Here’s how much you need to make to afford a home in Hamilton

Hamilton’s housing market has been skyrocketing in recent years, reaching heights that feel challenging at best and fully unattainable at worst for the average homebuyer.

Now, thanks to a June 2022 report by, we have a clearer picture of what a person’s annual income needs to be in order to afford to purchase a home in Hamilton.

According to the report, the average price of a home in Hamilton as of June 2022 is $934,700, and a hopeful homebuyer would need a minimum annual income of $179,060 to afford a home based on a mortgage payment with a 20 per cent down payment.

It’s an income rate that even exceeds the means of countless dual income households, meaning that many couples who both work full-time are nonetheless likely to face considerable barriers to entering the Hamilton housing market.

Though housing prices are lower in June than they were a few months prior, a rise in stress test rates have kept the income needed to purchase a home at a high level.

“In every city, homebuyers require a lot more income to purchase the average home due to higher stress tests caused by increasing mortgage rates,” said James Laird, Co-CEO of

“Generally, for every 1% that the stress test increases, a household qualifies for about 10% less mortgage.”

Read the full report here.

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