You Need an Income of Over $220K to Buy a Home in Toronto, Vancouver, New Data Shows

A “for sale” sign outside a home in Vancouver. The Canadian Press/Jonathan Hayward

You'll need to be making more than $220,000 to buy a home in Toronto and Vancouver with a 20 percent down payment, according to new data from Ratehub.ca.

While home prices have been going down in cities like Toronto, Vancouver, Winnipeg, Ottawa and Hamilton, the income required to purchase a home in these markets still remains higher due to stress test rates and rising mortgage rates.