Montreal Ranked #3 Cheapest City To Buy A House In Canada - MTL Blog

Montreal Ranked #3 Cheapest City To Buy A House In Canada

This is how much money you need to make to buy one.

Photo cred - madmaik

Montreal is many things, if not expensive. But one area that we are winning, though, is the price of property. Buying a house is a big deal, and requires significant planning and investment. While Montreal may have the highest sales tax around, thankfully it does not have the most expensive houses.

Workopolis recently decided to calculate how much Canadians need to earn in order to buy a house, and among its findings it seems Montreal ranks #8 out of 10 major cities. Consulting with a property broker, they broke it down by  accounting for an average qualifying rate of 2.99% interest on a 5-year fixed term, a standard 10% down payment and allowing for $100 a month in utilities.

Based on average purchasing prices provided by the Canadian Real Estate Association, Montrealers need to earn about $68,884  in order to comfortably buy themselves a house. No small number, but definitely more affordable when compared to, say, Vancouver, where throwing down on a pad will require you to earn a not-so-modest salary of $147,023. I guess that's just the price they pay for the luxury of palm trees in the winter.

See how each of the 10 Canadian cities rank below.

1. Vancouver

Average price: $819,336

Monthly mortgage payment: $3,570

Property tax: $251

Income required: $147,023

2. Toronto

Average price: $587,505

Monthly mortgage payment: $2,560

Property tax: $354

Income required: $113,009

3. Calgary

Average price: $465,047

Mortgage mortgage payment: $2,026

Property taxes: $236

Income required: $88,578

4. Ottawa

Average price: $357,887

Monthly mortgage payment: $1,559

Property tax: $336

Income required: $74,820.28

5. Saskatoon

Average price: $349,322

Monthly mortgage payment: $1,522

Property tax: $366

Income required: $74,546

6. Edmonton

Average price: $365,520

Mortgage payment: $1,592

Property tax: $244

Salary required: $72,617

7. Regina

Average price: $331,161

Monthly mortgage payment: $1,443

Property tax: $378

Income required: $72,028

8. Montreal

Average price: $344,273

Monthly mortgage payment: $1,500

Property tax: $237

Income required: $68,884

9. Winnipeg

Average price: $270,605

Monthly mortgage payment: $1,179

Property tax: $274

Income required: $58,235

10. Halifax

Average price: $264,447

Monthly mortgage payment: $1,152

Property tax: $266

Income required: $56,929

Source


Industrial-Style-Home-in-Quebec-02-1-Kindesign

Photo cred - DecorMag

Would you buy a house that looks like this? Click here for A Montreal Warehouse That Has Become The Most Magnificent Of Homes>

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