Mortgage costs have grown faster than incomes over the past decade, according to a new report from Zoocasa.

The analysis released Thursday looked at average mortgage payments across 17 Canadian cities from 2013 to 2023 and compared the figures against average incomes. 

It highlighted that while home prices in Canada have risen over the past decade, interest rates remained consistent until recently, having risen to 15-year highs after reaching historic lows in 2021. 

“Both of these factors have contributed to an increase in monthly mortgage payments,” the report said. “With income growth struggling to keep pace, some homebuyers are taking a step back from the real estate market.” 

In 10 of the 17 cities analyzed, Zoocasa found that mortgage payments increased by over 100 per cent and incomes by 16 per cent or less during the time period. 

“Over the last ten years, average monthly mortgage payments increased in every city analyzed, with the majority of cities’ mortgage payments increasing by more than $1,000 and four cities increasing by more than $3,000 since 2013,” the report said. 

Cities in Ontario and B.C. may experience higher than average incomes, however, the report noted monthly mortgage payments in both provinces “were up substantially.” Particularly, Hamilton-Burlington and Barrie District were highlighted as having the largest increases in mortgage payments.

In Hamilton-Burlington, the average monthly mortgage payment rose by $3,354 over the past decade, the report said, rising to $5,034 in 2023 from $1,680 in 2013.

Barrie District “followed a similar trajectory,” the report said, with the average monthly mortgage payment rising to $4,778 in 2023 from $1,442 in 2013, marking an increase of $3,336.

The report attributed the increase in mortgage payments in both regions to rising home prices, which increased by over $500,000 between 2013 and 2023. 

The Greater Toronto Area saw mortgage payments increase by 129.8 per cent during the time period, while average incomes rose by only 16 per cent, the report said.

Victoria saw mortgage payments increase 158 per cent on average while incomes rose only 15.2 per cent. 


Zoocasa’s report looked at home prices from 2013 to 2023 in 17 cities and calculated average mortgage payments during the time period assuming an average-priced home with a minimum down payment and a 25-year amortization using the five-year fixed rate in September of each year. Average payments were then compared relative to average annual income figures from Statistics Canada, the report said.