How much do you need to earn to live comfortably in Montreal? [2024]

If you want a city that feels like Europe but has all of modern North American conveniences, Montreal could be the place for you. It's famous for its history, thriving arts scene, festivals, and amazing culinary options. This bilingual city mixes French and English cultures, making it one of the most diverse places in North America.

Montreal has career opportunities in many different industries. In finance, it’s an important hub with the Montreal Exchange, and jobs in banking, insurance, and financial technology are plentiful. The tech industry is also booming, especially in areas like artificial intelligence, video game development, and software engineering. Montreal is famous for its arts, media, and entertainment, with plenty of work opportunities in film, music, and digital content. Other industries like healthcare, research, education, retail, and hospitality are continually growing.

The icing on the cake is that Montreal offers a relatively lower cost of living than other big Canadian cities. This means that it’s a little easier to afford the finer things in life and live a bit more comfortably.

How much will I pay for rent in Montreal?

Rent prices depend on where you live and what features the place has, but overall, Montreal's rental rates are lower compared to other large cities such as Toronto, Vancouver and even Calgary.

The average monthly rent for a 1-bedroom apartment in Montreal is CA$1,400. 2 bedrooms average at CA$1,800 and for larger houses, the average cost is CA$2,000 - CA$3,000.

Rent is more costly in neighbourhoods such as Outremont, Kirkland and Mont-Royal, where the average rent for a 1-bedroom place ranges from $1850 to $2250. A house with multiple bedrooms can cost up to $3700 per month in these areas.

More affordable neighbourhoods include Montreal Nord and Rivière des Prairies Pointe aux Trembles where a one-bedroom place averages just above $1000 per month, and an entire home averages at $1750.

Average monthly rent: $1425

What if I have a mortgage?

Those who are geared up to purchasing a home in Montreal can do some basic calculations to predict how much their monthly mortgage will be, based on the average home price of $610,000.

For a home priced at $610,000 with a 20% down payment and a 6.49% interest rate over a 30-year term, the estimated monthly mortgage payment would be approximately $3,081.28.

The average price of a home in a more upscale neighbourhood such as Kirkland is $944,500. At this price using the above calculations, the monthly mortgage payment would be approximately $4,771.

A more affordable neighbourhood such Montreal-Nord has an average home price of $448,550. This means the monthly mortgage would only be $2,226.

Average monthly mortgage payment, split with a partner: $1,540

How much will I spend each month on food in Montreal?

Montreal has a diverse culture of food, and access to local markets where fresh, seasonal produce and specialty items are easily found. Because the city is so multicultural, there are specialty grocery stores with products from all over the globe. Sustainable, organic options are also popular in Montreal.

In Montreal, a single person might spend between $300-450 per month on groceries. A family of four might spend between $900-1200 per month on groceries. Of course this depends on factors such as dietary preferences, store preferences and shopping habits.

Average monthly grocery costs for one person: $375

How much will my electricity and monthly bills be?

The average cost of utilities for one person in Montreal, including electricity, heating, cooling, water, and garbage, can be anywhere from $120-200 per month. Certain things will affect your bills:

• The size of your place

• How warm/cool you need your place

• Personal energy usage - for example, an avid gamer or someone using supplemental lights on their houseplants will use more power than someone with different hobbies.

• Home EV charging

Monthly bills per person: $160

How much does it cost to get around in Montreal?

Like other big cities, Montreal often has traffic congestion, and winter driving can slow things down even more.

Montreal’s public transit, run by the STM, is reliable and affordable. The Metro has four lines—Green, Orange, Yellow, and Blue—that cover the city and suburbs. A single ride costs $3.75, and a monthly pass is $93.00. The bus system complements the Metro.

The AMT operates regional trains connecting Montreal with surrounding areas, with fares starting at $4.50. The OPUS Card simplifies fare payments and can be loaded at various locations. It costs $15.00 and can be refunded when returned.

Gas costs to commute via vehicle can be between $150 - $300 per month. There are other expenses such as insurance, maintenance and snow tires to factor in as well.

Average monthly transportation costs: $125

How much does it cost to eat out in Montreal?

The amount you spend on restaurants depends on your tastes and how often you choose to eat out. Montreal’s food scene is renowned, not just for fine dining but also for multicultural cuisine and farm-to-table establishments.

Cheap meals range from $3-15, mid-range plates go from $15-40, and fine dining will cost you $40-250 per dish.

Average monthly restaurant costs: $125

What will I spend on entertainment in Montreal?

Montreal is the place to be for entertainment options. Comedy and music festivals, theatre, dance and concerts are happening daily, and sports fans can enjoy the epic hockey and soccer seasons. There is no shortage of bars, clubs, and live music venues scattered throughout downtown and popular areas like the Plateau. And last but not least, you can choose from numerous museums, art galleries and cinemas.

Monthly entertainment costs: $50-200

How much can I expect to spend on basics?

Basic living expenses include housing costs like rent or mortgage, groceries, transportation, and occasional spending on entertainment or dining out. In Montreal, a single person’s monthly costs can range from $2,800 to $3,500, while a small family with a modest lifestyle needs about $7,000 per month.

In Victoria, a single person needs an annual income of around $38,000, which is almost 20% higher than what someone earning minimum wage in Quebec would make working full-time. This figure doesn’t cover taxes, RRSP contributions, CPP deductions, or savings for vacations and emergencies, such as car repairs or replacing appliances. On average, Canadians spend about $4,000 a year maintaining a vehicle.

If $38,000 covers the basics, how much do I need to live comfortably?

To live comfortably as a single person in Montreal, you’d need to make at least $55,000 per year. This income would allow you to rent a place in a nice neighbourhood and still have enough money for entertainment and savings. It’s important to maintain a good work-life balance to feel secure and comfortable.

With $55,000 a year, you could set aside savings, invest, treat yourself to new clothes, and enjoy events like concerts, shows, or sports games. You could also plan a few vacations each year.

For a family of four, an annual household income of around $100,000 or more would provide a comfortable lifestyle in Montreal.