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Real Estate Market Profile: Hochelaga-Maisonneuve

A look at the housing market in Montreal's Hochelaga-Maisonneuve neighborhood.

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Montreal’s Hochelaga-Maisonneuve is a neighborhood located at the Eastern tip of Montreal Island, bound by Rosemont’s “Angus Shops” to the West, Downtown to the South, and Viauville to the North. The area owes its growing popularity to affordable property prices and accessibility via three metro lines – Joliette, Pie IX and Viau.

Here is a summary of real estate activity in HOMA, based on Centris statistics for the first half of 2018 :

Sales

Sales in Montreal’s South West increased by 6% in the second quarter of 2018. Meanwhile, active listings dropped by 14%.

In the last year, sales in Hochelaga-Maisonneuve have increased by 15%.

Condo market conditions by price point

  • The price point under $200,000 recorded the highest inventory, an average of 105 units, and 7.6 months of inventory.
  • At the $200,000-$249,000 price point, FCIQ recorded an average of 5.7 months of inventory.
  • The $250,000-$299,000 price point recorded the lowest months of inventory, at 5.5 months.
  • The $350,000+ price point recorded 6.5 months of inventory.

Condominiums

In the last 12 months (up to the second quarter of 2018)

  • 692 condos were sold
  • The median price was $235,000 – a 3% appreciation y-o-y.
  • The average condo sold within 97 days.

Single Family Homes

In the last 12 months (up to the second quarter of 2018)

  • 187 homes were sold
  • The median price was $367,000 – a 4% appreciation y-o-y.
  • The average home sold within 67 days.

‘Plexes

In the last 12 months (up to the second quarter of 2018)

  • 414 plexes were sold
  • The median price is $485,000 – a 10% appreciation y-o-y.
  • The average plex sold within 69 days.

Is Hochelaga-Maisonneuve an good choice for buyers?

HOMA presents an attractive opportunity for the budget-restricted buyer, as the average property price falls far below the city average, without the long suburban commute.

It also offers low carrying costs and high future growth for buyers or investors who choose to rent out their property.

For example, at the median condo price of $235,000, an investor can expect, on average, a mortgage carrying cost of $913 per month (with a 20% downpayment) 

Buyers can currently find, listed on the public market, opportunities such as:

  • A fully renovated, modern 2 bedroom condo, walking distance from the metro and with a view of the Botanical Gardens for $262,500.
  •  A triplex for $385,000 (renovation project).
  • A fully renovated, turn-key duplex for $349,000.
  • A luxurious loft style penthouse, spread over 2 floors with a private indoor parking for $324,000.

Receive all these properties and more by signing up for a real estate alert in HOMA.


This article, Real Estate Market Profile: Hochelaga-Maisonneuve, appeared first on Shupilov News

 

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