There are significant delays on the M6 as a result of a multi-vehicle crash. The incident began at around 7.30am this morning (26 November) and has seen a number of […]
<img src="https://www.mtlblog.com/media-library/snowfall-in-a-montreal-street-winter-scene-of-traditional-architecture-winter-street-in-montreal-with-traditional-style-archi.jpg?id=56479841&width=1200&height=800&coordinates=132%2C0%2C132%2C0"/><br/><br/><p>With real estate prices perpetually rising, you probably don't need us to tell you that buying a home in Montreal in 2025 isn't cheap. </p><p>But according to <a href="https://wealthvieu.com/ca/income-afford-home/" target="_blank">WealthVieu’s latest income-to-afford-a-home report</a>, most buyers now need a six-figure salary to afford one — especially single-family homes. </p><p>The report, which has been updated with January 2025 mortgage rates and home price data, breaks down how much income it takes to afford a median-priced home across Montreal and nearby areas like Laval and the South Shore.</p><p>According to Wealthvieu, Montreal's housing market kicked off the year with a 36% increase in sales compared to January 2024. At the same time, the median price for single-family homes rose 11% year-over-year, nearing the $600,000 mark. Condos and plexes (2-5 unit buildings) also saw price jumps of 8%, with median prices nearing $450,000 and $800,000, respectively.</p><p>With all that in mind, here's how much income you need to buy a single-family median-priced home in and around Montreal this year:</p><h2>Single-family homes (January 2025)</h2><ul><li>Montreal census metropolitan area (CMA): $143,136 for a $590,700 home</li><li>Island of Montreal: $185,367 for a $791,500 home</li><li>Laval: $142,989 for a $590,000 home</li><li>North Shore: $132,358 for a $539,450 home</li><li>South Shore: $144,882 for a $599,000 home</li><li>Saint-Jean-sur-Richelieu: $126,585 income for a $512,000 home</li></ul><p>If a house feels out of reach, a condo may be a more affordable option. And in some areas, you can still get one with a five-figure income.</p><h2>Condos (January 2025)</h2><ul><li>Montreal CMA: $107,236 for a $420,000 condo</li><li>Island of Montreal: $116,911 for a $466,000 condo</li><li>North Shore: $93,146 for a $353,000 condo</li><li>South Shore: $100,927 for a $390,000 condo</li></ul><p>WealthVieu's data also breaks down what it takes to afford a home on a $100,000 salary. Following the 28/36 rule, you could manage a $2,163 monthly mortgage payment, which would allow you to buy a $430,438 home with a $50,000 down payment.</p><p>For context, As per <a href="https://www.mtlblog.com/tag/statistics-canada" target="_blank">Statistic Canada</a>, the <a href="https://www.mtlblog.com/quebec-salary-2025" target="_blank">average weekly earnings in Quebec</a> were $1,229.18 in November of 2024, which works out to about $63,917 per year before taxes. That's less than the national average of $1,285.91 per week (about $66,867 annually).</p><p>Curious what your dough can get you, <a href="https://wealthvieu.com/ca/mortgage-affordability-calculator/?a=110000&b=645&c=80000&d=7.013714113461678&e=30&f=36&g=0&h=0&i=0&j=0" target="_blank">WealthVue's home affordability calculator</a> can help you figure out what fits your budget.</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>
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