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How Much Do Single Family Homes Cost in Montreal?

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According to Daybreak’s report on family homeownership in Montreal, more than 24,000 children have been relocated to the suburbs by their families in the past 5 years, replacing condo living with back yards, square footage, and family friendly amenities. While single family homes tend to cost more (upfront) than condos do, they also offer better appreciation rates, since buying a house allows you to own the actual plot of land the property sits on. Owning land is the most lucrative part of a real estate investment because the demand for land will always increase with urbanization and population growth. This post will give you an idea of how much it costs to purchase a single family homes in some of the most popular family neighbourhoods in Montreal.

*Please note that this list is based on Centris listings as of October 23, 2017, and does not take into consideration off-market properties and private listings.

1 . Rosemont: 

Cheapest home: $379,000
Median price: $560,000
Most expensive home: $949,000

To own a single family home that costs $560,000, you would need: 

With a 5% downpayment of: $31,000 :

  • $41,871 in closing costs (including the downpayment)
  • $2,573 in monthly mortgage costs

With a 20% downpayment of $112,000 :

  • $120,760  in closing costs (including the downpayment)
  • $2,095 in monthly mortgage costs

*Calculated at a 2.89% interest rate with a 25 year amortization period.

Find a single family home in Rosemont >>

2. The South West (including Ville-Émard) 

Cheapest home: $260,000
Median price: $500,000
Most expensive home: $1,088,000

To own a single family home that costs $260,000, you would need: 

With a 5% downpayment of: $9,880 :

  • $17,646 in closing costs (including the downpayment)
  • $1,201 in monthly mortgage costs

With a 20% downpayment of $52,000 :

  • $55,660 in closing costs (including the downpayment)
  • $973 in monthly mortgage costs

*Calculated at a 2.89% interest rate with a 25 year amortization period.

Find a single family home in the South West >> 

3. West Island 

Cheapest home: $229,000
Median price: $465,000
Most expensive home: $11,500,000

To own a single family home that costs $465,000, you would need: 

With a 5% downpayment of: $23,250 :

  • $31,953 in closing costs (including the downpayment)
  • $2,148 in monthly mortgage costs

With a 20% downpayment of $93,000:

  • $99,940 in closing costs (including the downpayment)
  • $1,740 in monthly mortgage costs

*Calculated at a 2.89% interest rate with a 25 year amortization period.

Find a single family home in the West Island >>

4. Plateau – Mile End

Cheapest home: $525,000
Median price: $765,000
Most expensive home: $2,500,000

To own a single family home that costs $765,000, you would need: 

With a 7% downpayment of: $51,500:

  • $67,412 in closing costs (including the downpayment)
  • $3,470 in monthly mortgage costs

With a 20% downpayment of $153,000:

  • $166,065 in closing costs (including the downpayment)
  • $2,862 in monthly mortgage costs

*Calculated at a 2.89% interest rate with a 25 year amortization period.

Find a single family home in the Plateau >>

4. Ville Mont-Royale

Cheapest home: $550,000
Median price: $1,117,500
Most expensive home: $5,200,000

To own a single family home that costs $1,117,500, you would need: 

A 20% downpayment of $223,500:

  • $412,180 in closing costs (including the downpayment)
  • $4,181 in monthly mortgage costs

*Calculated at a 2.89% interest rate with a 25 year amortization period.

Find a single family home in Mont-Royale >>

 

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