Required Income in Ontario — 2026 Reference
At current agent rates (4.79% five-year fixed, qualifying at 6.79% stress test), here are approximate income requirements with 20% down and no significant other debt: $500,000 purchase ~$95,000/year · $700,000 ~$130,000/year · $900,000 ~$168,000/year · $1,100,000 ~$205,000/year · $1,400,000 ~$260,000/year.
These are household gross income figures — not after-tax take-home pay. A dual-income household with $65,000 each qualifies similarly to a single earner at $130,000 using the same stress-tested ratios.
What Income Types Count
Not all income is treated equally. T4 employment salary: 100% counted. Self-employed income: 2-year average from NOAs — which lender uses which line on your T1 can change qualification by $50,000+. Rental income: 50% gross at most A-lenders. Bonus income: 2-year average if consistent. Investment income: 2-year average from T1.
If your income is complex or your result here looks lower than expected, contact me — there’s often a lender-matching solution that improves qualification significantly.
Ontario Mortgage Income — Common Questions
Required Income FAQ — What Qualifies in Ontario
Stress test, income types, and what it actually takes to qualify for a home in Toronto and the GTA — by price point.
The average Toronto home price is approximately $1.08M. With 20% down ($216,000), qualifying for an $864,000 mortgage requires approximately $200,000–$210,000 in household gross income after the B-20 stress test. Toronto condos averaging $680,000 require approximately $130,000–$140,000.
Yes. At $100,000 gross single income with no significant debt, maximum mortgage is approximately $465,000. Combined with 20% down that supports a $581,000 purchase — townhouses and condos in several GTA markets. The 905 belt generally offers 20%–30% more buying power than Toronto at the same income.
Yes — but the method matters significantly. Two-year averaged NOA income is the standard approach. Some lenders use stated income or bank statement programs for self-employed borrowers whose deductions reduce their qualifying income. This is where a broker’s lender knowledge produces materially different outcomes than going directly to a bank.
Several levers: add a co-borrower, pay off revolving debt (credit cards at 3%/month), extend amortization to 30 years, or consider a provincial credit union not subject to B-20. Contact me and I’ll model which combination makes the most difference for your specific file.
Still Have Questions?
Not seeing your exact situation here? Let’s take a look at your numbers and walk through your options step by step.
