This Is How Much You Need To Make To Buy A Typical Home In Montreal, According To A Report

Better start saving your money!

Contributing Writer

Unless you’ve been living under a rent-controlled rock, you’ve probably noticed property prices in Montreal are soaring right now — and a new report from the National Bank of Canada has revealed just how high they've gotten.

A representative non-condo home in Montreal cost $464,684 over the first quarter of 2021, according to the bank’s Housing Affordability Monitor, and you need a household income of $94,760 to afford one.

Editor's Choice: Quebec Will Soon Be Giving Out QR Code Proof Of Vaccination — Here's What You Need To Know

It would take you 40 months to save enough for a down payment, states the report.

While Montreal condo prices were up 2.5% over the first quarter of 2021 to $340,610, it continues, you would only need a household income of $69,459 to buy one.

Things are bad across the country. "In the first quarter of 2021, Canadian housing affordability deteriorated for the first time in four quarters," states the report. "Among the ten markets covered, affordability deteriorated in all of them."

From Your Site Articles

Montreal Ranked Most Expensive In Canada For Homes Per Sq. Ft. - MTL Blog ›

quarter report

This Is How Much You Need To Make To Buy A Typical Home In Montreal, According To A Report

Contributing Writer

Montreal's about to get smacked with another heavy dose of freezing rain and ice

Should we just cancel spring this year?

Montreal recorded over 300 break-ins in March alone — Here's which areas are most affected

Montreal could finish the year with somewhere around 5,200 break-ins.

GST/HST Credit payments for April are coming this week – Here's how much you could get

Keep an eye on your bank account.

Air Canada's CEO is stepping down after deadly plane crash & French language controversy

After 19 years as an executive at the Montreal-based company, he still can't speak French.

These Montreal grocery stores are selling hard liquor for the same prices as the SAQ

How about a bottle of Jameson with those bananas?

Montreal's Easter weekend weather forecast is out and it's kind of a bummer

Why can't we have nice things?

What's open and closed in Montreal this Easter long weekend

Don't do your shopping at the last minute.

I'm a Brit who moved to Canada and these local slang words make no sense to me

Canadian slang isn't so easy.

Your Canadian passport is about to get more expensive — Here's what else is changing

You could end up getting it free if it arrives late.

Pierre Poilievre is trying to derail the Toronto–Quebec City high-speed rail project

Poilievre called the plan a "$90 billion Liberal boondoggle."