How to Buy a Condo in Montreal

Who Chooses Condos?

Thanks to their downtown locations, smaller footprints, and having someone take care of the building envelope and exterior maintenance, condos are usually occupied by young adults and young couples.

In Montreal, the population is increasing as entrepreneurs, large companies, and technology firms move in to take advantage of the affordable real estate and vibrant culture. In fact, Statistics Canada notes that the GTA of Montreal has shown steady growth over the past few years. As a result, more condos are being built in the city, and these condos are attracting many young professionals and young families.

What is the Neighbourhood Like Around a Condo?

In real estate, location is everything - and it's no different in Montreal. The price of a condo in this city is impacted by its access to public transportation. As not all neighbourhoods in Montreal have ready access to public transit, you must factor in the price increase on your condo if you do not have a car and must buy a condo close to transit. On the other hand, know that a condo purchased near a future or existing transit station will most likely increase in value over time.

Your neighbourhood in Montreal will have a large French-speaking population. After all, this city is home to the second largest French-speaking metropolis outside of France. However, many of the residents also speak English, so if French is not your first language, you'll still be able to communicate quite easily.

No matter where in Montreal you settle, you'll enjoy a dynamic and multicultural neighbourhood in a city that has been ranked among one of the best places to live in the world. You'll also encounter many happy tourists from all over the globe. In 2016, about 10 million people enjoyed the tourist attractions Montreal has to offer.

Vibrant, cultural neighbourhoods make Montreal a great place for condo buyers according to the reviews on CondoEssentials.

Price Factors to Consider

Never rush into buying a condo or any other piece of real estate. A condo purchase is a major decision and it impacts your entire life. Consult with a mortgage advisor and a finanical advisor so you understand what your appropriate budget should be for the purchase, and how much you need to earn to cover the mortgage and other monthly costs associated with home ownership.

However, don't despair! Everyone's budget is different and there are a variety of condos in Montreal to suit different budget levels.

When purchasing a condo, think about the costs that come before you sign on the dotted line. For example, a real estate lawyer, property taxes, levies, condo maintenance, insurance, and closing costs are all factors that are part of the purchase. Don't forget about buying furniture and decor as well. Some condo owners may be asked to pay an occupancy fee (aka phantom rent). This covers the time between when you take possession of the condo and when you move in. Does it Pay to Rent a Condo? MoneySense noted in 2014 that renting a condo in Montreal is about $300 less than renting an apartment. While renting is not ownership, condos typically come with added amenities and more upgraded spaces. If you are looking to rent in Montreal, consider a condo over an apartment.