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.
But according to WealthVieu’s latest income-to-afford-a-home report, most buyers now need a six-figure salary to afford one — especially single-family homes.
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.
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.
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:
Single-family homes (January 2025)
- Montreal census metropolitan area (CMA): $143,136 for a $590,700 home
- Island of Montreal: $185,367 for a $791,500 home
- Laval: $142,989 for a $590,000 home
- North Shore: $132,358 for a $539,450 home
- South Shore: $144,882 for a $599,000 home
- Saint-Jean-sur-Richelieu: $126,585 income for a $512,000 home
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.
Condos (January 2025)
- Montreal CMA: $107,236 for a $420,000 condo
- Island of Montreal: $116,911 for a $466,000 condo
- North Shore: $93,146 for a $353,000 condo
- South Shore: $100,927 for a $390,000 condo
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.
For context, As per Statistic Canada, the average weekly earnings in Quebec 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).
Curious what your dough can get you, WealthVue’s home affordability calculator can help you figure out what fits your budget.
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