Most Major Housing Markets in Canada Are Still Unaffordable for $100k Earners in 2026
Housing Markets in Canada
The “six-figure salary” isn’t the golden ticket it used to be.
For generations, hitting the $100,000 annual income mark was the ultimate financial milestone—a sign that you had “made it” and could comfortably afford a detached home in the city. But as we settle into 2026, the goalposts have shifted.
Despite interest rate cuts throughout 2025 and a cooling in some property values, the reality for a single earner making $100k is stark: in Canada’s largest cities, you are likely priced out of the detached market.
Here is the breakdown of what a $100,000 income can actually buy in 2026.
The “Impossible” Markets (Requires $150k+)
If you are earning $100,000 in these cities, you are facing a massive shortfall. Even with a 20% down payment, the mortgage stress test makes qualifying for the average home nearly impossible on a single income.
- Vancouver, BC: The most expensive market in the country. You now need an income of approx. $227,300 to purchase the average home.
- Toronto, ON: Despite price corrections, the required income sits at approx. $194,430.
- Victoria, BC: The island life comes with a premium, requiring an income of $179,700.
- Hamilton, ON: Once the “affordable alternative” to Toronto, Hamilton now requires $153,090 to buy the average home.
The Verdict: In these cities, $100k might get you a condo, but a freehold property is a two-income game.
The “Stretch” Markets (Requires $115k – $135k)
These cities are tantalizingly close, but a single $100k earner will still likely be denied by the bank without a massive down payment or a co-signer.
- Ottawa, ON: The nation’s capital requires an income of approx. $132,160.
- Montreal, QC: Rising steadily, Montreal now requires $124,120 to purchase the average property.
- Calgary, AB: The days of easy affordability are fading. You now need approx. $120,420 to buy the average home, leaving a $100k earner about $20,000 short.
- Halifax, NS: The east coast boom has pushed the required income to $118,350.
The Verdict: You are on the bubble. With a significant down payment (more than 20%) or by targeting a townhouse instead of a detached home, you might squeeze in.
Why Is This Happening?
Even though the Bank of Canada cut rates in 2025, three factors are keeping affordability low:
- The Stress Test is Still High: You don’t just have to afford the mortgage rate (e.g., ~4%); you have to qualify at the “Stress Test” rate, which is currently around 6.46%.
- Pent-Up Demand: As rates dropped, buyers who were sitting on the sidelines rushed back in, putting a floor on how much prices could fall.
- Supply Shortages: We simply are not building enough homes to keep up with population growth, keeping competition high in desirable areas.
Housing Affordability FAQs
Contact us to receive a custom strategy for buying in today’s market, whether you are solo or buying with a partner.
Is the mortgage stress test still in effect in 2026?
Yes. federally regulated lenders are still required to qualify borrowers at the “Stress Test” rate. As of early 2026, this rate is generally around 6.46% (or your contract rate + 2%, whichever is higher). This means even if you secure a mortgage rate of 3.9%, the bank checks if you could afford payments at 6.5%.
Will home prices drop further in 2026?
It is unlikely we will see a crash. While some markets like Toronto and Vancouver have seen price corrections, forecasts for 2026 suggest a “revival” or modest stabilization rather than a steep decline. As interest rates settle, buyer confidence is returning, which tends to push prices back up or hold them steady.
How much down payment do I need to buy with $100k?
If you are buying under $500,000 (possible in Edmonton or Winnipeg), you can put down as little as 5% ($25,000). However, in “Stretch” markets like Calgary or Ottawa where average homes are over $500k, you need 5% on the first $500k and 10% on the portion above that. To bridge the affordability gap in expensive cities, you often need 20%+ to lower your monthly payments enough to qualify.
Can I buy a condo with a $100k salary?
Yes, in almost every city. While detached homes are out of reach in Toronto and Vancouver, the condo market is much more accessible. For example, the income required to buy a condo in Edmonton is roughly half of what is needed for a house, and even in Calgary, a $100k income comfortably covers the average condo price.
Where is the most affordable place to buy a home in 2026?
Based on income requirements, Regina, Saskatchewan and Fredericton, New Brunswick are among the most affordable major cities in Canada. In these markets, a $100,000 income puts you well above the average, allowing you to buy a premium home rather than just an entry-level one.
Are you ready to find a home that fits your budget? Whether you are looking for a condo in the city or a detached home in the suburbs, we can help you navigate the numbers.
