Apartments in Montreal: An overview of prices for 2023
Montreal is a dynamic and multicultural city that offers a wide variety of housing options for its residents. Whether you are looking for a rental apartment in the heart of downtown or in the outlying districts, it is important to understand the average prices and the factors that influence the cost of housing. In this article, we explore housing prices in Montreal in detail, focusing on popular neighborhoods, types of housing (rooms or condos) and real estate market trends.
In April 2021, the average rent for a property in Canada was around $1,662, according to data received from new listings. However, the average rental price is now around $2,002 (April 2023) according to a CTV News survey. Nevertheless, renting is still more advantageous in Montreal than in other major cities.
Average price of an apartment in Montreal:
The average price of an apartment in Montreal can vary depending on several factors, including location, size, amenities and market demand. According to recent data collected, the average rent for a one-bedroom apartment in Montreal is around $1,619 per month, while for a two-bedroom apartment, the rent can vary, averaging $2,155 per month. Note that the average price of rental units available on the island of Montreal will be between $1,093 and $1,769 for the rest of the year according to the CMHC study.
The most expensive districts:
The neighborhoods of downtown Montreal, the Island of Montreal, Le Sud-Ouest, Outremont, Plateau-Mont-Royal, Saint-Léonard and Westmount, are popular because of their proximity to tourist attractions, universities and businesses. Apartment prices in these areas tend to be higher than in outlying areas. For example, the average rent for a one-bedroom apartment in the city center is $1,555 per month.
Affordable neighborhoods:
Montreal's outlying neighborhoods, such as Rosemont or Verdun, offer more affordable alternatives for those looking for a place to live at a lower price. Prices for apartments in these neighborhoods are generally lower than those in the city center. The average rent for a one-bedroom apartment in outlying neighborhoods is $1,287 per month. For example, in Hochelaga-Maisonneuve, the average rent of $1,167 for an unfurnished 3½ could be found.
Average price of a one-bedroom apartment and by district:
Ahuntsic-Cartierville: $1,628 (furnished) and $1,408 (unfurnished)
Côte-des-Neiges: $1,422 (furnished) and $1,487 (unfurnished)
Downtown: $1,869 (furnished) and $1,947 (unfurnished)
Hochelaga-Maisonneuve: $1,603 (furnished) and $1,479 (unfurnished)
Notre-Dame-de-Grâce: $1,404 (furnished) and $1,641 (unfurnished)
St-Henri: $1,848 (unfurnished)
St-Laurent: $1,510 (furnished) and $1,605 (unfurnished)
Le Plateau-Mont-Royal: $1,854 (furnished) and $1,749 (unfurnished)
Verdun: $1,778 (unfurnished)
Villeray-Parc-Extension: $1,704 (furnished) and $1,565 (unfurnished)
Westmount: $1,896 (furnished) and $2,042 (unfurnished)
Source: CHMC – RENTAL MARKET REPORT – January 2023
Types of accommodation:
In addition to traditional apartments, Montreal also offers condo rental options. Condos are generally newer and often provide additional amenities such as pools, gyms, and parking spaces. Prices for rental condos can be slightly higher than for traditional apartments. For example, the average rent for a one-bedroom condo in Montreal can range anywhere from $1,450 to $2,500 per month on average (or more). The Vistoo tool allows you to explore condo options and compare prices with other types of housing available. You can also specify your search criteria, including the number of bedrooms, to narrow down the results and find the accommodation that 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 Montreal's rental market published in January 2023, the CMHC states that rents increased by 5.2% in 2022. This increase goes beyond the recommendations of the Administrative Housing Tribunal (TAL), which recommended a 4% increase for the year 2022. Thanks to Vistoo, you can access information on current real estate market trends and make informed decisions when looking for an apartment in Montreal.
The price of an apartment in Montreal varies depending on several factors, including location, size, amenities and market demand. Downtown neighborhoods tend to have higher prices, while outlying neighborhoods offer a more affordable alternative. It is essential to do thorough research, compare offers and consider your needs and budget when looking for an apartment in Montreal. Thanks to the Vistoo tool, you can easily explore the different housing options available in the city center and outlying districts, taking into account your personal criteria such as housing size and type of housing. Whether you are looking for a room or a condo, Vistoo helps you find the ideal accommodation that matches your real estate budget and your preferences in the dynamic city of Montreal.
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