Montreal among Canada's most affordable cities for new homeowners

Thinking of buying a home? Quebec may not be your worst bet.

According to a new study published by EdmontonHomes.ca, Montreal ranks highly among Canada’s most affordable cities for first-time homeowners.

The website’s research, conducted by real estate experts, compared and ranked the 25 most populated cities in Canada across three metrics: average annual income compared to house prices, property tax and electricity bills to reveal the most affordable city for first-time homeowners.

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With a tally of 36.6 points out of 70, Montreal landed in eighth place on the list. Electricity reportedly costs 0.91% of the city’s $96,130 median income annually. Meanwhile, Montreal’s average house price is $529,020, and the average property tax is $3,836, or 3.9% of the city’s median income.

Meanwhile, Quebec City faired even better, finishing fourth on the list with an affordability score of 52.2 out of 70. The average price of a home in the province’s capital is $357,754, with a homeowner’s income of $104,860 on average, making up 29.31% of the price. For a $500,000 home, property taxes will cost a homeowner $4,389, or 4.19% of their yearly salary. Quebec City has some of the most affordable electricity rates in the nation, with new homeowners paying only 0.84% of their annual income toward their electric bills.

Here’s how the top 10 rounded out, with St. John’s, Newfoundland, leading the country with a 58.8 affordability score.

EdmontonHomes.ca