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It just got harder to afford a home in Montreal — And it’s not because prices went up

<img src="https://www.mtlblog.com/media-library/old-brick-houses-in-the-westmount-borough-of-montreal-quebec-canada.jpg?id=60784894&width=1200&height=600&coordinates=0%2C12%2C0%2C12"/><br/><br/><p>If you thought <a href="https://www.mtlblog.com/tag/montreal-real-estate" target="_blank">Montreal real estate</a> was already out of reach, this month's numbers might make you wince.</p><p>According to <a href="https://wealthnorth.ca/housing-market/montreal/" target="_blank">new data from Wealth North</a>, the <a href="https://www.mtlblog.com/homes-prices-montreal-2025-income" target="_blank">median price of a single-family home in the Montreal CMA</a> held steady at $625,000 in May. But due to a slight bump in mortgage rates — from 3.89% to 3.99% — the annual income required to afford that price jumped by $1,359 in one month, now sitting at $165,366.</p><p>In other words, even though home prices didn't go up, affording one still got harder.</p><p>This income level places you well above the national average salary and deep into the top-earning percentiles in Canada. For context, <a href="https://www150.statcan.gc.ca/n1/daily-quotidien/250529/dq250529b-eng.htm" rel="noopener noreferrer" target="_blank">new data from Statistics Canada</a> indicates that the <a href="https://www.mtlblog.com/canada-salary-quebec-2025" target="_blank">average full-time worker in Quebec makes around $65,000 per year</a>.</p><p>Meanwhile, condo affordability is becoming its own uphill climb. The median condo price in the Montreal CMA is now $427,500, and you’d need to earn at least $121,054 annually to make it work — a $1,614 jump since April.</p><p>Here's how much properties are going for in surrounding regions, along with how much you'd need to earn per year to afford one. </p><strong>Single-family homes (May 2025)</strong><br/><ul><li>Montreal CMA: $625,000 → $165,366</li><li> Island of Montreal: $797,500 → $204,068 </li><li> Laval: $624,000 → $165,141</li><li> North Shore: $558,250 → $150,390 </li><li> South Shore: $635,000 → $167,609 </li><li> Vaudreuil-Soulanges: $600,000 → $159,757 </li><li> Saint-Jean-sur-Richelieu: $569,500 → $152,914</li></ul> <strong>Condos (May 2025)</strong><br/><ul><li>Montreal CMA: $427,500 → $121,054</li><li> Island of Montreal: $487,531 → $134,523</li><li> Laval: $418,000 → $118,923 </li><li> North Shore: $355,000 → $104,788 </li><li> South Shore: $392,444 → $113,189 </li><li> Vaudreuil-Soulanges: $357,933 → $105,446 </li><li> Saint-Jean-sur-Richelieu: no data provided</li></ul> <p>These figures are based on a 25-year amortization, minimum down payment, typical property taxes and heating costs, and CMHC mortgage insurance.</p><p>You can plug in your own salary and down payment details using Wealth North's home affordability calculator <a href="https://wealthnorth.ca/housing-market/montreal/" rel="noopener noreferrer" target="_blank">here</a>.</p><p><em>Love this? Check out our <a href="https://www.mtlblog.com/notices/" target="_blank">MTL Blog noticeboard</a> for details on jobs, benefits, travel info and more!</em></p><p><em>AI tools may have been used to support the creation or distribution of this content; however, it has been carefully edited and fact-checked by a member of MTL Blog's Editorial team. For more information on our use of AI, please visit our <a href="https://www.mtlblog.com/editorial-standards" target="_blank">Editorial Standards page</a>.</em></p>