New owners not as rich as one might think?

Households that purchase an income property in the Montreal Census Metropolitan Area (CMA) may not be as rich as we think.

Recent data from the Canada Mortgage and Housing Corporation, based on the 2016 census, reveal that the median (before-tax) income of buyers was $ 69,000.

This is similar to condo buyers in the Montréal CMA, whose median income is valued at $ 68,250. Single-family home buyers had a median income of $ 97,250.

According to the Barometer of the Quebec Federation of Real Estate Boards, the median selling price of plexes with two to five units in the Montréal CMA was $ 445,000 in 2016. The single-family home price stood at $ 289,829, while that of condominiums was $ 238,000.