New Condos in Montreal

Montreal is a cultural hub, a center of education, and a haven for creativity. Home to 15 university institutions and over 90 colleges, this region is a unique breeding ground for innovators and creators. This dynamic environment fosters cutting-edge ideas and a forward-thinking atmosphere, making Montreal a fantastic place to live, learn, and thrive. Montreal captivates with its cobblestone Old Montreal streets, artistic Plateau, and electrifying downtown nightlife, offering a neighbourhood for every taste. And with a wide range of new condos in Montreal available, you can find your perfect place to call home in this exciting city.

Montreal Pre-Construction Condo Market Trends 2024

Montreal's booming tech scene fuels a hub of innovation, attracting high-value industries and driving a strong housing market. The price per square foot for pre-construction condos in Montreal can fluctuate from $686 to $1386, depending on the development and where it is located. According to the latest data, the average price for all types of new homes in Montreal reached $530,300 in June 2024. This means an annual appreciation rate of 3.3%. For renters, Montreal offers an average monthly rate of $1,850. New detached houses in Montreal are the hottest property, selling fastest at an average of 59 days on the market. New condos in Montreal follow closely at 51 days.

Pre-Construction Condos & Homes in Montreal

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A Magnet for Talent and Investment

This dynamic city is a leader in high-growth sectors like aerospace, life sciences, and IT, attracting a skilled and educated workforce. This thriving job market fuels demand for new pre-construction condos in Montreal, making the city a compelling investment opportunity. Businesses can access a talented pool while investors benefit from a strong and growing housing market.

Future-Proofed City

Montreal is undergoing a major infrastructure upgrade. From improved transportation systems to expanded educational facilities and new healthcare and shopping centers, the city is investing heavily in its future. These developments enhance the quality of life for residents and make Montreal an even more attractive place to live, work, and invest in real estate, particularly for those considering condos for sale in Montreal.

Soaring Demographics, Booming Market

The city’s population is surging, with a record-breaking 4.3% increase (89,600 people) between July 2022 and 2023, marking the strongest growth in Quebec. This surge creates a hot housing market, with demand outpacing supply. New condos in Montreal are a perfect way to capitalize on this thriving market and secure your piece of this dynamic city.

Rental and Seller Market 2024

Rental Market

Montreal’s condo market is showing strong performance. As of June 2024, average rents sit around $1,850, representing a significant 6% increase year-over-year.

Seller Market

Detached homes in Montreal offer a spacious lifestyle, averaging over $622,700. However, if you’re budget-conscious, new condos in Montreal present an attractive entry point with an average price of $403,500.

Average Renting and Selling Time in Montreal

-New Condos

Renting Time for Condos: Many Montreal condos are rented out quickly, often finding tenants within a few days to a few weeks.

Selling Time for Condos: New condos in Montreal exhibit a brisk sales pace, averaging only 59 days on the market.

-New Homes

-Renting Time for Homes: Leasing detached homes or townhome developments in Montreal is a streamlined process, completed in as little as 2-4 weeks.

-Selling Time for Homes: Strong buyer demand is driving a brisk sales market for detached homes in Montreal, with properties averaging a sale within 51 days.

Southeast Montreal

This affluent area offers a fascinating duality. Downtown buzzes with shops and skyscrapers, ideal for professionals and urbanites. Steps away, Old Montreal’s charm transports you to Europe, perfect for history and food lovers.

1. Downtown

Highlights: Modernity meets charm with shops lining Sainte-Catherine’s underground network. Stunning city views await from Place Ville Marie. The UQAM campus leads to the lively Latin Quarter, where Saint Denis Street offers student-friendly pubs, cafes, and restaurants.
Perfect For: Busy professionals seeking a central location, shopaholics and foodies with a taste for high-end brands.

2. Old Montreal

Highlights: A growing selection of new developments in Montreal emerging near the cobbled streets and historic treasures of Old Montreal. Explore Saint Paul Street, Notre-Dame Basilica, and the Marche Bonsecours.
Perfect For: History lovers, foodies, and those seeking European charm.

Central Montreal

Central Montreal thrums with diverse energy. Art lovers flock to the Plateau’s colourful streets, while young professionals find trendy digs and eat in Mile End. Outremont offers a charming mix of historic streets and new builds in Montreal, perfect for families and foodies.

1. Plateau Mont-Royal

Highlights: A mix of modern new homes in Montreal with easy access to green spaces, cafes and restaurants. Climb Mont Royal for stunning cityscapes, or groove to the Sunday tam-tams at its base. Explore the vibrant Plateau’s colourful row houses, then savour French fare at L’Express, a Parisian-style bistro.
Perfect For: Young professionals, artists, and those seeking a vibrant, bohemian atmosphere.

2. Mile End

Highlights: Once industrial, western Little Italy is now a hotbed for new developments in Montreal. Young professionals flock to the historic lofts and warehouses, fueling a wave of trendy restaurants like Manitoba, Dinette Triple Crown, Haricanna, and Mile-Ex.
Perfect For: Young professionals, entrepreneurs, and those seeking a trendy, up-and-coming vibe

3. Outremont

Highlights: A unique mix of stately homes, family apartments, and student vibes. New builds in Montreal mingle with historic charm on Bernard and Laurier Avenues, boasting trendy cafes, local boutiques, and a vibrant food scene.
Perfect For: Young families, students, and those seeking a diverse, established neighbourhood.

Northwest Montreal

Northwest Montreal offers a vibrant living experience with distinct neighbourhoods like Park-Ex, Rosemont/Petite-Patrie, and Villeray. A selection of exciting Montreal condos for sale close to trendy cafes, delicious restaurants, and sprawling parks.

1. Park Ex

Highlights: Boasting a strong working-class identity and exceptional diversity. Explore pre-construction townhouses in Montreal alongside established communities, with access to specialty shops, world-class food, and places of worship.
Perfect For: Immigrants, budget-minded families, and those seeking a diverse community with global flavours.

2. Rosemont / Petite Patrie

Highlights: Pe-construction projects in Montreal near Jean-Talon Market. Beaubien Street beckons with cafes, restaurants, and indie cinemas. Parc Molson is steps away for biking, walking, and morning jogs.
Perfect For: Families, foodies, and those seeking a vibrant community.

3. Villeray—Saint-Michel—Parc-Ex

Highlights: Parks, green spaces, and community gardens mingle with cafes, shops, and trendy restaurants. Jarry Park offers sports fields, a pool, and outdoor concerts, making it a vibrant hub for all ages.
Perfect For: Families, and outdoor enthusiasts seeking a family-friendly vibe with parks.

Pros of Living in Montreal

Incredible Arts and Culture Scene: Montreal’s vibrant essence stems from its intricate multicultural tapestry, housing over 120 cultural communities representing all five continents. Montreal ignites the senses for art and culture lovers. From the world-famous Cirque du Soleil to a flourishing performing arts scene, the city is a stage for captivating shows. Even the streets transform into open-air galleries with vibrant graffiti, adding another layer to Montreal’s dynamic cultural tapestry.
Unique Architecture and History: Grand, heritage buildings stand as testaments to the city’s history, while bursts of contemporary art explode from vibrant murals. Explore a unique architectural blend at every turn, transforming your walk into a captivating journey. Montreal is a paradise for pedestrians, offering a feast for the eyes and a touch of the extraordinary.
Budget-Friendly Lifestyle: Montreal offers a welcome relief for renters and investors. Compared to other major Canadian cities, pre-construction townhouses in Montreal boast significantly lower average rents. This translates to a more budget-friendly lifestyle, allowing you to allocate your hard-earned money towards exploring the city’s vibrant culinary scene, and cultural attractions, or even saving towards future goals.
Montreal’s Dépanneurs: Montreal boasts a unique retail network of dépanneurs, exceeding the typical convenience store experience. These ubiquitous shops near townhouses for sale in Montreal seamlessly integrate into daily life, offering unparalleled accessibility.

Cons of Living in Montreal

Language Barrier for Non-French Speakers: Montreal’s French culture can be a double-edged sword. While the city boasts bilingualism, French remains the dominant language. This can pose a challenge for non-French speakers who may face limitations in job opportunities and social interactions, especially outside of tourist areas.
Harsh Winter Weather: Montreal’s charm comes with a side of harsh weather. Expect frigid temperatures, often dipping below -20°C, and significant snowfall. These winter conditions can make daily commutes and outdoor activities quite challenging.

FAQs About New Condos and New Homes in Montreal

What kind of lifestyle amenities do new condos for sale in Montreal typically offer?

Montreal Condos cater to a modern, amenity-rich lifestyle, featuring features like fitness centers, swimming pools, rooftop terraces, yoga studios, lounges, party rooms, and sometimes cinemas or co-working spaces.

What is the average price of new condos for sale in Montreal?

Expect to pay an average of around $403,500 for a new condo in Montreal. This ballpark figure can be a helpful starting point for your budgeting process.

What factors are driving the rise in Montreal's housing market?

It’s a classic case of high demand and low supply. Population growth, including immigration, fuels demand for homes, especially those at lower price points. Zoning restrictions limit new construction, particularly single-family homes, creating a supply shortage.

How much does it typically cost to buy new homes in Montreal?

As of June 2024, detached single-family homes lead with an average price of $622,700, influenced by factors like land size and privacy. Townhouses present a mid-range option at $592,900, ideal for those seeking more space than a condo but at a potentially lower cost. Condominiums are the most affordable averaging $403,500, appealing to first-time buyers or those desiring low-maintenance living.

Are condos selling in Montreal?

The new condo market remains robust, boasting an ample selection of available units. If you’re interested in investing in this vibrant city, please don’t hesitate to contact us for more information.

Are there any top-rated schools in Montreal?

Many new pre-construction projects in Montreal boast convenient locations near highly-rated schools. This includes St. George’s School of Montreal, Royal West Academy, Vincent Massey Collegiate, and Lower Canada College.

How much does it typically cost to rent a condo in Montreal?

Renting a condo in Montreal in June 2024 comes at a slightly higher price point than the previous year, with the average cost hovering around $1,850.

Is it a good time to sell condos in Montreal?

Given the current Sales-to-New-Listings Ratio (SNLR) of 65% in Montreal’s real estate market, conditions are presently advantageous for sellers.

How much down payment is needed for a new build in Montreal?

The minimum down payment for new homes in Montreal depends on the purchase price. For properties under $500,000, you’ll need 5% down. If the price is between $500,000 and $999,999, you’ll need 5% for the first $500,000 and 10% for the rest. Anything over $1 million requires a 20% down payment.

How is the public transportation system in Montreal?

Montreal’s public transit highlights:

Metro: 4 lines connecting downtown, major sites, bus stops, and train stations.
Buses: 200+ routes, 24-hour service.
Trains: 6 lines connecting suburbs and regions.
Affordable and convenient with seamless connectivity.

Where are the hottest neighbourhoods for a pre-construction home in Montreal?

Montreal home seekers will find appeal in:

Ville-Marie: Modern lifestyle and allure.
Old Montreal: Rich history and waterfront views.
Rosemont-La-Petite-Patrie: Abundant green spaces and parks, ideal for families.

These unique neighbourhoods cater to diverse preferences, blending contemporary living, accessibility, and natural beauty.

What is the projected growth rate for Montreal condos for sale in 2024?

The projected growth rate for condos in 2024 is 6%, with the median condominium price in the Greater Montreal Area expected to rise to $471,912 by Q4 2024.

What are the typical closing costs associated with buying condos?

When buying new homes in Montreal, budget for closing costs including:

Property evaluations: $300-$500
Land surveys: $1,000-$2,000
Title insurance: Variable
Legal fees: $1,000-$3,000
Mortgage default insurance: 2.8%-4% (smaller down payment)
Taxes: PST on mortgage default insurance (8%), GST/HST on purchase price (6%-13% for new constructions)

Closing costs typically range from 1.5% to 4% (around 3%) of the purchase price, e.g., $7,500 to $20,000 for a $500,000 home.

Should I invest in a new pre-construction townhouse in Montreal or an existing home?

Pre-construction homes in Montreal offer a tempting mix of affordability (potentially lower initial price), modern features, and customization options (layouts, finishes) – all backed by warranties and lower maintenance. While you wait for construction, existing homes offer the advantage of immediate occupancy. Consider your budget and timeline to find the townhouse for sale in Montreal that best suits your needs.

What are the best resources for finding out about new pre-construction projects in Montreal?

Platinum Condo Deals is your ultimate resource for Montreal condos for sale. Explore our curated database packed with comprehensive listings of pre-construction projects. Contact us today.

Montreal

Montreal Pre-Construction Condo Market Trends 2024

Pre-Construction Condos & Homes in Montreal