For many Quebec residents, the dream of owning a home remains one of life’s main goals. However, against the backdrop of high real estate prices, more and more buyers are asking: what income is needed today to purchase a home?
According to the latest data from the Quebec Professional Association of Real Estate Brokers (APCIQ), housing affordability varies significantly by region. To estimate the minimum required income, a rule recommended by the Government of Canada was used: housing costs should not exceed 35% of a household’s gross income.
The calculations are based on the following conditions: a minimum down payment of 5% for properties priced up to $500,000 and 10% on the portion above that threshold, a mortgage rate of 4.5%, and a 25-year amortization period.
Montreal remains the most expensive market
On the Island of Montreal, the median price of a detached house reached $780,000. To buy such a home, a family would need an annual income of at least $138,550. Despite high prices, the number of sales in May fell by 15% compared with last year, which may indicate some cooling of the market.
More affordable suburbs
In Laval, the median cost of a house was $627,000, and the minimum required income is estimated at $112,286 per year.
On Montreal’s South Shore, the average price reached $650,000. To buy such a house, an income of about $116,200 per year would be required. At the same time, the number of available listings increased by 11%, expanding choice for buyers.
Montreal’s North Shore remains one of the most affordable areas of Greater Montreal. Here, the median house price is $606,000, and the required income is about $108,700 per year.
In the Vaudreuil-Soulanges region, the price of a detached house reached $629,500. To purchase it, an income of at least $112,731 would be required. Over the year, prices here rose by 5%, and the number of transactions increased by 9%.
One of the most affordable markets around Montreal remains Saint-Jean-sur-Richelieu. The average house price here is $573,450, and the required income is about $103,166 per year.
The Quebec City region is significantly more affordable
In the Quebec City agglomeration, the median price of a detached house is $486,500. To buy it, a family would need an income of about $88,183 per year. Even despite a 7% rise in prices over the past year, the market remains significantly more affordable compared with Montreal.
In Quebec’s northern suburbs, the average house price reached $529,000, and the required income is estimated at $95,589.
The most affordable region among those considered was Quebec’s South Shore. Here, the median price of a detached house is $425,000, and the minimum annual income to buy is about $77,006. Over the past year, prices rose by only 1%, making this market one of the most stable in the province.
Where is it easiest to buy a house?
If you look solely at income levels, the most affordable regions today are Quebec’s South Shore, the Quebec City agglomeration, and the capital’s northern suburbs. At the same time, the Island of Montreal remains the most expensive real estate market in the province and requires nearly twice the income of some regions around Quebec City.
For many families dreaming of owning a home, cities outside Montreal are becoming an increasingly attractive alternative, where housing remains noticeably more affordable and quality of life remains high.
