Canadian 🇨🇦 cities by income needed to buy a home (March 2025):
1. Vancouver: $223,900
2. Toronto: $211,300
3. Victoria: $176,300
4. Hamilton: $147,300
5. Ottawa: $134,900
6. Calgary: $118,600
7. Montreal: $108,900
8. Halifax: $94,600
9. Edmonton: $93,700
10. Winnipeg: $74,600— Made In Canada (@MadelnCanada) May 27, 2025
Ontario’s mortgage delinquency rate has hit an all-time high, revealing deep financial distress among homeowners. The latest data confirms that more people are falling behind on payments than ever before. This is not a minor trend. It is a serious warning about the pressure rising interest rates are placing on the housing market.
Equifax Canada reports that 0.24% of Ontario mortgage holders missed a payment in the first quarter of 2025. That marks a 71.5% increase from the previous year, a level not seen since tracking began in 2012. Homeowners who secured low-rate mortgages during the pandemic are now renewing at much higher interest levels. The adjustment is overwhelming, forcing many into financial hardship. The numbers tell the story. Borrowers who expected stability are now struggling with unaffordable payments.
The affordability crisis extends beyond mortgage holders. Prospective buyers are being priced out as income requirements continue to rise. In March 2025, purchasing a home required $223,900 in annual income in Vancouver, $211,300 in Toronto, and $176,300 in Victoria. Even in smaller cities like Winnipeg, buyers needed $74,600 per year. These figures make it clear that homeownership is slipping further out of reach for working Canadians.
The economic outlook is growing more uncertain. With more than one million mortgages set to renew across Canada this year, delinquencies could climb even higher. Job losses, inflation, and economic instability are contributing to a financial storm that may push more households into crisis. If these trends continue, Ontario’s housing market could face deeper instability, affecting property values and long-term economic growth.
https://money.ca/mortgages/mortgage-rates/ontario-mortgage-delinquencies-surge
https://everythingmortgages.ca/blog/mortgage-delinquencies-surge-in-2025/