Montreal Housing Affordability
According to the Royal Bank of Canada, housing affordability trends have been stable to slightly positive in recent years, and this remained the case in 2015.
In Montreal, a single-family house ownership costs take up 41.1% of a typical household’s pre-tax income. In Montreal, affordability levels not budging much.
|Montreal Housing Affordability|
|Source: RBC. Q4 2016|
*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.