Montreal - Best Area to buy a single family home

[RameshBabu_89]

Hello,

I am planning to buy a home in and around Montreal Island.

I am currently living in downtown, Montreal. Can you please suggest me few areas which are have easy commute[Train / metro / bus] to Montreal downtown.

Few options I have at moment,
Montreal Southshore - Brossard, Saint-hubert and La Prairie.

Thank you

 

[solo30]

I think it depends on your budget. I really like Notre Dame de Grace neighbourhood and Point St Charles.
All areas all well connected, south shore with the REM , West Island soon as well. I have friends daily commuting from Laval.
Good luck

 

[canuck78]

Hello,

I am planning to buy a home in and around Montreal Island.

I am currently living in downtown, Montreal. Can you please suggest me few areas which are have easy commute[Train / metro / bus] to Montreal downtown.

Few options I have at moment,
Montreal Southshore - Brossard, Saint-hubert and La Prairie.

Thank you

Really depends on your budget, how long you want to commute, what size of a home you want/need, whether you need access to public transportation or will be driving. Being in a good school district is always good for home values. A real estate agent will be able to give you suggestions based on your needs and show you what you can expect in each area. Would suggest wandering around the areas at day and during the night to see what areas a are like although things are different due to covid.

 

[Lazymon82]

Hello,

I am planning to buy a home in and around Montreal Island.

I am currently living in downtown, Montreal. Can you please suggest me few areas which are have easy commute[Train / metro / bus] to Montreal downtown.

Few options I have at moment,
Montreal Southshore - Brossard, Saint-hubert and La Prairie.

Thank you

Value for your money right now is South Shore if you want to commute to downtown everyday. There are express bus routes connecting all of south shore to either montreal or the lonely Longueuil metro.

Prices have gone up atleast by 20% from last year same time since i started looking for a house. But if you really want to trust the real estate "expert" predictions you can wait for few more months where they believe there will be hundreds of foreclosures because of job losses. If you are lucky you can find home cheaper than today's average.

Banks are increasing thier fixed rate starting next week. So hurry to get the cheapest possible interest rate now. I think it is around 1.89% fixed for 5 years.

 

[canuck78]

Value for your money right now is South Shore if you want to commute to downtown everyday. There are express bus routes connecting all of south shore to either montreal or the lonely Longueuil metro.

Prices have gone up atleast by 20% from last year same time since i started looking for a house. But if you really want to trust the real estate "expert" predictions you can wait for few more months where they believe there will be hundreds of foreclosures because of job losses. If you are lucky you can find home cheaper than today's average.

Banks are increasing thier fixed rate starting next week. So hurry to get the cheapest possible interest rate now. I think it is around 1.89% fixed for 5 years.

There is no need to rush. Interest rates are going to be extremely low for a long time. Before taunting people I would read comments from most economists from around the world, the bank of Canada, etc. there will be increased bankruptcies, people will loose their homes, many businesses will close, some smaller landlords may need to sell if they have had non-payment of rent, etc. Things like CERB, mortgage holidays and no evictions have helped prevent a major economic crisis although the debt Canada has taken on will result in painful cuts eventually. Canada is in for an eviction crisis but the US is in for a much larger eviction crisis. The non-payment of rent, empty commercial real estate, smaller landlords not being able to cover their costs, etc is going to send a shock through the US housing market and Canada is always affected by any type of economic crisis in the US. With lower home prices in Quebec and because growth was flat for a few decades monthly mortgage payments are often lower than many other medium to large cities. OP is purchasing a primary home, seems to still to have longterm stable employment and not fearing job cuts and can remain in the home for 10+ years if needed. Buying for your family and investing are very different and come with their own advice.

OP is looking to buy a home for his family and not get the most returns. Would focus on the school district, the safety of the neighbourhood, commute time because you can be stuck for hours, amenities in the neighbourhood, etc. Price, size of the house and whether you want a more pedestrian life or you want a bigger lot and like a more suburban feel all factor in to decision about where to buy. All are person choices. Due to covid there isn't the usual amount of traffic but I would try to speak to people about their commute to downtown. Some people are spending numerous hours in their cars commuting. Speaking to your work colleagues may give you a better sense of commute times and people may be able to suggest areas you may like having gotten to know you. Wouldn't narrow it down to one neighbourhood when you start your search to get a feel for a few areas.

 

[Lazymon82]

I will leave it to @RameshBabu_89 's call to decide if it is the right time.

After Pfizer's covid19 vaccine is approved and US elections partially conceded, huge changes have started to happen in many markets. Bond yields jumped in both US and Canada. With that banks will be pushing thier fixed rates with it as they believe the interest rates have hit bottom for few weeks now and only way from here is up. Mortage borrowers are already panicking if the vaccine is approved then interest rates are going to shot through pre-pandemic times which was 3%. Mortgage brokers stopped advicing to go for variable rates already and using the words "now is the time to lock in at lowest for fixed".

Regarding commute from south shore, I can give you first hand advice as I live in Longueuil myself. I preferred proximity to Metro (Longueuil) over the commute times of brossard or greenfield park towards montreal. With good chances of Yellow line metro extension in future Longueuil can be a good choice for you to commute.

@RameshBabu_89 when you say "home" I assumed a individual detached home. If you are comfortable with any type then there could be multiple things to consider before choosing. But be assured that prices are climbing as I type and more time you take will only cost you more money.

https://www.centris.ca/en/tools/real-estate-statistics