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.
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.