How Much House Can I Afford in Montréal? (With Real Examples)

Affordability in Montréal isn’t just about the price tag—it’s about monthly payments, down payment, debt ratios, and the hidden costs that catch buyers off guard. This guide breaks down the key numbers that determine what you can afford and walks through simple, real-life examples to help you estimate your price range with confidence.

Buying a home in Montréal starts with one question: what’s a realistic monthly payment you can carry comfortably? From there, lenders work backward using your income, debts, down payment, and interest rate to estimate your maximum purchase price.

To make this easy, we’ll cover:

• the key factors that determine affordability

• the costs many buyers forget

• “real example” scenarios you can compare to your own situation

Important note: This is educational guidance, not a mortgage approval. A lender or broker can confirm your exact numbers.

1) The 4 Numbers That Determine Your Budget

Most affordability calculations come down to four inputs:

1. Household income (salary + stable income)

2. Down payment (and where it comes from)

3. Monthly debts (car payments, loans, credit cards, child support)

4. Interest rate + amortization (these change the payment dramatically)

   
   

Small changes in any of these can move your price range by tens of thousands.

2) Costs Buyers Often Forget to Include

Even if your mortgage payment looks fine, real ownership costs include:

• Property taxes

• Heating/electricity (and sometimes hot water)

• Home insurance

• Condo fees (if applicable)

• Maintenance/repairs reserve (even condos need a buffer)

  
  

A simple rule: if you only budget for the mortgage, you’ll feel house-poor fast.

3) Real Examples (Simple Scenarios)

These are illustrative examples to show how the math moves. Your lender will confirm exact ratios and qualifications.

Example A: First-time buyer, steady income, modest debts

• Household income: $110,000

• Down payment: $50,000

• Monthly debts: $450

• Target monthly housing costs: comfortable, not maxed out

What this often looks like: a realistic purchase range in Montréal might land in the mid-range condo / starter home category depending on neighborhood, taxes, and condo fees.

Example B: Dual-income, higher down payment, low debts

• Household income: $160,000

• Down payment: $140,000

• Monthly debts: $200

What this often unlocks: stronger options—either a higher-quality property, a better location, or less payment stress at the same price.

Example C: Strong income but high monthly debts

• Household income: $150,000

• Down payment: $90,000

• Monthly debts: $1,400 (car + loans)

What happens here: even with solid income, high debts can reduce affordability significantly. Paying down debt before buying can increase purchasing power fast.

4) A Quick Self-Check (Before You Shop)

Ask yourself:

• If rates rise slightly, can I still afford it?

• Could I handle a repair, a special condo assessment, or a job change?

• Will I still be saving money monthly after buying?

  
  

A good home budget doesn’t just “qualify.” It stays comfortable.

5) How to Get a Precise Number (Without Guessing)

If you want accuracy, you’ll need:

• your last 2 pay stubs (or proof of income)

• a list of monthly debts

• your down payment amount + source

• the type of property you want (condo vs house)

  
  

From there, you can estimate a realistic price range and shopping plan.

Get a Personalized Montréal Affordability Snapshot

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