Montreal has been called Canada’s sexiest city, and why wouldn’t it be? This small patch of Europe this side of the ocean is a real jewel of beauty and elegance. From historical landmarks and gorgeous parks, to exquisite dining and buzzing festival seasons, Montreal is one of its kind in North America.
The Festival International de Jazz alone is something that many Canadian music lovers travel countless miles to see and would give a lot to live near to. The city saw a 4% rise in its population between 2011 and 2012, and along with inner-city rejuvenation projects, we are expecting the trend to continue and property values to steadily rise. At the same time, real estate still remains pretty cheap in comparison to other Canadian cities, which, along with the projected rise in property value, makes it a very lucrative area to invest in.
Here are some numbers. The average home price on Montreal Island is approximately $480,000, and in the broader Montreal Area it is as low as $325,000. The best opportunities for investment remain on the island itself, of course, and especially in the Rosemont / La Petite Patrie neighborhood, also known as “Little Italy”. The reason for this is that it is located in close proximity to the Plateau / Mont-Royal neighborhood – a popular and vibrant (yet expensive) place just near downtown Montreal. At the same time, Rosemont / La Petite Patrie has its own distinct character that the residents enjoy and cherish. And while the Plateau is a bit pricey, this neighborhood still remains very much affordable. There is a trend of people renting on the Plateau at first, and then buying on La Petite Patrie.
To give you a comparison, the money that would buy you a small condo on the Plateau can afford you a duplex on La Petite Patrie. Considering the fact that the neighborhoods are a walking distance apart, and La Petite Patrie having its own cultural scene and beautiful shops and restaurants, there is no question that it is a great real estate opportunity. The climb in property values testifies to that as well, with the prices soaring a whopping 20% in the past three years. Despite its defined borders, the neighborhood manages to grow steadily as well, with multiple old textile buildings being converted into lofts and studio apartments. Those provide ideal first-time buyer real estate purchase opportunities, especially for new couples and young professionals.
If you are looking for something below the average price of $480,000, however, there are other options to consider, such as the Villeray / Saint Michel area. This piece of land has approximately 140,000 residents and is ultimately affordable, with average property prices as much as $100,000 lower than the adjacent neighborhoods. Many houses are being converted into condos and there are also municipal projects going on that lead to the neighborhood experiencing a population and value rise.
Another area of Montreal real estate that is worth having a look at is the Sud-Ouest (South-West), with homes that are more than 10% cheaper than the Montreal Island average. Property prices here are undervalued, but as the city is experiencing a property boom, they will not remain undervalued for long. Some prudent investors have purchased old homes for renovation and have seen their property values rise by 40% or more.
Overall, we see a land on a steady rise, with both property values going up and new employment opportunities being encouraged by the city.
We hope you enjoyed this article and are looking into real estate opportunities in the city. If you are looking for more advice, or need to get a great mortgage rate in Montreal, call us now.