How realistic is it to buy an apartment today for up to $250,000 in Montreal and the surrounding area 🏢
New clients regularly call me with the same question: is it even possible to buy an inexpensive first home today?
The fact is that, after consulting with a mortgage broker, the majority of first-time buyers currently have a maximum purchase amount of up to $250,000 on average.
We are talking about a case where the average annual income of a family is about 70 thousand dollars, taking into account the down payment.
It is clear that this is where the dilemma arises: is it worth waiting and trying to save more money for the down payment in order to buy something more expensive, better and more. Or start with something small and over time, after several years of payments, sell and buy something better, using some amount accumulated through payments.
According to my observations, in this place opinions are divided equally. Some believe that it is worth buying only what you can live in, so to speak, without suffering. And nothing can convince them of this.
The other half is ready to consider buying a first home and fix the purchase price now, in 2023, while interest rates are high and many potential buyers have given up on the idea of buying, which means there is an opportunity to buy a home a little cheaper than it was last year.
If you are from the first part and are waiting, then you may find my articles useful as a source of information.
If you are from the other half, then I suggest you agree with me about a free consultation, where we can discuss specific steps and their duration in your case for purchasing real estate on the modern market.
You can also get information from your mortgage broker that will likely be helpful to you.
Purchasing a home, and especially a first-time purchase in Canada, should be a carefully considered and thoughtful process.
In my years of experience, I always recommend preparing for this process in advance.
Returning to the title: what can you buy in Montreal and the surrounding area for up to 250 thousand and is it even possible?
At the time of publication, there are a little more than 20 apartments up to $250,000 on the island of Montreal. Four of them are with 2 bedrooms, the rest with 1 bedroom.
On the South Bank, from Chateauguay to Boucherville along the river, there are just under 20 apartments for sale. There are already ten apartments with 2 bedrooms, the rest with 1 bedroom,
In Laval there are only 7 1 bedroom apartments for sale in our budget.
Obviously, the further away from Montreal we look, the more likely we are to find something suitable and relatively spacious. The same applies to the condition and year of construction.
It was about the lower limit of affordable housing. You and I, depending on your requests and capabilities, can consider any other options, as well as the possibilities of financing them - from townhouses to apartment complexes.
Write to me in any messenger and we will discuss specific steps at a time convenient for you.
✔ I work in the Greater Montreal area and my services are free for customers.
✔ I have been in the real estate industry for more than 15 years.
✔ I cooperate with the best mortgage brokers, inspectors and notaries.
✔ I will be glad to represent and protect your interests.
Sincerely,
Denis 514.577-0787
