Éric Duhaime told reporters on Tuesday that young people in Montreal cannot afford to buy a house priced at about $1 million. He said the current level of home prices leaves younger buyers without enough means to enter the market.
Average house prices in the city have risen to roughly $1 million, according to recent data. The increase pushes the typical cost of a home beyond the financial reach of many residents who are just starting their careers or building families.
Duhaime’s comments come as the housing market continues to tighten, with demand outpacing supply in many neighbourhoods. While the figure of $1 million reflects the average price across the city, it underscores a broader trend of rising costs that affect affordability for a large segment of the population.
The situation has particular implications for younger Montrealers, who often lack the savings or credit history needed to secure a mortgage at such price points. Without sufficient income or equity, they face limited options for purchasing a home, which in turn may influence decisions about where to live and how to plan for the future.
Housing experts note that the current price level can lead to longer rental periods, delayed family formation, and increased reliance on shared living arrangements among younger adults. The challenge of reaching the $1 million threshold highlights a growing gap between market prices and the financial capacity of new entrants to the property market.
City officials and policymakers have been urged to consider measures that could improve affordability, though no specific actions have been announced at this time. For now, the high average price remains a barrier for many young Montreal residents seeking to own a home.
The issue is likely to remain a focal point of public discussion as the city’s housing market evolves and as younger generations continue to confront the financial hurdles posed by a $1 million average home price.