Apartments in Montreal: An overview of prices for 2024
Montreal is a dynamic, multicultural city that offers a wide variety of housing options for its residents. Whether you’re looking for a rental apartment in the heart of downtown or in the suburbs, it’s important to understand average prices and the factors that influence housing costs. In fact, there are significant differences even within the city itself.
In this article, we take a closer look at housing prices in Montreal, focusing on popular neighbourhoods, the type of housing (rooms or condos) and more current trends in the real estate market.
According to data from Groupe Urbanation and Rentals.ca, the average rent for a property in Canada was approximately $2,178 in December 2023. This average rental price rose by $176 compared with data recorded in April 2023. In Montreal, rents increased by 11.3%, compared to December 2022, averaging $2,019/month (4½-unit apartment).
“Across the country, rents have also risen by an average of 8.6% over 2023 as a whole. This follows an increase of 12.1% in 2022 and 4.6% in 2021. The price of asking rents in Canada over the past two years has risen overall by 22%, averaging $390 per month,” according to the same report.
Average price of an apartment in Montréal:
The average price of an apartment in Montreal can vary according to a number of factors, in particular its location in Montreal, size, amenities and market demand.
According to recent data collected, the average rent for a furnished one-bedroom apartment in Montreal was approximately $1,719 per month in February 2024, while an unfurnished apartment of the same size cost $1,594.
Most expensive neighbourhoods:
The downtown area, Plateau-Mont-Royal and Verdun tend to be the areas where the price for an unfurnished 3½ is higher than elsewhere. For example, the average rent for a one-bedroom apartment downtown is $1,824 per month.
What’s more, rents in Mont-Royal or Côte-Saint-Luc cost $2,347 and $2,316 respectively in December 2023.
Affordable neighbourhoods:
In neighbourhoods on the outskirts of downtown, such as Ahuntsic-Cartierville, Côte-des-Neiges, Hochelaga-Maisonneuve and Villeray-Parc-Extension, the average rent for a one-bedroom apartment is $1,454 per month. Ahuntsic-Cartierville, for example, averaged $1,411 for an unfurnished 3½-bedroom unit.
Next we take a more detailed look at the average prices for an unfurnished 3½ on the Island of Montreal:
Average price for a one-bedroom apartment by neighbourhood around Montreal:
- Ahuntsic-Cartierville: $1411 (unfurnished)
- Côte-des-Neiges: $1434 (unfurnished)
- Downtown: $1824 (unfurnished)
- Hochelaga-Maisonneuve: $1471 (unfurnished)
- Notre-Dame-de-Grâce: $1512 (unfurnished)
- Saint-Henri: $1700 (unfurnished)
- Saint-Laurent: $1503 (unfurnished)
- Le Plateau-Mont-Royal: $1742 (unfurnished)
- Verdun: $1724 (unfurnished)
- Villeray–Parc-Extension: $1501 (unfurnished)
Types of housing:
In addition to traditional apartments, Montreal also offers condo options for rent. Condos are generally newer and often offer additional amenities such as pools, gyms and parking.
Prices for rental condos can be slightly higher than for traditional apartments. For example, the rent for a one-bedroom condo in Montreal can range from $1,480 to $2,625 per month on average (or more).
The Vistoo tool lets you explore condo options and compare prices with other available housing types. You can also specify your search criteria, including the number of bedrooms, to refine the results and find the unit that more specifically matches your real estate needs.
Real estate trends:
Apartment prices in Montreal can be influenced by real estate trends and market demand. According to the latest report on the Montreal rental market, published in December 2023, rents rose by 11.3% in 2023. This increase exceeds the recommendations of the Tribunal administratif du logement (TAL) (“Rental Board”), which proposed a 4% increase for 2023.
With Vistoo, you can access information on current real estate market trends and make informed decisions when looking for your apartment in Montreal.
The price of a Montreal apartment varies according to several factors, in particular location, size, amenities and market demand. As noted, downtown areas tend to have higher prices, while outlying neighbourhoods offer a more affordable alternative.
With this in mind, it’s essential to thoroughly research the options, compare offers and take your needs and budget into account when looking for an apartment in Montreal.
With the Vistoo tool, you can easily explore the different housing options available in downtown and outlying neighbourhoods, taking into account your personal criteria such as housing size and type.
Whether you’re looking for a room or a condo, Vistoo helps you find the ideal accommodation to suit your real estate budget and preferences in the dynamic city of Montreal.
If you’re looking for housing in Montreal and elsewhere in Quebec, Vistoo.com is the place for you!