Unless you’ve been living under a rent-controlled rock, you’ve probably noticed property prices in Montreal are soaring right now — and a new report from the National Bank of Canada has revealed just how high they've gotten.
A representative non-condo home in Montreal cost $464,684 over the first quarter of 2021, according to the bank’s Housing Affordability Monitor, and you need a household income of $94,760 to afford one.
It would take you 40 months to save enough for a down payment, states the report.
While Montreal condo prices were up 2.5% over the first quarter of 2021 to $340,610, it continues, you would only need a household income of $69,459 to buy one.
Things are bad across the country. "In the first quarter of 2021, Canadian housing affordability deteriorated for the first time in four quarters," states the report. "Among the ten markets covered, affordability deteriorated in all of them."