How much income do you need to afford a home in Montreal?
The median home price for a single-detached home in Montreal for April 2025 was $625,000 which represents an increase of +$15,000 from the median home price of $610,000 in March 2025. How much income does it take to afford a home in Montreal? You would need a annual salary of $163,330 which is +$3,319 more than it would have taken to purchase the median home price the month prior.
An income of $163,330 would put you in the 96th income percentile based on this income percentile calculator. This means you would need to be in the top 4% of income earners across Canada to afford this home as an individual.
This required income was calculated based on the $625,000 median home price with a minimum down payment of $37,500 and CMHC mortgage insurance of $23,500 for a total mortage of $611,000. The mortgage rate used is 3.84% with a stress test rate of 5.84% over a 25-year amortization period. Monthly property tax of $354 and heating costs of $150 were included in total home expenses.
If you want to calculate the income you would need to afford a home based on other variables, check out our income to afford a home calculator.
Single-family homes (April 2025)
See how much income it would take to afford a single-family home in Montreal for April 2025. The income required is based on home prices for April 2025. The change column compares the income needed in April 2025 compared to the prior month March 2025.
| Area | Home Price | Income | Change in Income Required |
|---|---|---|---|
| Montreal CMA | $625,000 | $163,330 | +$3,319 (+2.07%) |
| Island of Montreal | $800,000 | $202,048 | +$4,425 (+2.24%) |
| Laval | $600,000 | $157,799 | +$3,097 (+2.00%) |
| North Shore of Montreal | $561,900 | $149,369 | +$420 (+0.28%) |
| South Shore of Montreal | $633,500 | $165,211 | +$3,153 (+1.95%) |
| Vaudreuil-Soulanges | $629,750 | $164,381 | +$8,518 (+5.47%) |
| Saint-Jean-sur-Richelieu | $581,500 | $153,706 | $8,075 (5.55%) |
Condos (April 2025)
This table breaks down the income required to purchase a Condo in Montreal for April 2025 while comparing it to the change in income required to purchase a condo in March 2025.
| Area | Home Price | Income Required | Change in Income Required |
|---|---|---|---|
| Montreal CMA | $424,500 | $118,970 | +$996 (+0.84%) |
| Island of Montreal | $475,000 | $130,143 | $-1,659 (-1.26%) |
| Laval | $410,000 | $115,762 | +$2,212 (+1.95%) |
| North Shore of Montreal | $370,000 | $106,913 | +$1,327 (+1.26%) |
| South Shore of Montreal | $395,000 | $112,444 | $-1,106 (-0.97%) |
| Vaudreuil-Soulanges | $389,000 | $111,116 | +$7,522 (+7.26%) |
| Saint-Jean-sur-Richelieu | N/A | N/A | N/A |
Home prices have been updated for April 2025 based on those results released by the Quebec Professional Association of Real Estate Brokers in May 2025.
How affordability is defined
Affordability is based on the gross debt-to-income ratio also known as the gross debt service (GDS) ratio. The Canadian Mortgage and Housing Corporation (CMHC) outlines the affordability rule that no more than 32% of your pre-tax monthly income should go towards housing costs. This ratio is further restricted to 39% if you want to qualify for an insured mortgage.
How is the required income calculated?
We need to determine the mortgage cost of homeownership for the home in questions. To calculate this we start with the home price and subtract the down payment as well as add CMHC insurance which provides us with the mortgage amount. We can then see what the mortgage payment will be for this mortgage amount based on current mortgage rates and a standard Canadian amortization period of 25-years. Since we do not want our mortgage payment to exceed 39% of household income, we divide the monthly mortgage payment by 39% and multiply it by tweleve to arrive at the annual income which would make this payment affordable based on the guidance outlined by CMCH above.
These are the following variables that are used in the affordability calculation:
- Down payment: Minimum required down payment
- CMCH Insurance: (Calculated based on the loan-to-value)
- Mortgage rate: 6.84%
- Stress test rate: 8.84%
- Amortization period: 25 Years
- Debt-to-income (GDS) ratio: 32%
- Property Tax: 354 / month
- Monthly heating: 150 / month
What if the price of the home you want to purchase is different? or you are able to find a better mortgage rate? You can use our mortgage affordability calculator to calculate how much home you can afford based on your unique situation.