The typical Montrealer requires 4.8 years of full salary pay off their house in Montreal, according to a new study
The 13th annual Demographia International Housing Affordability study places Montreal at 285 of 406 studies, just barely avoiding the severely affordable category, which starts at 5.1.
Montrealers, on median paid $284,700 for a house last year while their median household income was $59,500.
(Coolopolis has noted that Montreal has a much higher percentage of people living alone than most other cities, which surely lowers household income average).
Toronto situation more dire
Toronto is not too inviting these days as its median multiple has shot up to 7.7.Consider that in 2004 it was at a very affordable 3.9, only one other the 400 cities has shown a greater increase since 2004 and that is Vancouver at 11.8, which is to be avoided at all costs for anybody who ever wants to put money aside.
Toronto now only trails Hong Kong, Beijing, Shanghai, Sydney, Auckland, Tianjin, LA and London for affordability in housing markets over five million.
Calgary turns out to be a better deal than Montreal, with a median multiple of 4.6, as you will pay more for a house there ($427,700) but you'll earn a ton more there ($93,100).The best place to live as an employed person in Canada would be Moncton as it would only cost you 2.1 years to pay off a house using your full salary. Fredericton is 2.2, Saint John NB 2.4, Saguenay 2.5, Charlottetown 2.6, 3-Rivers 2.6, Windsor 2.7, Sudbury 2.9, Moose Jaw 3.0, Thunder Bay 3.0, North Bay 3.1, Medicine Hat 3.5, Quebec City 3.6, Regina 3.6, Lethbridge 3.7, Red Deer 3.7, Winnipeg 3.7, London 3.8, St. John's NL 3.8, Halifax 3.9, Kingston 3.9, Ottawa is a reaosnble 3.9, Edmonton 4.1, Kitchener 4.1, Sherbrooke 4.2, Saskatoon 4.5, Guelph 4.7, Brantford 4.9, Barrie 5.0, Peterborough 5.0. Oshawa 5.1, Hamilton 5.7, Kelowna 6.4, Fraser Valley 7.0, Victoria 8.1,
Those behind the study believe that government policy should be to make homes more affordable. They note that places like Germany do this successfully by incentivized areas to grow, whereas those with restrictive policies on development (protecting agricultural lands, etc) often see home prices spiral too high for many people.
See also:
- Montreal houses more affordable than last year: study
- Montreal real estate still overpriced: report
- Montreal now severely unaffordable
- Montreal housing now costlier than Calgary!
- Montreal cheaper than Toronto? Think again
- Montreal - a good deal for a swanky town