Who are the people buying homes in the different sectors of the Montréal area? Canada Mortgage and Housing Corporation’s latest Housing Market Insight is a first detailed study on the topic. To produce this Insight, we looked at households who bought a home in Montréal between May 2015 and May 2016. More specifically, we looked at the:
- geographic area the household was from (origin of buyers)
- age of the primary household maintainer (age group of buyers)
- type of buyer households (one-person household, couple with or without children, etc.)
- household’s median before-tax income (buyers’ income)
Here are some of the highlights from the Insight:
Origin of buyers
- About 90% of households who bought a home in the greater Montréal area in 2016 lived in the area 1 year before. In other words, only 10% of buyer households came from outside the Montréal area.
- For the city of Montréal, about 80% of buyer households already lived in the city when they bought a home.
Age group of buyers
- For the greater Montréal area, the two main age groups of buyer households were 25 – 44 and 45 – 54.
- In the city of Montréal, 43% of condominium buyers were households under the age of 35. For single-family homes, 60% of buyers were households aged 35 – 55.
Type of buyer households
- Across the greater Montréal area, 45% of condominium buyers were one-person households. Another 30% were couples without children.
- In contrast, in some of the more expensive sectors of Montréal, such as Outremont, families were the main condominium buyers.
- Across the greater Montréal area, about 50% of households who bought a single-family home had an annual income over $100,000.
- For those who bought condominiums or income properties, this figure was 25% to 30%.