Seriously thinking about owning a home in Greater Montreal? Before you start touring houses or falling in love with a condo, ask yourself the main question: do you actually have enough income?
The market is catching its breath — but not prices
In February, about 3,930 residential real estate transactions were recorded in the Montreal metropolitan area — 3% fewer than a year ago, according to the APCIQ. The decline hit condominiums the hardest (-7%), while single-family homes held steady (-1%), and plexes even edged up (+1%).
Good news for condo buyers: supply has surged. The number of active listings in this segment jumped by 20%, exceeding the ten-year historical average. More choice means more room to negotiate, especially on the Island of Montreal.
In the single-family home market, pressure is still on the sellers’ side. Inventory remains limited in the north and south of the agglomeration, keeping prices high.
How much housing costs right now
| Property type | Median price | Year-over-year change |
|---|---|---|
| Single-family home | $639,000 | +7% |
| Condominium | $430,000 | +2% |
| Plex (2–5 units) | $850,000 | +8% |
Prices across the entire metro area. On the Island of Montreal, they are generally higher.
What salary do you need for a $639,000 home?
Following the bank-recommended rule of 35% of gross income for housing and a 4.5% rate over 25 years:
- Minimum down payment: $38,900 (5% on the first $500,000, 10% on the remainder)
- Mortgage amount: $600,100
- Monthly payment: ~ $3,300
- Recommended annual gross income: $113,000–$115,000
What salary do you need for a $430,000 condo?
- Minimum down payment: $21,500 (5%)
- Mortgage amount: $408,500
- Monthly payment: ~ $2,270
- Recommended annual gross income: $78,000–$80,000
⚠️ Don’t forget monthly condo fees — from a few hundred to more than $1,000 depending on the building. They can significantly raise the bar.
Demand hasn’t gone anywhere
Despite everything, selling times remain short: a single-family home sells in an average of 39 days, a plex in 48, a condo in 53. All figures are lower than last year’s — there are buyers in the market, even if the market has slowed a bit.
