It just got harder to afford a home in Montreal — And it's not because prices went up

If you thought Montreal real estate was already out of reach, this month's numbers might make you wince.

According to new data from Wealth North, the median price of a single-family home in the Montreal CMA held steady at $625,000 in May. But due to a slight bump in mortgage rates — from 3.89% to 3.99% — the annual income required to afford that price jumped by $1,359 in one month, now sitting at $165,366.

In other words, even though home prices didn't go up, affording one still got harder.

This income level places you well above the national average salary and deep into the top-earning percentiles in Canada. For context, new data from Statistics Canada indicates that the average full-time worker in Quebec makes around $65,000 per year.

Meanwhile, condo affordability is becoming its own uphill climb. The median condo price in the Montreal CMA is now $427,500, and you’d need to earn at least $121,054 annually to make it work — a $1,614 jump since April.

Here's how much properties are going for in surrounding regions, along with how much you'd need to earn per year to afford one.

• Montreal CMA: $625,000 → $165,366
• Island of Montreal: $797,500 → $204,068
• Laval: $624,000 → $165,141
• North Shore: $558,250 → $150,390
• South Shore: $635,000 → $167,609
• Vaudreuil-Soulanges: $600,000 → $159,757
• Saint-Jean-sur-Richelieu: $569,500 → $152,914

• Montreal CMA: $427,500 → $121,054
• Island of Montreal: $487,531 → $134,523
• Laval: $418,000 → $118,923
• North Shore: $355,000 → $104,788
• South Shore: $392,444 → $113,189
• Vaudreuil-Soulanges: $357,933 → $105,446
• Saint-Jean-sur-Richelieu: no data provided

These figures are based on a 25-year amortization, minimum down payment, typical property taxes and heating costs, and CMHC mortgage insurance.

You can plug in your own salary and down payment details using Wealth North's home affordability calculator here.

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