Condo Hunting: Price, Area and Size Matters
February 9, 2009 by Deyanira Bautista
Filed under Buying Real Estate, Featured, First Time Buyer
Lately I’ve been getting a lot of calls from buyers requesting condos in the downtown area for under 150,000. While we do have them in the system, a lot of these properties are either “fixer-uppers”, small in square footage or located in the basement and/or semi-basement (terrace level)
Remember that the price will be set according to certain factors: Location by neighbourhood (Downtown, Old Port, Plateau, NDG, Rosemont, etc), the floor level (for example: a top floor condo will be priced higher than the ones in the first floor or terrace) and if it includes a garage or parking, among others.
If your max. price does not match your criteria, perhaps you should look into different areas of the city that offer more space for lower price. Or accommodate your criteria in order to stay within the budget of the area you’d like to live in.
Revise the size of the property, if you have a max of 120K and you’re looking for a 1200 sq ft condo downtown…well, I don’t think it will be that easy to find. Just think: either you stay downtown, in a condo with less space or (again) find an area that is more affordable.
Keep in mind that a garage adds an extra value to the property, the average price for outdoor parking space is anywhere from $10,000 to $15,000. Indoor parking (Garage) $20,000 to $35,000, depending on the area.
Although the Montreal Real Estate Board gave us an average price for condos in Montreal, the numbers are quite general.
Median Price. Sold Condos in the last 6 months.
These result were taken from the MLS database of sold condos with the following criteria:
2 bedrooms, 1 bathroom, levels: from ground floor and up.
Rosemont: 850-1000 sq ft with garage: $212,100
Old Montreal: 1000-1175 sq ft with garage $354,800
NDG: 800-1000 sq ft. No garage $219,000
Ville-Marie (excluding Old Montreal) 800-1000 sq ft. No garage. $241,000.
Plateau and Mile End: 800-1000 sq ft. No garage. $238,500. And a minimum price of $180,00
*Disclaimer: Statistics taken from the average sold prices from the last six months from the mls database. While believed to be accurate they are not guaranteed. Numbers provided may vary as they are dynamically posted.
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Posted by: Deya Bautista - Affiliated Real Estate Agent working as part of the McGill Immobilier team. Specializing in condos and revenue property in the metropolitan area of Montreal. For buying or selling contact Deya at: 514.917.7889 
Hi, Interesting post.
I am starting to look for a condo and after several visits of new and used condos I have noticed the prices do not vary so much depending on the sector. I am looking for a 2 bedroom loft-style condo of approx 1000-1200 sq ft with a garage and I am surprised to see that some trendy areas such as the little italy, Villeray, Mile-End, or even HOMA are matching the prices of downtown and old Montreal and will hit the 350K$ mark easily.
Hi Pierre Luc,
On trendy areas you can find condos that can compare to, and even compete with the ones downtown. Any apartment passing the 300K mark is now considered higher end (or higher bracket), the problem often comes when someone tries to find the larger apartment units with little money to dispose. In downtown and Old Mtl, you find 800 sq ft apartments for the price of a 1200 sq ft in other not so popular areas, that was my point in the article.
Good post.
Downtown for $150K? Where has this person been living in the last 8 years?
I had a question about Hochelaga/Maisonneuve. There's been a huge rise in condo projects in the area, but since it's reknown to be a junkie district, I was wondering if it was worth buying a place there. The prices are clearly affordable, but is it only because of its previous reputation of a bad area in Montreal?
Dahlia, I have seen a few condo projects (nice ones too) go up in that area and getting sold quickly because of its affordability. There are still some areas in Hochelaga/Maisonneuve that are still quite..um..rough. But the area is definitely cleaning up. It will be up to you, if you like the area, if you're planing to stay for a while once you buy so your property gains value. You just have to pick and choose the section of that neighbourhoods that feels right. And make sure to do a little visit at night, to know what the area is like when the sun goes down :)
Bonjour Deya: quel est le prix moyen d'un condo dans le secteur Villeray, 2 chambres à coucher, pas de garage, environ 1,000 pi. ca. ?
Thx
JF
Thx Deya…. JFM
Le prix moyen est de 235,000$ à 265,000$. Selon les dernières propriétés à vendre
i have seen many condo it is fact, area is a big measurement to sale the condo,if area is nice and suitable for living if you like the area, if you're planing to stay for a while once you buy so your property gains value.
Hi Deya,
I'm looking to buy a condo in St-Henri on Rufus Rockhead, but I'm having mixed feedback, some say it's still a rough area especially at night despite all the nice condos and lofts there and I better buy in NDG it's safer and where the resale value is better. For the same price abt $265k one in Ndg on Sherbrooke/Regent and the one on Rufus Rockhead which one do you think is better? sqfootage is same just the Ndg one is a new construction whereas RR was built in 1989.
Esther, I lived in St-Henri for a while.I remember a lot of my friends saying: "WHAT??? That's a rough area". Believe me, it was not (in my area, anyway). Now it's even better with all the construction happening there. But if the question is whether to buy in NDG or St Henri, I have to say that NDG is already an established neighbourhood. So it will come down to life-style and taste. NDG is quieter, more green spaces, and more community oriented. Taxes are higher though. As an investment: NDG is a sure thing. St-Henri: hold on to the property for a while until it builds value. My two cents :)
Thanks Deya, very interesting blog !!
— On Tue, 5/5/09, IntenseDebate Notifications <notifications@intensedebatemail.com> wrote:
Well I live on Rufus Rockhead and LOVE the neighbourhood. I have never felt threatened. There is a police station 2 blocks away. The canal is amazing, especially in the summer. 5 minute walk from 2 metro stations, a super C, 2 pharmacies, an SAQ and the Atwater market (which has yet another SAQ). There is a bike path all he way to the Old Port and Ste-Anne-de Bellevue (!), you can rent a kayak on the canal. Along the bike path, between my condo and the Old Port they have built an artificial beach for beach volleyball and there are picnic tables.
In addition, the city is throwing money into developing the area as a tourist attraction, and the park between my condo and the canal is a protected historical site and therefore there is no risk of anyone building there.
Been there for 6 years now and never regretted it. Moved there from NDG, where I live for 7 years (and enjoyed it as well, but I prefer where I am now).
Hi,
Any thoughts on Griffintown and on one bedroom condos (ie, small approx 600 sqare feet)? Would it be an alright investment for a first time buyer??
Thank you!!
Hi Corwin,
I bought the condo on Rufus Rockhead and I moved in last month. I love it too, no regrets !! very interesting area.
I have a Condo that I rent out on Rufus Rockhead.It is a one bedroom on 5th floor approx 900 sq ft with indoor parking.It faces the Canal.Any Idea what this would sell for?What are they renting for monthly on basis?
Is Lachine in your territory, Deya?
I'm based mostly in the central area of Montreal, but I've had listings even in laval before. I go where the client requires me to go :)
RFO, I think you'd better get an evaluation for it. This is quite sensitive information to give it out in public. Feel free to drop me an email or give me a call. I'll be glad to help.
Last year I purchased a condo in the ville-marie section of Montreal which included an indoor parking space. My problem is this is a second home which I go to every other weeken because I live in the U.S. and I recently found out that another tennant is using my parking space when I am not there. What can I do about this?