Buying a home? Here's what $500K will get you in Montreal

CTV National News: Likely causes of housing crisis Judy Trinh reports on the housing crisis, which could take years to fix, and how it's being driven by a lack of builders in part.

Earlier this month, the Bank of Canada raised its key interest rate to 5 per cent, the highest it's been since 2001.

While higher interest rates tend to drive down demand on the housing market -- and by extension, price -- analysts predict housing prices in Montreal will remain elevated over the coming months.

Royal LePage forecasts that the aggregate price of a home in the Montreal area will increase 8 per cent year over year by the fourth quarter of 2023, to $587,844.

To get a picture of where the market's at right now, here's a list of what $500,000 (ish) can get you in Montreal, borough-by-borough.

(Hint: it's a lot of condos).

AHUNTSIC-CARTIERVILLE

COST: $499,000

TYPE: House (bungalow, detached)

BEDROOMS: 2

YEAR: 1947

LOT AREA: 2,429 sqft

ANJOU

COST: $499,000

TYPE: Condo

BEDROOMS: 3

YEAR: 1982

NET AREA: 1,468 sqft

CÔTE-DES-NEIGES-NOTRE-DAME-DE-GRÂCE

COST: $485,000

TYPE: Condo

BEDROOMS: 3

YEAR: 2008

NET AREA: 953 sqft

LASALLE

COST: $518,900

TYPE: Condo

BEDROOMS: 2

YEAR: 1995

NET AREA: 1,218 sqft

LACHINE

COST: $515,000

TYPE: House (semi-detached)

BEDROOMS: 3

YEAR: 1991

LOT AREA: 1,653 sqft

PLATEAU-MONT-ROYAL

COST: $505,000

TYPE: Condo

BEDROOMS: 2

YEAR: 1986

NET AREA: 857 sqft

SUD-OUEST

COST: $467,500

TYPE: Condo

BEDROOMS: 3

YEAR: 1987

NET AREA: 750 sqft

L'ÎLE-BIZARD-SAINTE-GENEVIÈVE

COST: $479,900

TYPE: House (bungalow, detatched)

BEDROOMS: 2

YEAR: 1955

LOT AREA: 18,300 sqft

MERCIER-HOCHELAGA-MAISONNEUVE

COST: $499,000

TYPE: Condo

BEDROOMS: 2

YEAR: 2021

NET AREA: 778 sqft

MONTREAL NORTH

COST: $499,000

TYPE: House (bungalow, detached)

BEDROOMS: 3

YEAR: 1955

LOT AREA: 4,015 sqft

OUTREMONT

COST: $495,000

TYPE: Condo

BEDROOMS: 2

YEAR: 1927

NET AREA: 807 sqft

PIERREFONDS-ROXBORO

COST: $534,000

TYPE: House (split-level, detached)

BEDROOMS: 4

YEAR: 1966

LOT AREA: 7,800 sqft

RIVIÈRE-DES-PRAIRIES-POINTE-AUX-TREMBLES

COST: $535,000

TYPE: House (semi-detatched)

BEDROOMS: 3

YEAR: 2009

LOT AREA: 2,596 sqft

ROSEMONT-LA-PETITE-PATRIE

COST: $535,000

TYPE: Condo

BEDROOMS: 1

YEAR: 1964

NET AREA: 648 sqft

SAINT-LAURENT

COST: $449,000

TYPE: Condo

BEDROOMS: 3

YEAR: 1977

NET AREA: unknown

SAINT-LÉONARD

COST: $499,900

TYPE: Condo

BEDROOMS: 3

YEAR: 2007

NET AREA: 1,005 sqft

VERDUN

COST: $480,000

TYPE: Condo (divided)

BEDROOMS: 2

YEAR: 2004

NET AREA: 934 sqft

VILLE-MARIE

COST: $489,000

TYPE: Condo (divided)

BEDROOMS: 1

YEAR: 2022

GROSS AREA: 538 sqft

VILLERAY-ST-MICHEL-PARC-EXTENSION

COST: $500,000

TYPE: House (detatched)

BEDROOMS: 4

YEAR: 1951

LOT AREA: 3,750 sqft