Sign up for our newsletter and get a curated list of the top trending stories and exclusive rewards every day.

Trending Topics

Get the MTL Blog app

Download on the App StoreGet it on Google Play

Montreal Used To Be Affordable. A New Global Housing Ranking Proves It’s All Over

Yeah, Vancouver and Toronto definitely didn't make the list either!

Associate Editor
Montreal skyline from Mont-Royal, Right: Aerial view of residential neighbourhood in Montreal, Quebec.

Montreal skyline from Mont-Royal, Right: Aerial view of residential neighbourhood in Montreal, Quebec.

With record inflation in Canada pushing up the cost of pretty much everything, it’s no surprise the Canadian housing market is also absolutely bonkers.

In the most recent edition of the Demographia International Housing Affordability (DIHA) report, the cost of buying a home in many Canadian cities has become "severely unaffordable," Montreal included!

With the prices for Montreal properties for sale jumping yet again, it really doesn't come as a shock that a city once known to be a low-cost place to call home, has fallen completely off the list of affordable cities in Canada.

The report measured affordability using "median multiples," a price-to-income ratio, which takes into consideration the median house price divided by the gross median household income pre-tax.

According to the 2022 report, "the markets in Canada have a median multiple of 6.0," which falls in the "severely unaffordable" category.

As if that wasn't bad enough, Canada's median multiple was set at 4.4 in 2019 pre-pandemic, indicating a major jump. "This increase of 1.6 years in median household income is the largest among included nations in the report," the DIHA said.

Montreal found itself above average with a median multiple of 6.1, making it clear that things aren't looking so hot for those of us in the 514.

As for the least affordable market in all of Canada, Vancouver takes the win with a median multiple of 13.3.

Toronto didn't fall too far behind, coming in with a median multiple of 10.5.

While Van City, Toronto, and Montreal are looking rather bleak when it comes to housing affordability, two Canadian cities managed to make the top 10 of most affordable.

Edmonton, Alberta took the fourth spot with a median multiple of 3.6, while Calgary found itself in the tenth spot at 4.0 — seems like Alberta is the place to live if you want to be able to afford your own residence.

This article’s cover image was used for illustrative purposes only.

More from MTL Blog

Comments 💬

Our comment section is a place to promote self-expression, freedom of speech and positivity. We encourage discussion and debate, but our pages must remain a safe space where everyone feels comfortable and the environment is respectful.

In order to make this possible, we monitor comments to keep spam, hate speech, violence, and vulgarity off our pages. Comments are moderated according to our Community Guidelines.

Please note that Narcity Media does not endorse the opinions expressed in the comment section of an article. Narcity Media has the right to remove comments, ban or suspend any user without notice, or close a story’s comment section at any time.

First and last names will appear with each comment and the use of pseudonyms is prohibited. By commenting, you acknowledge that Narcity Media has the right to use & distribute your content across our properties.