[Map] How much do you need to earn to buy a 100 square meter house in Quebec?
Montréal & Laval
Good to know
Calculation Method: The square meter price data collected is valid for May 2023. Our calculation is based on the assumption of a mortgage loan taken out in Quebec with a personal contribution of 5%, at a fixed rate for 5 years of 4.89%, over a total period of 25 years, with a debt-to-income ratio of 36% of disposable net income.
$91,448: This is the average gross annual income required in Quebec to buy a 100 square meter house
Buying a house is an aspiration for many families in Quebec. But at what price is this dream available? That’s what we wanted to know, by estimating the gross annual salary required for a household to acquire a 100 square meter house in different regions of Quebec. It turns out that:
- Not surprisingly, in May 2023, it is in Montreal where you need to earn the most to afford a 100 square meter house: expect a gross annual income of $251,100 per household!
- 5 regions also require a gross annual salary of over $100,000 for the acquisition of a 100 square meter house: Laval, Laurentides, Montérégie, Outaouais and Lanaudière.
- On the other hand, Côte-Nord ($43,357), Nord-du-Québec ($50,056) and Mauricie ($53,009) are the Quebec regions where buying a 100 square meter house requires the lowest gross annual incomes.
The price per square meter is 4.4 times higher in Montreal than in Côte-Nord in May 2023
Logically, the disparities in income required to buy a house between regions are strongly correlated with differences in square meter prices, which are high across Quebec. Thus, as of May 2023:
- The average price per square meter for a house in Montreal ($7,262) is 4.4 times higher than in Côte-Nord ($1,658).
- The average price per square meter observed in May 2023 across all Quebec regions was $3,092.
Methodology
In addition to its expert editorial line around insurance and financial products, HelloSafe explores broader topics relating to global consumption in Canada and around the world. The aim is to decipher certain complex subjects for consumers and to provide everyone with the latest information. It is within this framework that HelloSafe regularly carries out studies on trends relating to current personal finance in Canada.
Reminder of the calculation method: the square meter price data collected is for May 2023, and is taken from Properstar website. Our calculation is based on the assumption of a mortgage loan taken out in Quebec with a personal contribution of 5%, at a fixed rate of 4.89% for 5 years, over a total period of 25 years, with a debt-to-income ratio of 36% of disposable net income.