In January 2025, the average annual income needed to buy a home in Ottawa increased by $790 to $141,420, according to Ratehub.ca.

The average home price increased from $645,800 in December to $649,900 in January, raising the income requirement.

Ratehub.ca analysts calculated the data based on a 4.7% mortgage rate, 6.7% stress test, 20% down payment, and 25-year amortization.

Income requirements increased in 12 of Canada’s largest cities, including Toronto, Vancouver, and Montreal.

Vancouver remains the most expensive city, with a $243,300 annual requirement to buy a home. In Toronto, the figure reached $223,290 (up $1,640 in a month).

The biggest jump was in Hamilton, where the income threshold rose by $4,050 to $174,450.

Experts say rising property prices and flat-rate mortgages are making housing more affordable across the country.