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Buying Affordability In Montreal

Buying Affordability In Montreal

Buying Affordability In Montreal

Buying Affordability In Montreal depends on where and what you buy! According to the Montreal Gazette,

“Compared to Vancouver and Toronto, buying a home in Montreal is relatively affordable. But with rising prices, and some areas seeing faster increases than others, affordability often comes down to where — and what — you’re buying.”

According to the QFREB, these are the median condo prices in Montreal:

*Includes central de-merged suburbs of Town of Mount Royal, Westmount, Hampstead and Montreal-West
**Includes municipal Sud-Ouest borough and Verdun

Via the QFREB, these are the median prices for single family homes by neighborhood:

*Includes central de-merged suburbs of Town of Mount Royal, Westmount, Hampstead and Montreal-West
**Includes municipal Sud-Ouest borough and Verdun

As you can see from the chart, there’s a lot of variation depending on the neighborhood. There’s much demand for Pointe-St-Charles, St Henri and Le plateau, but these areas have also really gone up in price. Verdun which was at one time more reasonable is now no longer a secret leading to both a boost in price and demand.

Condos under 450 square feet in areas like Griffintown and Old Montreal, can be had for $250k. Where else in Canada, in a major metropolitan city, can you buy something for 250K in a good location?

As always, the driving factor in any neighborhood remains about the supply and demand equation.

According to the Canada Mortgage and Housing Corporation. foreign buyers account for only 1.8 per cent of all real estate transactions between this January and April,

According to Paul Cardinal, the manager of market analysis at the Quebec Federation of Real Estate Boards,

“When the price of property in the Montreal area begins to rise at a faster pace, as it is now, that trend generally starts in central Montreal, before spreading to nearby suburbs and then to the outer-ring, he says.

“The market is a little more to the advantage of sellers if you’re on the island of Montreal, a little less if you’re in, let’s say, Longueuil, Laval, Brossard,” Cardinal says.

“If you go further, you might find some market conditions that will be either balanced or slightly to the advantage of buyers.”

As prices rise on the Island of Montreal, for single family homes, buyers are forced to move farther out to the suburbs to get more value and larger homes for their dollar. I recently discovered the wonderful and sweet town of Saint-Bruno de Montarville.  It’s approximately thirty minutes from Montreal by car, depending on traffic of course. But what a nice, lovely community with great houses on offer for between 350 – 450k. This market is hopping!

On the island of Montreal, the median price for a single-family home sold between January and May was $432,000. There’s definitely a shortage of good inventory of  affordable three plus bedroom options on the Island of Montreal.

 

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Bonnie Meisels
[email protected]
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