{"id":776554,"date":"2026-07-02T23:46:09","date_gmt":"2026-07-02T23:46:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/776554\/"},"modified":"2026-07-02T23:46:09","modified_gmt":"2026-07-02T23:46:09","slug":"buying-a-condo-in-montreal-now-less-affordable-than-in-toronto-rbc-says","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/776554\/","title":{"rendered":"Buying a condo in Montreal now less affordable than in Toronto, RBC says"},"content":{"rendered":"<p>Buying a condo in Montreal is now less affordable than one in Toronto for the first time in 16 years, according to a <a rel=\"noopener noreferrer nofollow\" target=\"_blank\" href=\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/housing-affordability\/improving-housing-affordability-continues-in-most-canadian-major-markets\/\">RBC Economics report<\/a>.<\/p>\n<p>The report found Montreal, Quebec City and St. John\u2019s were the only major Canadian housing markets where affordability worsened in the first quarter of 2026, bucking a national trend that saw conditions improve in most cities.<\/p>\n<p>Long viewed as a more affordable alternative to Toronto and Vancouver, Montreal is now moving in the opposite direction. While falling home prices have helped improve affordability in many Canadian cities, Montreal has not seen the same decline, leaving ownership costs elevated.<\/p>\n<p>\u201cMontreal\u2019s condo affordability index has even crested over Toronto\u2019s for the first time in 16 years,\u201d the report said.<\/p>\n<p>The finding does not mean condos cost more in Montreal than in Toronto. Rather, it means owning a typical condo requires a larger share of household income in Montreal.<\/p>\n<p>RBC said Toronto\u2019s condo market has undergone a significant correction in recent years, helping return affordability close to pre-pandemic levels. Montreal, meanwhile, has seen little meaningful reduction in condo prices.<\/p>\n<p>\u201cTight supply and the earlier population boom have contributed to an aggressive lift in condo prices in Montreal,\u201d the report said.<\/p>\n<p>RBC described Montreal as \u201can outlier in the Canadian market,\u201d noting home prices in the region were 5.5 per cent higher than a year earlier in the first quarter, even as affordability improved in many other major cities.<\/p>\n<p>RBC\u2019s broader affordability measure for the Montreal area rose to 52.6 per cent in the first quarter, its highest level since 1990 and the second consecutive quarter in which affordability deteriorated.<\/p>\n<p>National Bank reached a similar conclusion in its <a rel=\"noopener noreferrer nofollow\" target=\"_blank\" href=\"https:\/\/www.nbc.ca\/content\/dam\/bnc\/taux-analyses\/analyse-eco\/logement\/housing-affordability.pdf\">Housing Affordability Monitor<\/a> published in May. The bank reported the median home price in the Montreal region rose 4.9 per cent year-over-year to $591,849 in the first quarter, while mortgage payments consumed 44.7 per cent of household income.<\/p>\n<p>Nationally, affordability continued to improve. RBC\u2019s overall affordability measure fell to 53 per cent in the first quarter, its best level in four years, as lower home prices and easing ownership costs provided relief to buyers in many major markets, particularly Toronto and Vancouver.<\/p>\n","protected":false},"excerpt":{"rendered":"Buying a condo in Montreal is now less affordable than one in Toronto for the first time in&hellip;\n","protected":false},"author":2,"featured_media":776555,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[194292],"tags":[49,48,4520,2338],"class_list":["post-776554","post","type-post","status-publish","format-standard","has-post-thumbnail","category-montreal","tag-ca","tag-canada","tag-housing","tag-montreal"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/776554","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=776554"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/776554\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/776555"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=776554"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=776554"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=776554"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}