Small consolation for those who wish to buy a property in Montreal: it now takes $540 less than last year in annual salary to become an owner, reports the Metro Newspaper.
According to analyzes carried out by the Ratehub site, the average salary for home ownership in Montreal is now $107,220 for a household. However, prices have fallen less than in Ottawa or Toronto, where you have to earn respectively $4,670 and $3,460 a month less than in 2022.
The data indicates that the price of housing in the Quebec metropolis has fallen by $31,000 in one year. However, it is important to take into account the stress test and mortgage rate.
Philippe Simard, Quebec Mortgage Director for Ratehub, explained, “At this time last year, mortgage rates (and therefore the stress test) had already started to rise. As a result, the momentum of a much higher year-over-year stress test started to fade.”
Interestingly, the income required to buy a property fell almost everywhere in 2023 compared to 2022, except in Calgary and Halifax.
This news brings some hope to those looking to enter the housing market in Montreal. With lower salary requirements and falling housing prices, becoming a homeowner in the city is now slightly more attainable. However, it is important for potential buyers to carefully consider the stress test and mortgage rates before making any decisions.
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– Metro Newspaper article: “Il faut gagner un peu moins qu’en 2022 pour acheter à Montréal” (in French) – [Link](https://journalmetro.com/inspiration/habitation-et-immobilier/3104626/il-faut-gagner-un-peu-moins-quen-2022-pour-acheter-a-montreal/)
What factors should prospective buyers consider in addition to lower income requirements and falling housing prices when entering the housing market in Montreal
Great news for those hoping to buy a property in Montreal! According to the Metro Newspaper, it now requires $540 less in annual salary to become a homeowner compared to last year. The average salary needed for home ownership in Montreal is currently $107,220 for a household, as per analysis conducted by the Ratehub site. Although housing prices have dropped by $31,000 in the past year, it’s crucial to consider the stress test and mortgage rates.
It’s interesting to note that the income required to purchase a property has decreased almost everywhere in 2023, except in Calgary and Halifax. This development is encouraging for prospective buyers looking to enter the housing market in Montreal. With lower salary requirements and falling housing prices, the dream of becoming a homeowner in the city is becoming more achievable.
However, it’s important for potential buyers to exercise caution and carefully assess the stress test and mortgage rates before making any decisions. This consideration will ensure a well-informed and financially responsible approach to property ownership.
For more details, you can read the original article from the Metro Newspaper titled “Il faut gagner un peu moins qu’en 2022 pour acheter à Montréal” (in French) [here](https://journalmetro.com/inspiration/habitation-et-immobilier/3104626/il-faut-gagner-un-peu-moins-quen-2022-pour-acheter-a-montreal/).
Great news! The improved housing affordability in Montreal means more people can now realize their dream of becoming homeowners with a reduced salary requirement. This positive shift will undoubtedly open doors for more individuals to secure affordable housing in the city.
That’s great news for potential homeowners in Montreal! The decrease in salary requirement for homeownership will undoubtedly make housing more accessible and affordable for many. It’s a step in the right direction towards improving housing affordability in the city.