the payments at a higher qualifying rate, and that housing costs stay under a set share of your income.

• Price: the median asking price of each home type, overall and by city.
• Down payment: the legal minimum: 5% of the first $500,000, 10% of the part from $500,000 to $1.5 million, and 20% of the whole price at $1.5 million or more.
• Mortgage insurance: with less than 20% down, the CMHC premium (4.0% at 95% loan-to-value, less at smaller loans, plus 0.20% for a 30-year amortization) is added to the mortgage.
• Rate: 4.05%, the Bank of Canada's average for new insured 5-year-plus fixed mortgages (July 2026, latest), or 4.49% for uninsured loans. You qualify at the higher of 5.25% or your rate plus 2%: 6.05% insured, 6.49% uninsured.
• Amortization: 30 years, which first-time buyers can now use on insured mortgages up to $1.5 million.
• Housing costs: the stress-tested payment, plus the median property tax for that home type and city, $100 a month for heat, and half the condo fee where there is one.
• The limit: housing costs of no more than 39% of gross income (the gross debt service ratio). We assume no car loan, credit card or student debt; those count against a separate 44% limit and raise the income you need.

"About … a month" is what you'd really pay at 4.05%: the mortgage, property tax and full condo fee, before heat, insurance and maintenance.

Income needed by home type

Stress-tested at 6.05%, 30-year amortization, median property tax per type ($2,947 condo apartment to $7,436 detached), half the median condo fee. Rounded to the nearest $1,000.

Source: Dibz calculation from active MLS® listings (TRREB, via PropTx), Oct 18, 2026

Show the numbers

	Value
Condo apartment ($565,000)	$124,000
Condo townhouse ($684,900)	$143,000
Freehold townhouse ($899,000)	$176,000
Semi-detached ($919,000)	$179,000
Detached ($1,399,000)	$268,000

Income needed by city

The city changes the answer as much as the home type does. A detached house in Oshawa needs about the same income as a freehold townhouse in Toronto.

	Condo apartment	Freehold townhouse	Detached
Oshawa	$94,000	$141,000	$161,000
Clarington	$101,000	$139,000	$178,000
Ajax	–	$157,000	$203,000
Brampton	$107,000	$156,000	$216,000
Whitby	$121,000	$157,000	$217,000
Newmarket	$130,000	$158,000	$228,000
Pickering	$109,000	$164,000	$240,000
Milton	$116,000	$164,000	$252,000
Toronto	$127,000	$211,000	$266,000*
Markham	$128,000	$192,000	$277,000*
Burlington	$126,000	$179,000	$279,000
Mississauga	$119,000	$185,000	$285,000
Vaughan	$125,000	$199,000	$292,000*
Oakville	$123,000	$211,000	$314,000*
Richmond Hill	$124,000	$202,000	$316,000*

* Median detached price is $1.5 million or more, so 20% down is required ($318,000 in Toronto to $377,600 in Richmond Hill) and the loan is uninsured, which lowers the income needed but raises the cash needed. – = fewer than 20 condo listings.

Source: Dibz calculation from active MLS® listings (TRREB, via PropTx), Oct 18, 2026

Notice the asterisks. A detached house at $1.5 million or more can't be bought with an insured mortgage, so you need 20% down. In Toronto that's $318,000 in cash for the median detached house ($1,590,000). The bigger down payment shrinks the mortgage, which is why Toronto's income figure ($266,000) is lower than Mississauga's ($285,000) even though the house costs more.

What can you afford on your income?

Turning it around: with the minimum down payment, no other debts and typical freehold property tax ($5,000 a year), here is roughly the highest price a household can qualify for.

Stress-tested at 6.05%, 30-year amortization, $5,000 a year property tax, $100 a month heat, 39% gross debt service limit. For a condo with a $720 fee and $2,950 tax, subtract roughly $30,000 to $35,000.

Source: Dibz calculation; Bank of Canada; CMHC; OSFI

Show the numbers

	Value
$100,000 income	$464,000
$125,000 income	$607,000
$150,000 income	$752,000
$175,000 income	$897,000
$200,000 income	$1,042,000
$250,000 income	$1,331,000

Then compare against what's listed: across the GTA, 24% of homes for sale ask $600,000 or less, 42% ask $800,000 or less, and 57% ask $1 million or less. See where those homes are.

Ways to buy with a lower income

• Put more down. Each extra dollar of down payment lowers the mortgage and the insurance premium. A First Home Savings Account (FHSA) and the RRSP Home Buyers' Plan can add up to $100,000 per buyer; see our FHSA and Home Buyers' Plan guide.
• Buy with someone. Two incomes qualify together. Our guide to buying a home as a couple covers ownership and the paperwork.
• Change the home type or city. A freehold townhouse in Brampton or Whitby needs about $157,000; a condo in Oshawa about $94,000. Compare home prices by city.
• Pay down other debts first. A $500 car payment can cut what you qualify for by tens of thousands of dollars.
• Use the 30-year amortization if you're a first-time buyer. It lowers the payment, but you pay more interest over time.
• Count rental income. Some lenders count part of the rent from a legal basement apartment toward qualifying. Ask a mortgage broker how they treat it.

FAQ

How much do I need to make to buy a house in Toronto?

For the median detached house in the City of Toronto ($1,590,000 asking in October 2026), about $266,000 a year in household income, plus $318,000 down because the price is over $1.5 million. A freehold townhouse ($1,095,000) needs about $211,000, and a condo apartment ($579,945) about $127,000, with the minimum down payment.

How much income do I need for a $1 million house in Ontario?

About $193,000 a year with the minimum down payment ($75,000 on a $1 million home), a 30-year amortization, $5,000 in property tax and no other debts, at October 2026 rates. With 20% down ($200,000) and an uninsured loan stress-tested at about 6.49%, roughly $170,000.

What is the mortgage stress test in 2026?

You must qualify at the higher of 5.25% or your contract rate plus 2 percentage points. With a typical insured 5-year fixed rate around 4.05%, that's 6.05%. It applies to insured and uninsured mortgages from federally regulated lenders.

Can I buy a house in the GTA on $100,000 a year?

On its own, $100,000 qualifies for about $464,000 with the minimum down payment and no other debts. That's enough for many condo apartments, particularly in Oshawa (median $399,450), Clarington, Brampton and Pickering, but few freehold homes. With a co-buyer, a bigger down payment or rental income, the options grow.

Do lenders use gross or net income?

Gross income, before tax. Housing costs can be up to about 39% of it, and housing plus all other debt payments up to 44%, for an insured mortgage.

Sources

• Bank of Canada: Funds advanced, residential mortgages, insured, fixed 5 years and over (V122667780)
• OSFI: Minimum qualifying rate for uninsured mortgages
• Department of Finance Canada: Mortgage reforms (30-year amortizations, $1.5 million cap)
• CMHC: Mortgage loan insurance premiums
• FCAC: Down payment
• Dibz analysis of active MLS® listings (TRREB, via PropTx), October 18, 2026: median list price, property tax and condo fee of homes for sale in Toronto, York, Peel, Durham and Halton. Dibz calculation.

This article is general information, not financial advice. Lenders apply their own rules; speak to a licensed mortgage professional before you make an offer. Try your own numbers in the Dibz mortgage calculator.