Rent vs. Buy in Longueuil, Quebec
Should I rent or buy? It’s a question on the minds of many Canadians, especially with the cost of everything continuing to increase. Property prices have been rising steadily and taking rent prices with them. There has been no sign of a decline in sight, so now may be the time to look into whether you should buy a house in Longueuil or rent a house in Longueuil.
Here we will look at Longueuil’s current real estate market and the benefits of renting and buying in the area. We’ll also cover some topics that might influence your decision, such as housing affordability, costs associated with each option, and which neighbourhoods to explore.
- Like many other areas in Canada, Longueuil has a tight rental market with few rental listings available.
- Longueuil is one of the more affordable cities in Quebec to buy a home.
- The city benefits from the vast cultural and entertainment offerings of the metropolitan area of Montreal a short commute away.
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The Rental Market in Longueuil, Quebec
Longueuil has one of the largest rental markets in the Montreal suburbs, with roughly 40% of the population currently renting their homes. Vacancy rates are under 1%, making it a tough rental market with few listings available. This is creating affordability issues for lower-income households in the area.
Strong rental demand in the area is due to rising migration and slower transitions to homeownership.
Currently, the average cost to rent a house in Longueuil is $1,550 making it a more affordable option for those looking to save while being located a short distance from Montreal.
In comparison, the average cost to rent in the neighbouring Brossard is currently $1906.
The Housing Market in Longueuil, Quebec
If you’re considering buying a house in Longueuil it may be because it’s one of the more affordable cities in Quebec while still being close to a large metropolis.
Roughly 2 out of 3 families own their homes due to lower property prices compared to the Greater Montreal area averages.
- The average price of a home in Longueuil is currently $453,303 which may seem on the high end for a suburban area, but when compared to neighbouring areas around Montreal, Brossard currently has average home prices of $570,855 and Boucherville has average home prices of $581,255.
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Rent vs Buy: Homes in Longueuil, Quebec
When considering properties in Longueuil, Quebec, one decision is whether to rent or buy a home. While renting may be a more cost-effective and flexible option in the short term, buying a home can have many advantages over the long term. Owning a home can provide stability and long-term financial benefits, such as building equity due to property value increases over time.
The below chart shows the average rental prices based on the properties currently available to rent in Longueuil as well as the average purchase price of similar properties. Additionally, we have shown the monthly carrying costs of a mortgage if you decided to purchase instead of renting.
|Property Type||Average Rent||Average Purchase Price||Average Monthly Mortgage Payment|
|1 Bedroom Condo/Apartment||$1,315||$312,394||$1,452|
|2 Bedroom Condo/Apartment||$1,980||$368,199||$1,712|
|2 Bedroom House||$2,600||$533,705||$2,481|
Best Neighbourhoods to Rent or Buy in Longueuil
When it comes to finding a place to call home in Longueuil, there are many areas of the city to explore that all have plenty to offer to both renters and buyers.
Longueuil is divided up into three boroughs: Greenfield Park, Le Vieux-Longueuil, and Saint-Hubert.
Greenfield Park is the only borough of Longueuil that officially has a bilingual status. This area features tree-lined streets, an abundance of beautiful parks, and various housing choices, including single-family homes and townhouses. Plus, its close proximity to highways and public transit makes it easy to get around.
Good for: Families
Median home price: $522,500
Average rent price (1 bedroom): $1,225
Le Vieux-Longueuil offers a range of housing options, from spacious family homes to modern condos. Just a short drive from Montreal, this area also boasts easy access to public transportation, making it an ideal choice for those working there. The borough of Le Vieux-Longueuil is divided up into 9 neighbourhoods that offer many cafes, restaurants, bars, and shops. This area is also home to many festivals and outdoor concerts, making it a great place for those that enjoy arts and culture.
Good for: Young professionals/couples
Median home price: $522,250
Average rent price (1 bedroom): $1,005
Saint-Hubert blends city conveniences with small-town charm. The Saint-Hubert borough is also home to the head office of the Canadian Space Agency as well as a major regional airport. This area is also home to Funtropolis one of the largest entertainment centres of its type in Canada.
Good for: Families
Median home price: $478,500
Average rent price (1 bedroom): $1,255
Comparing Longueuil to Montreal
When considering a move to Quebec, it’s common to compare the liveliness of Montreal to the more low-key suburban areas like Longueuil. While Longueuil may not have Montreal’s buzzing nightlife, it offers residents a quieter and more family-friendly atmosphere.
Located just across the St-Lawrence River from Montreal, Longueuil still benefits from the vast cultural and entertainment offerings of the metropolitan area. Plus, with significantly lower housing costs, Longueuil may be the more cost-effective option for those looking to be near Montreal without paying steep Montreal prices.
The average price of a home in Montreal reported for the first quarter of 2023 was $845,847. Compared to Longueuil with an average price of $522,379 for the first quarter of 2023, this makes buying a house in Longueuil 62% cheaper when compared to owning a home in the city.
Average rental prices for a 1 bedroom apartment in Montreal are currently $1,657 compared to $1,315 in Longueuil. This makes renting on average 26% cheaper than in the city of Montreal.
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Frequently Asked Questions
Welcome to our Frequently-Asked Questions (FAQ) section, where we answer the most popular questions designed and crafted by our in-house mortgage experts to help you make informed mortgage financing decisions.
Is it better to rent or buy in Longueuil, Quebec?
The decision to rent or buy in Longueuil comes down to personal preference. The cost difference between renting vs buying is roughly a few hundred dollars. If you can see yourself staying in one area long term, purchasing a home now may make more sense if you have a downpayment ready. On the other hand, if you prefer to explore the various neighbourhoods and what they offer before settling down then renting may be a better option.
Will home prices continue to go down in Longueuil, Quebec?
Home prices are currently down around 11% in Longueuil during the first quarter of 2023. With the recent Bank of Canada interest rate increase and rumours of further increases, home prices may continue to decline in Longueuil.
Are there any programs or incentives available to help me with the down payment on a home in Longueuil, Quebec?
There are various programs and grants available for residents of Quebec looking to purchase a home. Many of these programs are for eligible first-time homebuyers to help offset the costs of owning a home.
Longueuil offers a clear opportunity to settle down in an affordable and vibrant city. Given the tight rental market in this area, homebuyers may find it easier to buy rather than rent. Longueuil is located close enough to Montreal that you can benefit from the many offerings of the bustling city while benefiting from more affordable housing options.
Homebuyers who are considering taking the first steps into home ownership should consider Longueuil when looking to buy a home in Quebec. With such affordable home prices, it’s an ideal place for those looking to take the first steps on the property ladder. Reach out to nesto’s commission-free mortgage experts and let us help you take the first steps with confidence.
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