More than half of Canada’s major cities saw their mortgage affordability improve in 2025, but for some places, including Montreal, the situation isn’t quite so rosy. According to Ratehub’s latest affordability report, which outlines the annual income required to purchase a home, there has been an improvement over the past year in cities like Hamilton (down $18,610) and Toronto (down $18,590). “Eight of the 13 cities have seen an improvement, mainly due to lower housing prices and mortgage rates,” Philippe Simard, Quebec mortgage director at Ratehub, told Noovo Info. Contrarily, in Montreal, the income required to buy a home increased by $2,420 over the last twelve months. “This situation is attributable to a $24,800 increase in home prices,” explained Simard, noting that lower mortgage rates were not enough to offset the rise in housing prices. Here’s how much you need to make to buy a property in Canada’s major cities as of December 2025: Montreal, Que. Toronto, Ont. Ottawa, Ont. Vancouver, B.C. Halifax, N.S. St. John’s, Nfld. Lab. Winnipeg, Man. Calgary, Alta. Edmonton, Alta. Fredericton, N.B. Hamilton, Ont. Regina, Sask. Victoria, B.C.
