Imagine you have a mortgage pre-approval for $300,000 and you want to buy a house somewhere in Montreal. What could you buy in the different boroughs across the city?
*Note that this list is based on market averages, and does not take into consideration outliers or hot deals .
Atwater Market – a 2 bedroom condo
$300,000 in the Atwater Market can get you a modern, 2 bedroom condo. You’ll be looking at a comfortable amount of living space; between 800 and 1000 square feet. If you compromise on proximity to the canal, market and Lionel Groulx metro, heading further West into St Henri, you might also be able to add a garage to the deal. St Henri is a popular choice for young couples, investors and first time buyers due to its low price points and convenient, central location.
Griffintown – a 1 bedroom condo with garage
In Griffintown, $300,000 will get you a modern 1 bedroom condo with a garage. Many of the newer condo projects in this area also include access to gyms, pools, saunas, lounges and rooftop terraces. When determining your budget, keep in mind that these extra amenities will come at a higher monthly cost. Do your research on the buildings condo fees and reserve fund management.
Buying in Griffintown conveniently locates you steps away from the downtown core and business district, thus helping you save on public transportation or commuting fees.
Pointe St Charles – a 2 bedroom condo or townhouse with garage + yard
$300,000 in Pointe St Charles will get you a large 2 bedroom condo or a small townhouse with a garage.
Pointe St Charles is growing in popularity amongst first time buyers, because of its many parks and tree lined streets, its affordable price points and its proximity to the inner city. In contrast with the urban-industrial layout of nearby Griffintown, many homes in Pointe St Charles have large private yards or gardens. Since it’s a developing area, you’ll have to look carefully at the urban plans to make sure you don’t invest in a financially risky part of “The Point.”
The Plateau – a 1 bedroom condo … a garage isn’t likely!
You’d be lucky to find a decent home for under $300,000 in the Plateau, let alone one with a parking space.
The price points in this area tend to be higher per square foot than in the Southwest or suburbs, and finding a property with a garage can also be a challenge. Despite these setbacks, the Plateau remains a popular residential choice amongst families and young couples alike, due to its architectural charm, community, and schools.
NDG – a 2 bedroom condo with driveway or garage
Depending on where in NDG you’re looking, $300,000 could fetch you a range of options from 1 bedroom homes near Westmount / Monkland Village to 2 bedroom homes with parking closer to Cote st Luc / Montreal West. Do your research carefully to find out which areas will be good investments, ideally consulting with a real estate specialist if you’re unfamiliar with the NDG neighbourhood.
Old Montreal – a 1 bedroom condo or studio apartment
Old Montreal with its historical architecture and nostalgic charm is a much loved option amongst international buyers and Montrealers alike. With its well-reputed history comes a heftier price-tag, and oftentimes higher monthly carrying costs. $300,000 in this area will get you a small 1 bedroom or a studio apartment. And, it would be a deal!