Real Estate in Montreal
Last updated on Dec 08, 2024
Summary: The average cost of a nice 2 bedroom home in Montreal, Canada is around $400,000 CAD. A nice 3 bedroom home in Montreal is around $500,000 CAD. These properties typically include modern amenities such as stainless steel appliances, hardwood floors, and updated bathrooms. There are no restrictions on foreign ownership for properties in Montreal. An expat should search for a home to buy in Montreal by researching the different neighborhoods and their amenities, as well as looking at listings online. The most desirable neighborhoods in Montreal include the Plateau, Mile End, Old Montreal, and the Golden Square Mile. These neighborhoods offer a variety of amenities, such as restaurants, cafes, parks, and cultural attractions.
How do I find a place to live in Montreal?
We asked expats how they chose their neighborhood and found a place to live. They answered:
"We are in our 4th home in 8 years, moving from rental to rental until buying 5 years ago. Our neighborhood was really decided upon by the schools available to us with Quebec's language laws. If we could use any schools we would live more downtown rather than in the burbs," explained one expat living in Montreal, Canada.
"When looking for a place to live in Montreal, it is important to consider your budget, desired location, and the type of housing you are looking for. Start by researching different neighbourhoods in Montreal to find one that fits your needs. You can also search online for rental listings, or contact a real estate agent to help you find a place. Additionally, you can look for rental postings on websites such as Kijiji or Craigslist. Once you have found a place that meets your criteria, you can contact the landlord or property manager to arrange a viewing," said one person in Montreal.
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What is a typical expat home or apartment like in Montreal?
"Expat homes and apartments in Montreal are typically modern and spacious, with large windows that let in plenty of natural light. Many of the apartments are located in the city's vibrant downtown area, close to shops, restaurants, and other amenities. Expats can also find homes and apartments in the city's many charming neighborhoods, which offer a more relaxed atmosphere and a slower pace of life. Most expat homes and apartments come with all the necessary amenities, such as air conditioning, heating, and high-speed internet," remarked one foreigner who made the move to Montreal.
"We live in a suburban estate not typical for expats as we have been here a while now. Most expats live near downtown or out on the West of the island," explained one person living in Montreal, Canada.
What is the average cost of housing in Montreal?
If you are thinking about moving to Montreal, cost of living in probably a key consideration. Expats commented about the cost of housing:
"Housing costs are roughly half those of the UK. an average 2 storey house costs $226,000 dollars but is of course bigger than a similar house in the UK as they usually have finished basements," said one person in Montreal.
"The average cost of housing in Montreal is generally considered to be quite high. Renting an apartment in the city can cost anywhere from $800 to $2,000 per month, depending on the size and location. Buying a home in Montreal can be even more expensive, with the average price of a single-family home being around $500,000," said one expat who made the move to Montreal.
Should I buy or rent a home in Montreal?
If you have not spent a lot of time in Montreal, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:
"Whether you should buy or rent a home in Montreal depends on your individual circumstances. If you plan to stay in the city for a long period of time, buying a home may be a better option as it can provide you with a stable investment and a place to call your own. On the other hand, if you are only planning to stay in the city for a short period of time, renting may be a more cost-effective option. Additionally, if you are not sure how long you will stay in the city, renting may be a better option as it allows you more flexibility. Ultimately, the decision to buy or rent a home in Montreal, Canada should be based on your individual needs and preferences," remarked one foreigner who made the move to Montreal.
What do I need to know when buying property in Montreal?
When we asked expats what advice they would give a foreigner before buying a property in Montreal, they said:
"1. It is important to research the neighbourhood you are interested in buying in, as well as the local market conditions. 2. Make sure to get a home inspection done before you purchase the property to ensure that there are no major issues with the property. 3. Consider the cost of living in Montreal, including taxes, utilities, and other expenses. 4. Be aware of the zoning regulations in the area, as they may affect the type of property you can purchase. 5. Make sure to get a lawyer to review the purchase agreement and other documents related to the purchase. 6. Consider the long-term implications of buying a property in Montreal, such as potential appreciation or depreciation of the property," wrote one expat who made the move to Montreal.
Are foreigners allowed to own property in Montreal?
When we asked expats what advice they would give a foreigner before buying a property in Montreal, they said...
"Yes, foreigners are allowed to own property in Montreal. Non-residents of Canada are able to purchase real estate in Montreal, however, they must obtain approval from the Canadian government before doing so. Additionally, non-residents are subject to certain taxes and fees, such as the Non-Resident Speculation Tax, which is a 15% tax on the purchase price of the property. Furthermore, non-residents must also obtain a mortgage from a Canadian financial institution in order to purchase property in Montreal," said one expat in Montreal.
What appliances are typically included in a rental?
We asked foreigners in Montreal what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included:
"Rental properties in Montreal typically include a refrigerator, stove, oven, dishwasher, and washer and dryer. Some properties may also include a microwave, toaster, and other small kitchen appliances," said one expat in Montreal.
Additional Information about Searching for a Home in Montreal:
We asked foreigners in Montreal what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included...
"Expats looking for homes in Montreal can search online for real estate listings, or contact a local real estate agent for assistance. They can also search for rental listings on websites such as Craigslist or Kijiji, or look for postings on local expat forums. Additionally, expats can attend open houses or visit local neighborhoods to get a better feel for the area," explained one person living in Montreal, Canada.
About the Author
Betsy Burlingame is one of the founders of Digital Nomad Exchange and the Founder and President of Expat Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat Exchange and Digital Nomad Exchange, Betsy worked at AT&T in International and Mass Market Marketing. She graduated from Ohio Wesleyan University with a BA in International Business and German.
Some of Betsy's articles include 12 Best Places to Live in Portugal, 7 Best Places to Live in Panama and 12 Things to Know Before Moving to the Dominican Republic. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.
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