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

Here's How Much You Need To Make To Afford A Home In Montreal

Guess we better start saving!
Contributing Writer

It's no secret that buying property is a pretty big investment. And over the last couple of years, that's become truer and truer when it comes to Montreal real estate. So you may be wondering: how much do you need to afford a house in Montreal?

A study conducted by the National Bank of Canada found that the price of non-condo homes went up 6.6% in the last quarter of 2020, while the price of condos went up by 3.5% (median of 6.1%).

Editor's Choice: Here's What Approx. $1M Can Get You In Real Estate In Different Areas Around Montreal

$91,083 Average income per year to afford a non-condo

Based on the research, the "representative home in the market" is $446,648 for a non-condo and $332,230 for a condo.

And just how much of an average household income does that translate to?

For a non-condo, you'd need a household income of $91,083 per year, plus 39 months of saving for a down payment and for a condo, $67,750 per year, requiring 29 months of saving, as per the findings, considering a 10% saving rate.

The study did show that mortgage payment as a percentage of income (MPPI) differs for both groups. For non-condos, the percentage amounted to 31.3% of the income and for condos, the percentage was 23.3%.

But don't worry, things aren't looking that great across the board, either. "At a national level, there has never been a worse time to accumulate the minimum down payment," said the National Bank of Canada when the report was released last February.

We're still better than Toronto, though, where the average non-condo is $1,039,438. So at least there's that.

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.