Condo Market vs. Single-Family Homes: Which Montreal Sector is Right for Your Budget?

If you are looking for a home in Montreal right now, you might notice that things feel a bit different depending on what you want to buy. The market is split into two different worlds: houses and condos.

Here is what you need to know to help you pick the best one for your budget.

Single-Family Homes: The “Fast” Market

Houses with a backyard (single-family homes) are very popular right now. Because many people want them but there aren’t many for sale, prices are going up.

• The Price: The middle price for a house in Montreal is now around $639,000. That is about 6% higher than it was last year!
• The Vibe: This is a “Seller’s Market.” This means the people selling the houses have the advantage because there are so many buyers competing for the same home.

Condos: The “Choice” Market

If a big house feels too expensive, condos are a great option. Right now, there are a lot of condos for sale in Montreal—especially in areas like downtown or Griffintown.

• The Price: The middle price for a condo is about $430,000. Prices for condos are only going up a little bit (about 2%).
• The Vibe: This is moving toward a “Buyer’s Market.” Since there are many condos to choose from, you have more time to look around and might even be able to ask the seller for a better price.

Recent Changes to Watch

There is a new rule in Quebec that is important for you to know! Now, when you buy a home, you must have a written contract with your real estate broker. This helps protect you and makes sure everyone knows exactly how the process works.

Also, if you are a first-time buyer looking at a brand-new home under $1 million, the government is working on a plan to remove the GST (tax), which could save you a lot of money!

Which one should you choose?

• Choose a House if: You have a bigger budget, you want a yard, and you are ready to act fast when you find “the one.”
• Choose a Condo if: You want to spend less, you want to live closer to the city action, or you want more power to negotiate the price.

No matter what you choose, I am here to help you navigate the Montreal streets and find the perfect keys for your pocketbook!