The real estate market in Montreal
Have you fallen in love with Montreal and would like to purchase property there? Check out this article for insights into the real estate scene in the Quebec metropolis.
Why wouldn't you love Montreal? Despite being a big metropolis, it maintains a calm, secure vibe, offering the best of both worlds for those who want to enjoy vibrant nightlife or raise children in a peaceful environment. Every year, thousands decide to make Montreal their home by purchasing a property.
As reported by the Association professionnelle des courtiers immobiliers du Québec (APCIQ), residential sales in Montreal reached 3,098 in July 2023, marking a 1% increase or 45 more transactions compared to July 2022. Additionally, the inventory of available properties on the market continues to decrease significantly compared to previous months.
The report also highlights that the influx of newcomers with immigrant status who can afford to purchase homes in Montreal is contributing to the group of buyers with strong purchasing power.
In July 2023, there was a year-on-year decrease in sales prices in the Montreal metropolitan region: 0.7% for single-family homes, 2.2% for condominiums, and 1.2% for plexes. The median prices stood at $611,900, $392,600, and $578,800, respectively.
The vocabulary of the Montreal real estate market
Before you begin your search for a home in Montreal, you'll need to familiarize yourself with the vocabulary of the Quebec real estate market. Here's a glossary to help you:
- Condo: condominium apartment;
- Duplex/triplex/quadruplex: property with two, three, or four units;
- Plex: a term that includes duplex, triplex, quadruplex, etc.;
- Bungalow: single-storey house;
- Townhouse: townhouse;
- Condominium: a building in which ownership is shared by several owners;
- Row house: the two walls on each side of the house are shared with other houses;
- Semi-detached or semi-detached house: only one wall adjoins another house;
- Single-family property: detached building;
- Market price: price actually paid at the time of purchase;
- Cooperative housing: housing democratically managed by cooperative members;
- Mortgage: a mortgage is a loan granted by a bank to finance the purchase of a property. The property serves as security for the debt.
Can you buy a home in Montreal without being a permanent resident or Canadian?
If you're not a permanent resident of Canada or a Canadian citizen, you might be curious about your eligibility to own property in Montreal. The good news is, yes, you can, but there's a catch – a two-year wait! Starting from January 1, 2023, the Act Respecting the Prohibition of Purchase of Residential Real Estate by Non-Canadians prohibits non-Canadians from buying residential real estate in census metropolitan areas (CMAs), which includes Montreal and census agglomerations (CAs). This restriction will be in effect for a duration of 2 years.
The law impacts semi-detached houses and condominiums, but it doesn't restrict the acquisition of larger buildings with a minimum of four residential units. While there are some exceptions that allow non-Canadians to purchase residential property in special circumstances, in the majority of cases, you'll need to wait until January 1, 2025, to make your Montreal home purchase.
Obtaining a potential loan is another difficulty to consider. Quebec banks don't lend money easily, if at all, to people who aren't citizens or permanent residents.
How do I find a home for sale in Montreal?
To find your dream home in Montreal, start your search by browsing the Internet. This will give you an idea of prices in the neighborhoods that catch your eye. While strolling around town, be attentive, as properties for sale frequently sport a red "for sale" sign along with the seller's phone number. Additionally, you can opt for the assistance of a real estate broker or agency to streamline your search.
Useful links:
Mortgage - Government of Canada
