“Obviously, this exercise is not scientific, but it helps inform buyers and sellers of price trends in general,” explains Laurent Hogue, real estate broker at Royal Lepage Urbain. “If your budget is $425,000 and you work downtown, you can know that it will be easier to buy at the east end of the green line rather than at the west end.”
The map data was collected using the Matrix platform, a tool from the Greater Montreal Real Estate Board which allows real estate brokers to consult detailed files about all the properties for sale in this territory.
The analysis is based on a radius of one kilometer traced around the 68 metro stations. “I went to each of the metro stations individually, and I did a radius of one kilometer around them. By indicating condo, divided and undivided. Then, I took all the data and put it in an Excel table,” explains Laurent Hogue. For each station, he determined the median price of condos sold in the last year.
The most affordable resorts:
- Saint-Michel: $352,790
- Côte-Vertu: $375,000
- Honoré-Beaugrand: $383,500
The most expensive stations:
- Édouard-Montpetit: $848,000
- Outremont: $705,000
- Villa Maria: $666,000
Mr. Hogue also highlights the importance of using the median rather than the average to better reflect the market. “The median is the value that divides a series into two equal parts […] It offers a much more reliable reading of the market,” he adds.
The broker also says he is impatient to extend this methodology to the REM network once all the stations are put into service, in order to provide even more valuable data to Montreal buyers and sellers.
What income to buy in Montreal?
According to an analysis by online mortgage services firm Ratehub, the annual income required to buy a property in Montreal at the end of 2024 was approximately $107,000.
The Canadian Real Estate Association (CREA) indicated in mid-December that the number of residential sales in November increased by 26% compared to the previous year, marking the second consecutive month of strong year-over-year increases. As a result, the average sales price for November increased 7.4% from the previous year to $694,411.
Regardless, twelve of the 13 cities studied by RateHub recorded a drop in the income needed to purchase a home. These are mostly small declines, except perhaps in Halifax, Nova Scotia, where the income required to buy the average home fell by $2,370. “It is also in this city that the price of houses has fallen the most,” notes Mr. Simard, with a decrease of $11,500.
Fredericton, New Brunswick, is the only city studied in Canada where affordability has deteriorated, with the income required to purchase an average home increasing by $2,120. “This situation is attributable to the significant increase in house prices,” says Mr. Simard, with an increase of $14,000.
Montréal
- Average housing price: $543,800
- Required income: $107,070
Toronto
- Average housing price: $1.06 million
- Required income: $194,900
Ottawa
- Average housing price: $636,700
- Required income: $122,820
Vancouver
- Average housing price: $1.17 million
- Required income: $213,600
Halifax
- Average housing price: $527,700
- Required income: $104,340
St. John’s
- Average housing price: $364,100
- Required income: $76,600
Winnipeg
- Average housing price: $360,500
- Required income: $76,000
Calgary
- Average housing price: $575,600
- Required income: $112,460
Edmonton
- Average housing price: $395,400
- Required income: $81,910
Fredericton
- Average housing price: $342,100
- Required income: $72,870
Hamilton
- Average housing price: $817,900
- Required income: $153,550
Regina
- Average housing price: $313,700
- Required income: $68,060
Victoria
- Average housing price: $871,000
- Required income: $162,550
Source : RateHub
The data in the table is based on a mortgage with a 20% down payment, a 25-year amortization, annual property taxes of $4,000 and monthly heating of $150. Mortgage rates are the average of the 5-year fixed rates from the big five banks in November 2024 and October 2024. Average home prices are taken from CREA’s Home Price Index (MLS®).
With information from The Canadian Press and Guillaume Théroux, Noovo Info.
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