Please complete your profile to unlock commenting and other important features.

The name you want to be displayed publicly in comments. Your username will be unique profile link.

You Need To Make Over $70k/Year To Buy An Average Montreal Condo Right Now, A Report Says

And yeah, it's even more to buy a house.

Condo Prices In Montreal Saw A Big Increase In The Last Year

A recent housing affordability report from the National Bank of Canada (NBC) has found that condo prices in Montreal saw a big increase in the last year. Now, to afford the average condo, your household would need an annual income of over $70,000 per year, according to the report.

"Condo prices were up 4.6% while non-condo prices increased 6.0%" in the last quarter. In the last year, Montreal recorded the "highest annual growth since 1983," the NBC noted.*

The bank found that the cost of a "representative" condo in Montreal is $356,443 — and that it would require around 31 months of saving for a down payment with a $72,688-per-year salary

And you ought to be putting a decent amount in the bank. According to the NBC, you'll spend 25.3% of your income on mortgage payments.

If you're not into condos and want to buy a house in Montreal, you'll need way more than that.

The report puts the price of a representative home at nearly half a million dollars ($492,777), and says the annual household income you'll need to afford one is $100,489.

You'd have to save up for 42 months and be prepared to spend 35% of your income on mortgage payments, according to the report.*

*This article has been updated.

Please or to comment. It's free.