Here's how much it costs to live comfortably in Montreal in 2024, based on a new ranking
Do you find Montreal affordable? 💰
Montreal skyline from avenue du Parc in the fall.
As the cost of living continues to rise in Quebec, many residents are exploring ways to manage the growing impact of inflation — whether by taking on multiple jobs, working extra hours, or seeking financial assistance through the Canada Revenue Agency and Revenu Québec. But would it surprise you to learn that Montreal is actually one of Canada's most affordable cities when compared to other urban centres?
MovingWaldo, a tech company focused on streamlining the residential moving process, recently ranked Canada’s 10 most populous cities based on their affordability. Using data from sources like the Canadian Real Estate Association, Realtor.ca, Zumper, and Numbeo, the report compared the cost of buying a home, renting a one-bedroom apartment, and the overall cost of living in each city.
Despite being Canada’s second most populous city, Montreal ranked as the third most affordable city ahead of Calgary, Ottawa, Hamilton and more.
Here’s a breakdown of the cost of living in Montreal:
- Population: 1,874,560 (2023)
- Average rent for a one-bedroom apartment: $1,776/month
- Average home price: $533,100
- Cost of living: $2,666/month
"Montreal thrives on its diverse population, creating a multicultural vibe that embraces different traditions, languages, and customs. The city’s bilingual nature, with both French and English widely spoken, offers a special cultural experience, encouraging diverse interactions and language growth. Famous for its lively cultural scene, Montreal hosts countless festivals, art venues, theatres, and a variety of delicious foods, making life vibrant and exciting for residents," MovingWaldo says.
"This city ranks lower on our list of the most populated cities in Canada, ordered from most expensive to cheapest, because it is relatively more affordable than others. Additionally, it offers numerous parks and green spaces, providing locals with areas for relaxation, recreation, and outdoor activities."
Here’s a look at the top 10 most populous cities in Canada, ranked from most expensive to cheapest:
- Vancouver, BC
- Toronto, ON
- Mississauga, ON
- Brampton, ON
- Hamilton, ON
- Ottawa, ON
- Calgary, AB
- Montreal, QC
- Edmonton, AB
- Winnipeg, MB
For more details, visit the full report on MovingWaldo’s website.
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