How Much Income Do You Need to Buy a Home in Ontario Right Now

One of the most common questions buyers ask is how much income they actually need to buy a home. Not in theory, but in today’s market, with today’s rates.

A helpful way to think about this is to look at entry price points by city and connect them to how mortgage approvals are typically calculated right now, considering changes to OSFI’s mortgage stress test.

For many buyers, approvals still land somewhere around 4 to 5 times household income, depending on down payment, debt, credit, and rate options. That range is not a rule, but it is a useful planning framework.

Below is a practical breakdown using common entry points in Hamilton and Burlington.

A quick note on how these ranges work

These examples assume:
• Typical consumer debt levels
• At least minimum down payment
• Reasonably strong credit
• Owner-occupied purchase

Actual approvals vary, but these ranges give a realistic starting point. For a quick estimate based on your income, debts, and down payment, you can also use Ratehub’s mortgage affordability calculator.

Hamilton entry price points

Hamilton continues to offer some of the more accessible entry points in the region.

Townhomes around $450,000

This price point often lines up with:
• Household income around $75,000 to $95,000
• Roughly $38,000 to $48,000 each in a two-income household

Detached homes around $550,000

This range typically aligns with:
• Household income around $90,000 to $110,000
• Depending on down payment and other debts

Burlington entry price points

Burlington generally requires higher income due to pricing, but similar approval logic applies.

Townhomes around $700,000

This price point often aligns with:
• Household income around $115,000 to $140,000

Semi-detached homes around $800,000

This range typically lines up with:
• Household income around $130,000 to $160,000

Detached homes starting around $1,000,000

This price point often aligns with:
• Household income around $160,000 to $200,000
• Depending on down payment size and overall financial picture

Why income is only part of the picture

Income sets the ceiling, but other factors meaningfully affect approvals.

Important considerations include:
• Down payment size, which impacts loan amount and rate options
• Other monthly debt, such as car loans or student loans
• Credit score, where scores around 680 or higher generally offer more flexibility

Two households with the same income can receive very different approvals depending on these details.

What most buyers underestimate

Many buyers assume they are much farther away than they actually are.

In reality:
• Most people are not far off
• What’s usually missing is a clear planning range
• Once that range is defined, decisions become simpler

This clarity helps buyers focus on the right price band, property type, and timing instead of guessing.

Final thoughts

Income requirements vary by city, price point, and personal finances, but the approach stays consistent.

Start with realistic entry prices.
Layer in a reasonable income multiple.
Adjust for down payment, debt, and credit.

These numbers change by market, but the framework holds across Ontario.

If you’re early in the process, understanding your range is often the most helpful first step.