In Budgeting, Canada, Investing, Life, Money

Real Estate Comparison: What you can buy in Montreal, Quebec, Canada

Note: I am just searching in downtown Montreal, nothing in the areas of Laval or not specifically “Montreal” as the city.

You can click on any of the images below to go to the actual real estate listing.

This is the area I concentrated in, downtown. There are obviously other areas that are slightly cheaper as you go farther out, but for the sake of keeping things focused, this is where I was looking:

montreal-area-real-estate

$0 – $250,000

Yield: 1113 listings, mostly apartments in houses

Cheapest: $49,000 downtown Montreal

… but it’s a false alert because it’s just a parking lot! Not a house or apartment.

I’m pretty sure that doesn’t  count as a living space.

Actual Cheapest Abode: $145,109

Size: 338 square feet, bachelor’s studio (smaller than a regular studio)

cheapest-montreal-guy-concordia

Surprisingly cheap, and located right by a metro station (Guy-Concordia) in downtown Montreal.

 

But I’m pretty sure they’d call this “very cosy” in realtor terms.


It’s basically a VERY tiny closet that they’re trying to pass off as a studio of course, but if you are a single person do you really need all that space? Not if you’re willing to pare down and be a minimalist who makes every space super multi-functional!

The bedroom (let’s face it) is not really a bedroom as it is a small closet that you can only hope you can squeeze a twin-sized bed into, that will pretty much take up the entire space.

Top of the price range: $249,900

Size: 750 square feet, 1 bedroom, 1 bathroom

250000-price-range-guy-concordia-montreal

This is what I would consider an acceptable size for an apartment if you aren’t into the tiny living movement. 750 square feet, charm and a separate bedroom that is an actual bedroom. I rather like the fireplace, but it’s also an apartment in a big old house, which means you are going to hear your neighbours.

It’s located just a bit north, near the Mont Royal park and McGill University up the hill. It’s a bit of a trek but it’s still reasonably close to downtown Montreal and a short bus ride (or a long walk) will get you to a metro station in no time.

If you’re interested in loft-like living, this would be a good option and again, great for a single person or a young couple without a lot of junk.

$500,000

Yield: 2 listings, no houses

Size: 2 bedrooms at 741 square feet but notably built in 2013

500000-montreal-downtown

So this one is located in a very upscale, rich area of Montreal. Not THE richest area, but it is located near Westmount, which is where it is literally right on the doorstep of the mall, right at the start of where downtown begins and about a minute’s walk from a major metro station.

The place doesn’t look very big (it isn’t) but it is well located, which is the premium being paid. I hate the kitchen though.

$750,000

Yield: 2 listings, no houses

Size: 1485 square feet, 2 bedrooms, 2 bathrooms

750000-montreal

This two story PENTHOUSE is located in a very quaint, cute area of Montreal — Old Montreal.

Very rustic, and always full of tourists. It’s a sexy loft style and it’s a bit of a walk to the nearest metro, but not anything where you’d have to take a bus. Maybe about 5 minutes away on foot.

To get to downtown, it’s also a short walk, maybe about 10 minutes, and it is pretty close to the highways.

It has 2 fairly big bedrooms, and when a place comes with its own wine fridge, you know it’s $$$$$$.

Did I also mention it comes with its own patio?

$1 million

Yield: 1 listing – no houses, condo only

Size: 1802 square feet and 3 bedrooms with 2 bathrooms

million-montreal

Surprisingly for such an expensive listing, they didn’t bother taking a lot of photos of the place. I mean, if it costs a million, it should at least have 10 photos of the bedroom and in general how it looks like the listing above for the penthouse.

Lazy.

It is however, located RIGHT in the heart of Old Montreal which accounts for why it’s a million, but the view however is clearly of the other buildings across from it, not of the river that runs nearby.

Still, you’re close to Old Montreal, a metro station is about 2 blocks away and I think it’s overpriced for what it is, considering the 2-story penthouse above is a quarter of a million bucks cheaper and has almost the same square footage, and is located in the same vicinity.

SUMMARY

For downtown Montreal, you can find a lot of homes under the $300,000 range, but they’re all mostly apartments or apartments inside houses that have been split into smaller units.

To find and buy an actual house (a whole one!) you’d have to move off and away from downtown Montreal, and either head up to the pricey Westmount area with the homes on the hills overlooking the city of Montreal, or off onto another island where you can actually find a home and not an apartment.

There aren’t many listings above the $400,000 range in Montreal which isn’t surprising at all to me, seeing as I find the homes in Montreal a lot less expensive than in Toronto (my previous city). When people here can only really afford $400,000 as their maximum budget, you’d be hard pressed to find luxury buyers, let alone buyers paying a lot of money for a shack in Montreal when there are other options available on other islands and areas of Montreal.

In general, the more money you spend, the nicer the place looks and the more square footage you get, although it doesn’t really go above 2000 square feet in downtown Montreal.

Location also factors in greatly, but it clearly doesn’t factor in so much that people are suckered into paying a huge premium.

COMPARING REAL ESTATE IN OTHER CITIES

CANADA

  • Save. Spend. Splurge.: Montreal
  • Urban Departures: Toronto
  • Financial Diffraction: Halifax
  • Money after Graduation: Calgary

U.S.A.

NEW ZEALAND

  • NZ Muse: Auckland, NZ

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Sherry of Save. Spend. Splurge.

Am my own Sugar Daddy. Am a millionaire at 36 after getting out of $60K of student debt in 18 months, a little over a decade earlier, using TheBudgetingTool.com. I have worked 50% of my career (taking 1-2 year breaks), and quadrupled my income within 2 years of graduating, going from $65K to $260K with an average lifetime savings rate of 50%. I have 11 side incomes that are on track in 2020 to make me $50K - $75K. I could retire today if I wanted, but love my work-life balance as a freelancing consultant in STEM (Science, Technology, Engineering, Math). I am all about balance - between time and money, and also enjoying my money. I also post daily on Instagram @saverspender.

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16 Comments

  1. Mathieu Lebrun

    Thank you for sharing article! It’s very interesting. Hope to hear more from you.

    Reply
  2. Emily @ Urban Departures

    Thanks for initiating this. It’s very interesting to see how the housing market differs, especially in Canada. Housing in Montreal is actually higher than I thought it’d be but I’ve read articles that’s steadying down; that’s good news for you since you’re considering on buying!

    Reply
    1. save. spend. splurge.

      Well housing in Montreal is expensive if you want a downtown location. For suburbs you have more choice for cheap but you have to cross bridges, take highways, etc

      Reply
  3. Steve

    I thought Vancouver was expensive! DT Montreal would be lovely to live in, looks expensive to buy though!

    Reply
    1. save. spend. splurge.

      Cheaper than Toronto or Vancouver! 🙂 Montreal only has one or two homes at a million but that’s it. Toronto has tons.

      Reply
  4. Amanda @ My Life, I Guess

    I love this idea – thank you so much for doing it!
    We are seriously considering getting into real estate since our rental place is so bad, so it’s really interesting to read about the costs in other places. We’re lucky – the median house cost up here in Northern Ontario is just under $200,000 but we don’t have nearly as many options as there are in the big cities.

    Reply
    1. save. spend. splurge.

      But at least it’s reasonable.

      Reply
  5. PK

    I don’t know much Canada, but I think you nailed the Toronto point – you can get a lot of home (unit?) for 3/4 of a million it seems. Nice stairway.

    Thanks for the series, this was an interesting idea!

    Reply
    1. save. spend. splurge.

      Thanks for participating!

      Reply
  6. Charlotte

    Ahhhh Montreal’s RE market is so rosy compared to Toronto’s! Definitely not cheap by any means but it does seem more affordable. That exposed brick is to die for in the pics above. I really liked Old Montreal when I was last in the city but granted, that was years ago and it might have a different vibe now (like you mentioned, v. touristy).

    Reply
    1. save. spend. splurge.

      Old Montreal is still touristy but a nice place to live nonetheless 🙂 I prefer it over the suburbs where you can spend way less and get a huge mansion like in Brossard.

      Reply
  7. Kassandra

    Downtown Montreal housing prices are definitely shooting up. I had bought my condo in Laval but it was because I worked in St-Laurent. Back in 2005, I paid $145K for a well laid out two bedroom condo that was about 1000 sq feet with two balconies and a storage locker. I really miss that place!

    Reply
    1. save. spend. splurge.

      But now they’re saying the market is cooling down…

      Reply
  8. Stefanie @ The Broke and Beautiful Life

    I’m actually surprised you are able to get that much home in that central a location in Montreal. I thought real estate there would be more comparable to NYC.

    Reply
    1. save. spend. splurge.

      NOPE! Toronto or Vancouver yes, Montreal no.

      Reply

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