How much should you earn to buy a 1,500 sq ft home in Ontario?

The province of Ontario is renowned for its attractive real estate market, with particular attention given to the city of Toronto. Recently, a new price record was set for a square foot in Toronto, at $1,400. In light of this significant development, our intention is to conduct a comprehensive analysis of this thriving real estate market.

Since Toronto is the city with the highest gross annual Salary needed to buy a 1,500 square foot house, we sought to investigate whether this trend extends to the neighboring cities within the Greater Toronto Area.

Good to know

Calculation Method: The square foot price data collected is valid for June 2023. Our calculation is based on the assumption of a mortgage loan taken out in Ontario with a personal contribution between 5% and 20%, at a fixed rate for 5 years of 4.89%, over a total period of 25 years, with a debt-to-income ratio of 36% of disposable net income.

$175,491: This is the average gross annual income required in Ontario to buy a 1,500 square foot house

Buying a house is an aspiration for many families in Ontario. But at what price is this dream available? That’s what we wanted to know, by estimating the gross annual salary required for a household to acquire a 1,500 square foot house in different regions of Ontario. It turns out that:

Expert advice

Alexandre Desoutter, editor-in-chief for HelloSafe Canada
"Ontario's real estate market has reached unprecedented heights, with soaring prices that have left both experts and aspiring homeowners astounded. The combination of limited housing supply, growing demand fueled by population growth, and low interest rates has created a perfect storm, propelling property values to astronomical levels. This has resulted in a challenging landscape for buyers, particularly first-time purchasers, who face formidable barriers to entry. The high real estate prices in Ontario not only underscore the pressing need for innovative solutions to increase housing supply but also highlight the urgent necessity for comprehensive policies aimed at fostering affordability and equitable access to housing for all residents".

Timmins has the lowest gross annual salary to buy a 1,500 square foot house in Ontario

On the other side of the spectrum, away from the metropolis, we analyzed the lowest gross annual salaries required to buy a 1,500 square foot house in Ontario. To purchase a 1500 sq. ft. home in June 2023 in the City of Timmins, the household must have a gross annual salary of $64,896. With a gross annual salary of less than $100,000, you can also buy a 1500-square-foot home in Sault Ste Marie ($97,665).

The price per square foot is 7 times higher in Toronto than in Timmins in June 2023

Logically, the disparities in income required to buy a house between regions are strongly correlated with differences in square foot prices, which are high across Ontario. Thus, as of June 2023:

June 2023 Prices per square foot in Ontario

For the month of June 2023, we have listed prices per square foot in Ontario cities from highest to lowest. The top of the ranking corresponds to cities concentrated in the Greater Toronto Area, and the further away from the metropolis, the lower the prices.

CityPrice per square foot
(house for sale)
Gross annual salary required
to buy a 1,500 square foot house
Toronto
$1,400$591,828
Halton Hills
$1,370$570,154
Aurora
$1,259$519,838
Richmond Hill
$1,240$511,235
Oakville
$1,018$410,719
King
$980$393,512
Mississauga
$977$392,154
Vaughan
$928$369,968
Burlington
$861$339,632
Caledon
$848$333,746
Markham
$818$320,161
Uxbridge
$760$293,900
Milton
$748$288,467
Whitchurch-stouffville
$725$278,053
Whitby
$677$256,319
Scugog
$655$239,365
Manitoulin Island
$651$237,596
East Gwillimbury
$649$229,589
NewMarket
$640$232,734
Brampton
$637$224,415
Guelph
$631$221,829
Clarington
$621$224,333
Pickering
$617$222,565
Hamilton
$610$213,505
Orillia
$605$211,533
Stratford
$595$207,587
Barrie
$590$205,616
Kitchener
$587$204,431
Georgina
$587$210,327
Ajax
$572$198,258
St. Catharines
$566$195,893
Brantford
$554$191,159
Peterborough
$543$186,819
Kenora
$531$187,419
Brock
$530$187,014
Welland
$522$178,535
Kingston
$508$173,012
Sudbury
$500$169,856
London
$492$166,700
Ottawa
$490$165,910
Woodstock
$473$159,205
Hawkesbury
$472$163,551
Windsor
$432$143,743
Sarnia
$426$141,526
Oshawa
$417$138,202
Leamington
$414$137,094
North Bay
$413$136,725
Belleville
$392$128,967
Cornwall
$385$126,382
Chatham
$372$121,580
Sault Ste Marie
$299$97,665
Timmins
$203$64,896
Table of prices per square foot to buy a home in Ontario in June 2023

Methodology

In addition to its expert editorial line around insurance and financial products, HelloSafe explores broader topics relating to global consumption in Canada and around the world. The aim is to decipher certain complex subjects for consumers and to provide everyone with the latest information. It is within this framework that HelloSafe regularly carries out studies on trends relating to current personal finance in Canada.

Reminder of the calculation method: the square foot price data collected is for June 2023 and is taken from Viewhomes.ca and Get Home Realty websites. Our calculation is based on the assumption of a mortgage loan taken out in Ontario with a personal contribution between 5% and 20%, at a fixed rate for 5 years of 4.89%, over a total period of 25 years, with a debt-to-income ratio of 36% of disposable net income.

About HelloSafe Canada

HelloSafe is a leading platform for comparing financial products (insurance, credit, investments) in Canada. Powered by its unique and powerful technology, HelloSafe provides users with dozens of free and anonymous comparison tools, calculators and expert, up-to-date content. Its platform empowers users to make the best decisions for their wallets and find the right products at the right prices for them.

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