2023-06-06 19:35:53
The gross salary required on the island of Montreal would be $251,100, while it would be $140,987 in Laval, $118,532 in the Laurentians, $116,970 in Montérégie and $107,247 in Outaouais. (Photo: 123RF)
House prices have risen considerably since the start of the pandemic in Quebec, and a new study by the firm HelloSafe reveals that you currently need to earn an average of $91,000 in gross salary to be able to acquire a home. a house of about 1000 square feet.
HelloSafe’s study assumes a home with 100 square meters of living space (about 1075 square feet), or the equivalent of a two-story cottage with a 24-by-24-foot square home. The prices used are those of May 2023. Buyers would have a down payment of 5% as well as a five-year fixed rate mortgage of 4.89% over a total term of 25 years.
HelloSafe indicates that it has used this type of mortgage because it is “the most classic”. Property prices are taken from the Properstar website.
High salary
It would thus take, on average in Quebec, a gross annual salary of $91,448 per household to be able to pay the mortgage on the house, estimates HelloSafe, which is carrying out its first study of its kind in the province.
If this salary may seem high, it would be much higher in several places in the provinces. The gross salary required on the island of Montreal would be $251,100, while it would be $140,987 in Laval, $118,532 in the Laurentians, $116,970 in Montérégie and $107,247 in Outaouais.
At the other end of the spectrum, a buyer should earn $68,277 in Bas-Saint-Laurent, $79,433 in Chaudière-Appalaches, $85,183 in Estrie, $88,448 in the Capitale-Nationale region and 103 $882 in Lanaudière.
Impaired accessibility
The first thing that jumps out at you, underlines HelloSafe’s director of public relations, Alexandre Desoutter, is that accessibility is difficult in almost all regions of Quebec.
“Affordability is a real issue,” he notes. With the income required per household to acquire this type of property, we understand that Montreal is completely overpriced. »
This situation is pushing many households to look in the suburbs to find something less expensive… which aggravates the problem of accessibility to these places.
“That’s why we see fairly high numbers on the outskirts of Montreal,” says Alexandre Desoutter.
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