The Cost of Housing in Montreal
I just found a very confusing article on the cost of real estate in Montreal:
The latest annual Demographia study on housing affordability reveals that it would now take 5.1 years of median Montreal household income ($54,700) to pay off a median house in Montreal, ($281,700), placing Montreal’s affordability at a dismal 255 out of 325 cities surveyed. It’s a big slide from the 182nd spot two years ago, and an even bigger drop from years prior.
The annual study now describes Montreal as “one of the worst performers” since the group started analyzing the ratio of income to housing prices in hundreds of world cities in 2004.
By way of contrast, in Detroit, a household could pay off the typical house with less than one-and-a-half year’s income.
At this particular moment in time, I happen to know for an absolute fact that for $281,700 you can buy an amazing, completely new place in a prestigious, 100% safe, beautiful area in Montreal close to all kinds of public transportation. The above-quoted article is suggesting that in Detroit (which, with all due respect, should not be compared to Montreal in terms of living conditions), you can buy something comparable for under $80K. I’ve been to Detroit, and somehow, this does not ring true to me at all.
Montreal is, without a doubt, the best city in North America to live in terms of the quality of life. I’ve lived in a variety of areas in the US and I can’t think of a single city (mind you, not a tiny village in a godforsaken region where you can’t live without a car and don’t even get to see any people outside for weeks) where the cost of real estate wasn’t many times higher than in Montreal.
The cost of housing has, indeed, been climbing in Montreal. Quebec is in great shape economically, culturally, and in every other possible way. It is not surprising that a growing number of people want
s to live in this great country. As a result, the value of real estate rises.
P.S. A growing number of people wants or want to live? I always get confused, and Google isn’t being helpful. Are there any grammarians of English around?