Montreal Housing Affordability

Montreal Mortgage

In Montreal, a single-family house ownership costs take up 43.3% of a typical household’s pre-tax income. In Montreal, affordability levels not budging much.

Montreal Housing Affordability
Type Price Affordability*
Single-family detached $392,400 43.3%
Condominium apartment $324,900 34.3%
Source: RBC. Q3 2017

*The RBC Housing Affordability Measures show the proportion of median pre-tax household income that would be required to service the cost of mortgage payments (principal and interest), property taxes, and utilities based on the median market price for single-family detached homes and condo apartments. The higher the measure, the more difficult it is to afford a home.

The affordability measures are based on a 25% down payment, a 25-year mortgage loan at a five-year fixed rate, and are estimated on a quarterly basis for 14 major urban markets in Canada and a national composite.

Leave a Reply