Montreal real estate: the different types of properties
Montreal real estate: the different types of properties
- Key facts:
- Diversity of properties in Montreal: The city offers a variety of options, including condominiums, plexes and single-family homes, to suit all buyer profiles.
- Market statistics: Median prices and selling times vary by property type, with specific trends for each segment.
- Professional support: For personalized advice and assistance with your real estate projects, our team of brokers is at your disposal.
Montreal, a dynamic and cosmopolitan city, offers a wide variety of real estate properties to suit all needs and budgets. Whether you are a first-time buyer, an investor or looking for your ideal home, understanding the different types of properties available is essential to making an informed choice.
In this article, we’ll explore the features, advantages and disadvantages of condominiums, plexes and single-family homes in Montreal.
Temps de lecture 8 minutes
- Real estate in Montréal: Co-ownership
- Montreal real estate: Plexes
- Real estate in Montreal: Single-family homes
Real estate in Montréal: Co-ownership
What is a condominium?
A condominium is a type of ownership where each resident individually owns his or her unit, while sharing ownership and responsibility for common areas such as lobbies, gardens and sports facilities. This type of housing is very common in Montreal, especially in the densely populated central districts.
Characteristics of a condominium
- Shared ownership: Co-owners share common areas.
- Condominium fees: Monthly fees cover maintenance and repairs to common areas.
- Regulations and restrictions : Bylaws are established by the syndicate of co-owners.
- Services and amenities: Condominiums often offer amenities such as pools, gyms and more.
Advantages and disadvantages of co-ownership
Advantages:
| Advantages | Disadvantages |
|---|---|
| Low-maintenance common areas | Monthly condominium fees |
| Access to additional amenities | Restrictions and regulations |
| Increased safety | Less privacy than a single-family home |
Disadvantages :
| Disadvantages | Details |
|---|---|
| Monthly condominium fees | Can be high and increase over time |
| Restrictions and regulations | Less freedom to renovate or modify your unit |
| Less privacy | Common areas are shared with other residents |
Montréal real estate statistics : Condominiums
APCIQ data give us the following results for 2023:
- Median price: $442,000 in 2023 (-1% vs. 2022).
- Average selling time: 63 days.
- Breakdown of sales: 56% of transactions.
Condominiums represent a significant proportion of the Montreal real estate market. In 2023, the median price of a condominium in Montreal was $442,000, a slight decrease of 1% compared to the previous year. The average time to sell a condominium was 63 days, indicating a relatively balanced market. In terms of sales breakdown, condominiums accounted for 56% of transactions.
In April 2024, the statistics show stability with a median price of $736,500 , marking a marginal decline of 1%. Standard condominium units had a median price of $454,000, while luxury units sold at a median price of $807,000, indicating stability in the luxury condominium market. The average sale time for condominiums in April 2024 was 61 days, slightly shorter than the previous year, suggesting sustained demand.
These data show that, despite slight fluctuations, the condominium market in Montreal remains attractive and dynamic, offering a viable option for many buyers and investors.
Montreal real estate: Plexes
What is a plex?
A plex is a residential building made up of several separate housing units. Plex types include duplexes, triplexes and fourplexes. The owner can choose to live in one unit and rent out the others, or rent out all the units to generate rental income.
Plex features
- Rental income: Opportunity to generate income by renting out additional units.
- Maintenance and management: The owner is responsible for building maintenance and tenant management.
- Flexibility: units can be converted for different uses or families.
Advantages and disadvantages of a plex
Plexes offer unique advantages, including the possibility of generating rental income and diversifying real estate investments. They also offer a degree of living flexibility. However, owning a plex means increased responsibilities in terms of rental management and building maintenance, which can be time-consuming and stressful. In addition, sharing space with tenants can reduce privacy for the resident owner.
| Advantages | Disadvantages |
|---|---|
| Potential rental income | Responsibility for rental management |
| Investment diversification | More complex maintenance |
| Flexible living | Less privacy for resident owners |
Montréal real estate statistics : Plex
In 2023, the median price of a plex in Montreal was $725,000, down 2% from the previous year. The average selling time for a plex was 92 days, which is relatively long compared to other property types. Plexes accounted for 15% of all transactions in the Montreal real estate market.
By April 2024, the median price of plexes in Montreal had risen slightly to $807,000, with growth of 1.5%. The average selling time was 74 days, indicating a slight improvement over the previous year. These data show that, despite management and maintenance challenges, plexes remain an attractive option for investors looking to diversify their portfolios and generate rental income.
Real estate in Montreal: Single-family homes
What is a single-family home?
A single-family home is a residential dwelling designed to be occupied by a single family. The owner owns the entire house and surrounding land. This type of property generally offers more privacy and control over living space than other types.
Characteristics of a single-family home
- Exclusive ownership: The owner owns and controls the entire property.
- Maintenance: The owner is responsible for interior and exterior maintenance.
- Privacy: More privacy than condominiums and plexes.
- Outdoor space: Often accompanied by a garden or courtyard.
Advantages and disadvantages of a single-family home
Single-family homes offer total privacy and control over the property, private outdoor space, and great freedom to modify. However, they also mean greater responsibility for maintenance and repairs, potentially higher costs, and a greater commitment of time and money.
| Advantages | Disadvantages |
|---|---|
| Privacy and total control | Maintenance and repairs at the owner’s expense |
| Private outdoor area | Potentially higher costs |
| Freedom to modify | More commitment in terms of time and money |
Montréal real estate statistics : Single-family homes
In 2023, the median price of a single-family home in Montreal was $737,500, a significant increase of 17% over the previous year. The average time to sell a single-family home was 88 days. These figures show a strong demand for this type of property, despite the higher costs and increased responsibilities.
By April 2024, the median price of single-family homes in Montreal had risen slightly to $737,000, marking a 5% increase over the previous year. Standard single-family homes had a median price of $455,000, while luxury homes sold at a median price of $795,000, indicating continued demand for higher-value properties. The average selling time for single-family homes in April 2024 was 71 days, suggesting that this segment of the market remains attractive to buyers despite high costs.
These data show that single-family homes in Montreal continue to be a popular choice for families seeking a property offering privacy and outdoor space, despite the financial challenges and maintenance responsibilities.
Conclusion
Montreal real estate offers an impressive variety of properties to suit different needs and budgets. Whether you’re considering a condominium, plex or single-family home, each type of property has its own characteristics, advantages and disadvantages. By understanding these differences, you can make informed decisions about your real estate future.
To find out more, contact our team of Montreal real estate brokers, visit our site and explore our real estate tools and resources.
If you have any questions or require assistance with your real estate projects in Montreal, please don’t hesitate to contact us.
Valérie Lacasse
Valérie has been a real estate broker for over 10 years. Passionate about the industry and Montreal, she is one of Montreal’s most influential brokers, guaranteeing expertise and comprehensive support to her clients.
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