Everyone knows how unaffordable Toronto real estate is, but just how much do you really need to make to afford the average home? According to one expert’s calculations, probably more than you’d think.

James Laird, president of the mortgage rate company CanWise Financial, told The Toronto Star that in order to buy a home over $1 million, you’ll need a household income of at least $205,400 to get the lender’s approval.

On top of that, you’ll need a minimum down payment of 20%, which equates to roughly $231,000 for the average house in this city, the article says.

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According to Laird, homebuyers only needed an income of $172,600 last year to afford a Toronto home with a 20% down payment. That’s because home prices have gone up significantly since then, and new mortgage rules have led to bigger requirements for homebuyers.

CTV’s Chief Financial Commentator Patricia Lovett-Reid also said last month that you’d need to bring in about $200,000 annually to comfortably afford a $1 million house. And that owning a Toronto home on a $75,000 income is impossible without help from your parents. Ouch, big ouch.

With residential sales prices across the country set to increase by 9.2% next year, that $200,000 base is only going to go up. An increase of that level will create an average home cost of $1,160,491.20 in Toronto and $1,172,250.36 in Brampton next year. But the good news here is that some northern markets like North Bay may experience as little as 4% growth, so you might just have to get creative when looking at areas and neighborhoods.

Looks like it’s time to start saving!