Intro:

Montreal, the vibrant and diverse metropolis of Quebec, is not just known for its rich culture, delicious cuisine, and picturesque landscapes but also for its diverse real estate market. For those in search of an affordable place to call home in this bustling city, you’re in luck. Today, we’ll take you on a tour of the most affordable neighbourhoods to buy a home in Montreal as of September 2023. First, we’ll be exploring the various steps involved in the purchasing process itself, giving you advice on mortgaging, budgets, and finding a great real estate agent. Then, we’ll guide you through the city itself, showcasing a diverse range of neighbourhood options that are tailor suited to a wide range of familial and individual needs. Whether you’re looking for the most family-friendly neighbourhoods in Montreal, a professional situation close to downtown, or an upcoming hidden gem located outside the main metropolitan area, we’ve got you covered. Trust us, these affordable Montreal neighbourhoods have something for everyone. Not only are they some of the cheapest places to buy a home in Montreal, but are pillars of the cultural and recreational diversity that is a forefront of the city itself. So, without further ado, let’s begin our journey!

How to Buy a House in Montreal

Purchasing a home in Montreal involves several steps. Here’s a simplified guide:

  • Determine Your Budget: Before you start house hunting, establish a realistic budget that includes down payment, monthly mortgage, and maintenance costs. Start by evaluating your current financial status. Determine your monthly income, expenses, savings, and any outstanding debts. Understanding your financial health is the foundation for creating a realistic budget.
  • Get Pre-Approved for a Mortgage: Visit a bank or mortgage broker to get pre-approved for a mortgage. This step helps you understand how much you can borrow. Start by gathering necessary financial documents, including pay stubs, W-2 forms, bank statements, and tax returns. Lenders will use these to assess your financial stability and capacity to repay a mortgage.
  • Hire a Real Estate Agent: A knowledgeable agent can guide you through the process, help you find suitable properties, and negotiate on your behalf. Begin by researching real estate agents in your area. You can do this through online searches, asking for recommendations from friends and family, or checking with local real estate associations. If you’re not local to Montreal there are agents you can work with online in order to discuss potential properties. Look for agents with a strong track record and expertise in the type of property you’re interested in.
  • Inspect Properties: Always conduct thorough inspections of the properties you’re interested in. Look for potential issues that may require costly repairs. Coordinate with your real estate agent to schedule property tours for homes that meet your criteria. Visit each property during daylight hours to get a clear view of its condition. If visiting these properties in person isn’t feasible, that’s no problem. Most agents offer virtual tours of homes and apartments that you can access online. 
  • Make an Offer: Once you find your dream home, make an offer. Your real estate agent can help you negotiate the terms. They will assist you in preparing a formal written offer to purchase the property. This document includes the offer price, any contingencies (such as a home inspection or financing), the desired closing date, and other terms you’d like to negotiate.
  • Closing the Deal: Work with a notary or lawyer to finalize the purchase. Ensure all legal documents are in order before signing. If you’re financing the purchase with a mortgage, work closely with your lender to ensure all financial details are in order. Have your down payment and closing costs ready.

Cheapest Places to Buy a Home in Montreal

When it comes to affordability, Montreal has several neighbourhoods that stand out. If you’re looking for the absolute cheapest places to buy a home in the city, consider these options:

  • Hochelaga-Maisonneuve: Often referred to as HoMa, this neighbourhood in the city’s east end offers some of the most budget-friendly real estate options. Known for its dynamic atmosphere and rich cultural diversity, HoMa has been undergoing a revitalization in recent years, making it an attractive place to live. It has a growing arts scene, parks, and easy access to public transportation. 
  • Ville-Émard: Located in the southwest of Montreal, Ville-Émard is another pocket of affordability. It’s a family-friendly neighbourhood with a mix of housing options and green spaces. One of Ville-Émard’s standout features is its proximity to the beautiful St. Lawrence River, providing residents with picturesque views and recreational opportunities along the waterfront. 
  • LaSalle: Situated on the Island of Montreal’s southwestern edge, LaSalle is known for its low-cost housing, waterfront parks, and excellent schools. With its convenient location and accessibility to major roadways, public transportation, and downtown Montreal, LaSalle is a desirable and welcoming neighbourhood for those seeking a peaceful suburban lifestyle while enjoying the amenities of a vibrant city.

Best Budget neighbourhoods in Montreal

If you’re looking for neighbourhoods that strike a balance between affordability and amenities, these are some of the best budget-friendly areas in Montreal:

  • Rosemont-La Petite-Patrie: Known for its cozy streets, local shops, and green spaces, this area offers reasonably priced housing options and is a favorite among young families. Residents can explore the Jean-Talon Market, a renowned farmer’s market offering fresh produce and gourmet delights. Overall, Rosemont-La Petite-Patrie is a welcoming and vibrant community with a blend of historic charm and modern amenities.
  • Verdun: Nestled along the St. Lawrence River, Verdun has undergone a revitalization in recent years. It’s known for its affordable homes, bike paths, and proximity to downtown. This neighbourhood maintains a strong emphasis on community and offers numerous parks and green spaces, making it an ideal place for outdoor activities and leisurely strolls. The waterfront promenade is a popular spot for residents and visitors, providing opportunities for picnics and scenic walks.
  • Côte-des-Neiges: Located close to the Université de Montréal and HEC Montréal, Côte-des-Neiges is a diverse neighbourhood with a mix of affordable apartments and houses. Its scholastic proximity has also contributed to its lively arts and cultural scene, with theaters, galleries, and cultural events regularly taking place. Côte-des-Neiges offers a range of housing options, from affordable apartments to spacious homes, catering to a diverse population. The neighbourhood is also known for its picturesque parks, including Mount Royal, providing residents with green spaces for outdoor activities and relaxation.

Family-Friendly neighbourhoods in Montreal

For families looking for safe and welcoming neighbourhoods with good schools, parks, and community amenities, consider these options:

  • Ahuntsic-Cartierville: This borough features a mix of housing options, including single-family homes, townhouses, and apartments, providing choices for families of all sizes. Ahuntsic-Cartierville boasts tree-lined streets, parks, and green spaces, creating a peaceful and picturesque atmosphere. Families in the neighbourhood benefit from excellent schools, libraries, and community centers, contributing to a rich educational and recreational environment. The Marché Central, a popular shopping complex, offers a variety of retail stores and dining options.
  • Dollard-Des Ormeaux: Dollard-Des Ormeaux, often referred to as DDO, is a family-friendly suburban neighbourhood located on the West Island of Montreal, Quebec. It is known for its peaceful and safe environment, making it an ideal place for families to call home. The neighbourhood offers a variety of housing options, including single-family homes with spacious yards, condos, and apartments, providing ample choices for families of all sizes and preferences. DDO boasts well-maintained parks, playgrounds, and green spaces, creating a welcoming and enjoyable outdoor environment.
  • Saint-Laurent: Saint-Laurent, often referred to as “Saint-Laurent Borough” or “St. Laurent,” is a family-friendly neighbourhood located in the northern part of Montreal, Quebec. Known for its diverse community and excellent amenities, it’s a welcoming place for families to call home. The neighbourhood offers a wide range of housing options, from single-family homes to modern condos and apartments, accommodating families of various sizes and preferences. Saint-Laurent is characterized by its tree-lined streets, well-maintained parks, and green spaces, creating a peaceful and enjoyable environment.

Conclusion:

As you can see, there are many affordable Montreal neighbourhoods to choose from. The diversity of the housing market makes it possible for everyone, from first-time buyers to families on a budget, to find their dream home. Whether you’re looking for the most family-friendly neighbourhoods in Montreal, a professional situation close to downtown, or an upcoming hidden gem located outside the main metropolitan area, we’ve got you covered. As of September 2023, these neighbourhoods provide a snapshot of the city’s real estate landscape. Remember that the real estate market can change, so it’s essential to do your research and work with professionals who can help you navigate the process. Now that you know how to buy a house in Montreal and understand the best areas the city has to offer, the choice is up to you. Happy house hunting!