Looks like the housing market just keeps getting worse and worse by the minute…
According to MTL Blog, the housing market in Montreal is the worst it's ever been - at least in about 40 years anyway: “The Soviet Union was still a thing, Bob Gainey was captain of the Habs, and Michael Jackson was topping the charts the last time Montreal's real estate market was this out of control.”
In a report released August 3rd by the National Bank of Canada, Montreal home prices have increased by 19% over the course of the last year. This significant increase comes at a shock to many people that are looking to purchase a home at this time, which leaves many young people asking themselves, “Will I ever be able to afford a home?”
With the increase in pricing, this means that…
- A representative non-condo home at $492,777 would require an annual household income of $100,489.
- A representative condo at $356,433 would require an annual household income of $72,688.
Are you feeling the weight of the housing market in Montreal currently? Let us know what you think.