How much income do you need to afford a home in Montreal as of March 2026?
If you are looking to purchase a home in Montreal, it will take an income above six-figures to afford the median priced single-family home. While condos have a slightly lower price tag and require a lower salary, it’s still above the six-figure mark. Here is a breakdown on how much it would cost in different areas of Montreal to pick up a median priced home at the start of 2026.
Quick answer: To afford the median-priced single-family home in Montreal ($625,000), you need approximately $172,000 annual household income with 20% down.
This chart shows what it would take to afford the median priced single family home in Montreal:
| Area | Annual Salary | Median Price |
|---|---|---|
| Montreal CMA | $172,150 | $625,000 |
| Island of Montreal | $210,500 | $775,000 |
| Laval | $175,200 | $638,000 |
| North Shore of Montreal | $163,400 | $592,000 |
| South Shore of Montreal | $171,500 | $622,000 |
| Vaudreuil-Soulanges | $172,800 | $627,500 |
| Saint-Jean-sur-Richelieu | $156,400 | $565,000 |
Here is the income needed to afford the median priced condo as of March 2026:
| Area | Annual Salary | Median Price |
|---|---|---|
| Montreal CMA | $127,400 | $445,000 |
| Island of Montreal | $142,800 | $505,000 |
| Laval | $124,600 | $432,000 |
| North Shore of Montreal | $116,200 | $398,500 |
| South Shore of Montreal | $119,800 | $412,000 |
| Vaudreuil-Soulanges | $112,500 | $382,000 |
| Saint-Jean-sur-Richelieu | $105,200 | $355,000 |
How is the required income needed to purchase a home calculated?
To determine the income needed to afford a home we start with the March 2026 median home price. The total mortgage amount is calculated as the home price less a 20% down payment (eliminating CMHC insurance). A 5-year fixed mortgage rate of 4.89% over a 25-year amortization is used to calculate the mortgage payment. For this home to be considered affordable, we apply the CMHC 32% GDS rule which gives us the annual salary needed.
Example: How much do you have to make to afford the median priced home of $625,000 in Montreal?
Let’s work through how we arrived at the income of $172,150 above. This is based on a 20% (or $125,000 down payment) which leaves a $500,000 mortgage. Over a 25-year amortization period at a 5-year fixed rate of 4.89% (stress tested at 7.14% or rate+2%) the mortgage payment would be $4,035/month. We then add the expected cost of property tax of $365/month and heating of $160/month. This makes the monthly payment $4,560.
Since the CMHC states that no more than 32% of your income should be spent on home expenses, we divide our monthly mortgage payment by 32% and multiply by twelve to arrive at the annual income needed. This means it takes a salary of $172,150 to purchase the median priced home in Montreal where monthly home expenses do not exceed 32% of gross salary.
- Annual Income Needed Calculation Breakdown
- $4,560 monthly mortgage payment (incl. property tax + heating)
- / 32% (CMHC GDS guideline)
- = $14,250 monthly income needed
- x 12 months
- = $171,000 annual income needed (rounded to $172,150)
If you want to see how much it would take to afford a home under other conditions, check out our mortgage affordability calculator. This calculator can help you calculate how much home you can afford based on your income, size of down payment, mortgage rates, amortization period and other expenses.
Related guides
- Mortgage affordability calculator — How much home can you afford?
- Down payment calculator — Calculate your required down payment
- Debt service ratio calculator — Check your GDS and TDS ratios
- FHSA calculator — First Home Savings Account for first-time buyers
- Mortgage insurance calculator — CMHC premium costs
- Toronto land transfer tax calculator — Closing costs in Toronto
- Ontario land transfer tax calculator — Provincial LTT rates
- Quebec land transfer tax calculator — Welcome tax in Quebec
- Montreal mortgage rates — Compare Quebec rates
- Canada income percentile calculator — How does your income compare?
How Much Home Can You Afford on a 100K Salary?
Let’s calculate how much home you can afford if you’re making $100,000 a year in Canada. We will once again use the CMHC guidance of 32% to make sure the mortgage payment is considered affordable.
We can first start by looking at what our monthly payment would be limited to. We can divide our annual $100,000 salary by tweleve which gives us $8,333 / month. Since we should not spend more than 32% on home expenses, our monthly home payment would be limited to $2,667 / month.
Next we can take out monthly property tax of $354 and monthly heating expense of $150 which means that we will have $2,163 left that can be used for the monthly mortgage payment. At a mortgage rate of 5.01% (stress tested at 7.01%) over a 25-year amortization period, a mortgage of $380,438 would be our limit.
From here you can determine the total home you can afford based on your down payment. If you are able to provide a down payment of $50,000 the total home you can afford with a $100,000 salary would be $430,438.