The income required to purchase a home in Ottawa increased in August as the average price of a home jumped this summer. A new report by Ratehub.ca shows buyers needed to earn an average of $137,400 to buy the average priced home in Ottawa last month, up from $136,570 in July 2026. According to Ratehub.ca, the average home price in Ottawa increased $3,700 in August to $637,700. Ratehub.ca looks at the income required to buy a home with a 10 per cent down payment, a 25-year amortization, $4,000 in annual property taxes and a monthly heating bill of $150. The mortgage rate was 4.55 per cent and the stress test rate was 6.55 per cent. Ratehub.ca says the average mortgage payment was $3,291 in Ottawa in August, up from $3,269 a month in July. Ottawa was one of three housing markets in Canada where the average income required to purchase a home increased in August. “Halifax, Ottawa, and Fredericton were the three outliers; these cities saw affordability worsen,” Jamie David, vice-president of Mortgages at Ratehub.ca, said in a statement. “Changes this month were solely due to home prices. The average of the Big Five Banks’ 5-year fixed rates remained the same and had no impact on affordability this month.” The average income to buy a home increased $650 to $84,840 in Fredericton and jumped $1,360 in Halifax to $123,200. According to Ratehub.ca, the average income to purchase a home dropped $1,510 in Toronto to $192,750 in August. The average cost of a home dropped $8,700 from July to August in Toronto to $925,900. In Vancouver, homebuyers need an average income of $222,730 to purchase a home, down from $223,860 in July. The average price of a home dropped $6,900 to $1,081,900 in August in Vancouver. In Montreal, the average income required to purchase a home in August was $127,050, down $1,110 from July.
