Thinking about buying real estate in Montreal this summer? Before you fall in love with a house you can’t afford, let’s look at the numbers.
The market is breathing, but not falling
On May 6, the Quebec Professional Association of Real Estate Brokers (APCIQ) published fresh statistics for the Montreal metropolitan area for April 2026.
In April, 4,744 residential transactions were completed — 7% fewer than a year earlier. Nevertheless, activity remains close to the average level of the past ten years. The number of active listings on Centris reached 20,959 — the ninth consecutive increase in a row and up 15% year over year. Buyers clearly have more choice than before.
— Demand is being held back by economic uncertainty and high price levels in Montreal, which continues to create a serious affordability challenge, especially for first-time buyers, — noted Camille Laberge, APCIQ’s chief economist.
Median prices in April 2026
Single-family home — $645,000, condominium — $425,000, plex (2–5 units) — $865,000.
How much do you need to earn to buy a $645,000 house?
Financial institutions recommend that all housing costs — the mortgage payment, municipal taxes, heating, and insurance — should not exceed 35% of gross annual income.
With the minimum down payment and a 4.5% rate over 25 years, the calculation looks like this:
Minimum down payment: 5% on the first $500,000 = $25,000, plus 10% on the remaining $145,000 = $14,500. Total: $39,500.
Amount to finance: $605,500.
Monthly mortgage payment: about $3,350.
Required annual income: from $115,000 to $117,000.
How much do you need to earn to buy a $425,000 condo?
Minimum down payment: 5% = $21,250.
Amount to finance: $403,750.
Monthly payment: about $2,235.
Required annual income: from $77,000 to $79,000.
In other words, to buy the most affordable type of housing in the metropolitan area — a condominium — you need to earn almost $80,000 a year. For a single-family home, the bar rises to $115,000, which significantly exceeds the average income of most Montreal families. The housing affordability problem in the metropolis remains very real — especially for those entering the market for the first time.
