Montreal has many neighbourhoods and choosing where to settle for can be confusing. In this guide, we have outlined the best places that would fit your residence need.
Whether you are a newcomer or a young family, Montreal has somewhere for you.
In this article, you’re going to learn:
- How much do you need to live comfortably in Montreal?
- What are the best places to live in Montreal?
- Where do the rich live in Montreal?
- And lots more…
So, if you just recently migrated to Canada and are looking for the best places to live in Montreal, then you’ll love this guide.
Let’s dive right in!
How Much Do You Need to Live Comfortably in Montreal?
Montréal is currently ranked as the 34th most affordable place to live in the world. The city is also most unique for its lowest rental rates across North America.
Although the average cost of buying a home in Montreal rose by about 23.4% year-over-year, the city is still 31.4% less expensive to live in than the city of New York.
Thus, the average cost of owning a home in Montreal is just about $496,000.
A recent study by the Institut de Recherche et d’Informations Socioéconomiques (IRIS) shows that an average person needs to earn about $24,000 to $32,000 yearly to live comfortably in Montreal.
What are the Best Places to Live in Montreal in 2021?
The best places to live in Montreal in 2021 is based on either:
- For young singlehoods and business professionals migrating to Montreal
- For families or young parents migrating to Montreal
#1: The Best Places to Live in Montreal for Young Singlehoods and Business Professionals
- Old Montreal: This place is considered as one of the main tourist attractions in Montreal, well-known for its builds that go way back to the old 17th century. The city’s orange metro lines make it way easy to travel to different places within the city. This city is best for professionals whose central focus is on art and culture, photography, and freelancers
- Outremont: The neighbourhood of Outremond is primarily 20% Jewish with an average population of 10,358 residents. Outremont is best for singles as it commonly referred to with the statement quality of life. The place is popular for its variety of trendy restaurants and shops. TThere are just a few schools in Outremont, thus, the place is not best for married couples with kids, and with the addition of high rents as a result of exquisite rooftop pools and terraces, Outremont is more suitable for singles with a skilled profession.
- Ville-Marie: The neighbourhood of Ville-Marie is located in the downtown of Montreal. The place houses the Mount-Royal Park alongside the Ile-Notre-Dame and Saint-Helen’s islands. Ville-Marie is considered as the home of corporate headquarters in Montreal, and it’s best suitable for professionals with an increased rate of employment opportunities for job seekers.
- Rosemont La Petite-Patrie: The neighbourhood of Rosemont La Petite-Patrie has an average population of about 134,058 residents. The place is unique for its outdoor facilities like the 11 outdoor skating rinks, 10 community gardens, 55 parks – thus, making it ideal for singles to go out on lovely romantic dates, and finding love.
#2: The Best Places to Live in Montreal for Families
- Villeray: This is a place that provides an exclusive and serene environment for anyone looking to start a family in Montreal. The neighbourhood is home to 155 green spaces that include 61 parks and an enormous park.
- Griffintown: The neighbourhood of Griffintown is located in the Southwestern downtown of Montreal and consists mostly Irish immigrants. With an an average population of just about 6446 residents, Griffintown is best for raising a family in an urban lifestyle. The place is also popular for its internation chefs who provide all sorts of cuisines to satisfy your tastebuds.
- Notre-Dame-de-Grâce: This is yet another family-friendly place to reside in Montreal. Notre-Dame-de-Grâce is located close to the western end of the city. The place is well known for its varse cultural diversity with lots of recreational facilities such as its 6 community gardens, 13 community centres, 32 parks and 2 indoor pools. Notre-Dame-de-Grâce also houses lots of education and health institutions and leisure activities for everyone.
Where Do the Rich Live in Montreal?
The best places to live in Montreal for the rich are:
#1: Sunnyside Avenue
- Mean cost of owning a home: $1,296,366
- Mean yearly income required to live comfortably: $363,271
- Mean total net worth required: $9,349,716
#2: Lexington Avenue
- Mean Mean cost of owning a home: $2,124,535
- Mean yearly income required to live comfortably: $642,960
- Mean total net worth required: $10,476,422
#3: King George Park
- Mean Mean cost of owning a home: $2,467,316
- Mean yearly income required to live comfortably: $534,971
- Mean total net worth required: $7,574,692
#4: Summit Park
- Mean cost of owning a home: $2,695,007
- Mean yearly income required to live comfortably: $968,212
- Mean total net worth required: $10,895,782
#5: Sunnyside & Edgehill
- Mean cost of owning a home: $2,839,245
- Mean yearly income required to live comfortably: $552,028
- Mean total net worth required: $10,511,187
Depending on your annual income, there are a lot of best places to live in Montreal for everyone. And as one of the oldest cities in Canada, you’ll definitely find your everyday stay memorable and worth remembering.
Now I’d Love to Hear from You?
- Which of the above best places to live in Montreal are you going to visit next?
- What challenges have you faced when travelling to Montreal, Canada?
Let me know by leaving a comment below!