Do you want to buy a condo in Montreal in 2023, but you don’t know where to find the best deals? To see more clearly, a real estate broker published a map at the start of the year to compare the median price of condos located very close to metro stations in the city.
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These real estate transactions were compiled from the Centris site, explains the real estate broker for the D&E group of Royal LePage, Laurent Desrosiers. To make the map, the broker compiled the 10,356 condominium sales that took place near 27 metro stations in 2022.
Mont-Royal station wins the prize with the highest median price with a cost of $565,000 for a condo.
The median price of condos near each station was calculated based on real estate transactions made within a radius of one kilometer.
Next stop, Papineau: the most affordable resort
For its part, the Papineau station, in the Centre-Sud district, has a median price of $380,000, the lowest on Mr. Desrosiers’ map.
With his experience of ten years in the real estate industry, the real estate broker is not surprised to see low prices in this sector. “In this sector of the green line, under the Jacques-Cartier bridge, there is a lot of homelessness […]. It’s getting quietly gentrified, but it’s longer, ”he notes.
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According to the Office québécois de la langue française (OQLF), gentrification represents a “socio-economic transformation of an old urban neighborhood engendered by the gradual arrival of a new class of residents who restore the physical environment and enhance its quality of life”.
The Papineau sector is also the only sector on the broker’s map where the median price of condos has dropped by $3,000 between 2021 and 2022.
What sectors does Mr. Desrosiers advise for first-time buyers? “It remains affordable near the Fabre, Iberville, Saint-Michel, Papineau and Frontenac stations,” he judges.
Real estate broker Laurent Desrosiers
However, the map does not show certain sectors, such as the green line after the Lionel-Groulx station in the direction of Angrignon, because the broker has prioritized the neighborhoods where he practices his profession.
A map for the cost per square foot
The real estate broker produced a second map based on condo sales in Montreal, but this time calculating the cost of housing per square foot.
Observation: the McGill station has now become the most expensive station in the network, with a cost of $802 per square foot. Conversely, the area around Frontenac station is the least expensive with a cost of $505 per square foot. In the same sector, the Préfontaine station follows with a price of $530 per square foot.
“New constructions in the city center are smaller than those in family neighborhoods, such as Le Plateau-Mont-Royal. The price per square foot is therefore higher,” he summarizes.
Courtesy Laurent Desrosiers
The median price of condominiums per square foot sold in 2022 according to metro stations.
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Here are the 5 stations with the biggest increases between 2021 and 2022
- Iberville: $425,000 to $508,000 (+20%)
- Fabre: $419,000 to $495,000 (+18%)
- Park: $410,000 to $484,000 (+18%)
- Mount Royal: $501,000 to $565,000 (+13%)
- From Castelnau: $449,000 to $500,000 (+11%)
Here are the 5 stations with the lowest increases between 2021 and 2022
- Papineau: $383,000 to $380,000 (-0.8%)
- Atwater: $435,000 to $435,000 (0%)
- Beaubien: $487,000 to $490,000 (+0.6%)
- Guy-Concordia: $480,000 to $490,000 (+2%)
- McGill: $498,000 to $510,000 (+2%)
Courtesy Laurent Desrosiers
Real estate broker Laurent Desrosiers
The median price of condominiums sold in 2022 according to metro stations.
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