Prime Minister Keir Starmer, right, and education secretary Bridget Phillipson, left, take questions from children in a year three class at Perry Hall Primary school in London, England, Monday, Sept. 2, 2024.
<img src="https://www.mtlblog.com/media-library/old-brick-house-in-westmount-quebec-canada.jpg?id=60032102&width=2000&height=1500&coordinates=184%2C0%2C184%2C0"/><br/><br/><p>If you're hoping to buy a home in Montreal this year, you'll want to double-check your budget — because it just got a little harder.</p><p>According to a <a href="https://wealthnorth.ca/income-afford-home/" target="_blank">new report from WealthNorth</a>, the median price for a single-family home in the Montreal CMA rose to $610,000 in March 2025, up $10,000 from February. To afford that, you'd now need an annual household income of $168,507, based on the Canada Mortgage and Housing Corporation's 32% affordability rule.</p><p>For those keeping count, that's a $2,452 jump in required income from just one month ago.</p><p>Meanwhile, the <a href="https://www.mtlblog.com/quebec-salary-2025" target="_blank">average weekly earnings in Quebec were about $1,229</a> as of November 2024, according to Statistics Canada. That adds up to roughly $63,900 a year before taxes</p><p>Here's what it now takes to buy a median-priced single-family home in Montreal and surrounding regions:</p><h2>Single-family homes (March 2025)</h2><ul><li>Montreal CMA: $168,507 for a $610,000 home<br/></li><li>Island of Montreal: $210,199 for a $780,000 home</li><li>Laval: $162,621 for a $586,000 home</li><li>North Shore: $156,245 for a $560,000 home</li><li>South Shore: $170,776 for a $619,250 home</li><li>Vaudreuil-Soulanges: $163,909 for a $591,250 home</li><li>Saint-Jean-sur-Richelieu: $152,566 for a $545,000 home</li></ul> <p>And while home prices climbed in most areas, Laval, Vaudreuil-Soulanges, and the North Shore actually saw slight price drops in March — meaning slightly lower income thresholds.</p><p>If you're not quite there income-wise, condos remain a more realistic option.</p><h2>Condos (March 2025)</h2><ul><li>Montreal CMA: $121,910 for a $420,000 condo</li><li> Island of Montreal: $137,238 for a $482,500 condo</li><li> Laval: $117,005 for a $400,000 condo</li><li> North Shore: $108,176 for a $364,000 condo</li><li> South Shore: $117,005 for a $400,000 condo</li><li> Vaudreuil-Soulanges: $105,969 for a $355,000 condo</li><li> Saint-Jean-sur-Richelieu: N/A</li></ul> <p>For reference, the affordability estimates are based on a 20% down payment, 25-year amortization, and current mortgage rates of 6.84%, stress tested at 8.84%. The calculations also account for average property taxes and heating costs.</p><p>If you want to plug in your own numbers or see what you can afford on your current income, you can try the <a href="https://wealthnorth.ca/mortgage-affordability-calculator/" target="_blank">WealthNorth mortgage calculator 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>
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