Once upon a time, annual earnings of $100,000 would have been considered a comfortable income, providing ample financial security and home ownership possibilities. However, in the ever-increasing housing markets of Ontario and other major Canadian cities, even this substantial income is not enough to buy the average home. A recent report reveals that dreams of home ownership are becoming increasingly unattainable for six-figure earners, particularly in the province of Ontario.

Report Findings

Real estate agency Zoocasa conducted a comprehensive study, revealing that only four out of 18 major markets in Canada are affordable for those making $100,000 per year. The results were even more disheartening for Ontario, with none of its cities featuring in the affordable list. The agency used the CIBC Mortgage Affordability Calculator for a standardized stress test, setting the gross income at $100,000. The data was collected using a standard 25-year amortization and a 3.89 per cent interest rate.

Zoocasa

Affordability Calculations

The report avoided unrealistic assumptions such as a 20 per cent down payment with no debt. Instead, it used the average annual salary in each province from Statistics Canada as the down payment amount. This is a reflection of the savings potential of buyers, including financial help from family members. As per a CIBC report, the national average for parental gift towards home buying is $167,000, climbing to $189,000 in Ontario.

Most Affordable Markets

For those earning $100,000 annually, home ownership is most realistic in the Prairie and Atlantic provinces. Regina stands out as the most affordable market in Canada, with an average home price of $329,300. However, in the Greater Toronto Area (GTA), a single earner faces a deficit of $553,182 against the region’s average home price of $951,700.

Zoocasa

Condos: A More Accessible Entry Point

For prospective buyers who are priced out of detached homes, condos often serve as a more accessible entry point. London St. Thomas and Kitchener-Waterloo are Ontario’s most affordable markets for condo apartments, where the average condo apartment costs $324,000 and $366,784, respectively. In Ottawa, an average condo price of $401,465 makes homeownership dreams still possible, with a deficit of just $2,947 for the average $100,000 earner. However, in the GTA, the average condo price is $663,227, leading to a deficit of $264,709 for those earning $100,000 annually.

Lead photo by Fareen Karim

Ethan Radcliffe

Ethan Radcliffe is a senior reporter and digital editor at The Toronto Insider, specializing in Canadian federal policy, GTA urban development, and national economic trends. With over a decade of experience in North American journalism, Ethan focuses on translating complex legislative and economic developments into clear, accessible reporting for Canadian readers. Ethan’s work emphasizes policy analysis, government accountability, and data-driven reporting, with a strong focus on how federal and provincial decisions impact communities across the Greater Toronto Area and beyond. He has covered infrastructure planning, housing policy, fiscal strategy, and regulatory changes affecting Canadian households and businesses. A graduate of Toronto Metropolitan University’s School of Journalism, Ethan brings expertise in investigative reporting, long-form analysis, editorial standards, and digital publishing best practices. His reporting is guided by verifiable sources, public records, and transparent sourcing. In addition to reporting, Ethan has experience in newsroom editing, fact-checking workflows, SEO-informed journalism, and audience analytics, ensuring stories meet both editorial integrity standards and modern digital discoverability requirements. Ethan is committed to objective, fact-driven journalism and adheres to established ethical guidelines, prioritizing accuracy, clarity, and public trust in all reporting.

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