Montreal’s real estate market has been soaring for the last 5 years. Prices of properties have risen by 5%, and with these increasing prices, families will continue reaching homeownership.
Montreal has lots of untapped potentials; therefore, it has always been a great investment option for real estate investors and landlords. Moreover, its neighborhoods offer some potential growth opportunities.
Without further ado, let’s explore the spots that are great to get in on for real estate investors!
Factors Behind the Real Estate Growth in Montreal:
1- The rental market keeps thriving because of the constant arrival of immigrants.2- Montreal’s positive job market greatly entices professionals, encouraging them to live on the island because of the affordable commuting distance from their work. This helps in hiking certain markets.
3- The vast suburbs of Montreal is a great spot to raise any family.
Prospective Future of Montreal Housing Market
The Montreal housing market has a positive outlook in the coming years. According to the Canada Mortgage and Housing Corporation (CMHC), the resale market transaction and housing construction will be on an upward trend.
Below are the 3 best Montreal areas that need the undivided attention of investors.
1. Condo Supermarket of Montreal: Griffintown
Griffintown was considered a ghost town of cheap warehousing and industrial space for rent. But the area has now transformed greatly into a required condo neighborhood.
The place is the primary work center in the city that attracts the professional crowd. It is incredibly affordable, and for this reason, the neighborhood will continue to attract rentals and homebuyers.
Montreal city has designated $141 million for infrastructure and beautification projects. Since commerce is dripping with new trades, opening up on peel Streets and Notre Dame. In the upcoming years, the condo starts will decrease due to the availability of land for developmental rarifies. The city also announced that no issues would be given for the new building permit.
For this reason, there will be an increase in the desirability factor of Griffintown. Investors can continue growing their bank over the next 5 years.
2. Alternative to the Plateau: Rosemont Petite Patrie
This area promises a growth sign for real estate investors in the coming years. This area has several facilities that make it a great living place, including schools, green space, great eateries and commerce. The area also attracts professionals who don’t want to live in the bustle of downtown.
The new mayor of Montreal has made a new metro line that will vouch by 2025, and 29 stations Pink Line will serve Montreal. The rent in this area is highly cheap. Compared to Plateau, 2 bedroom rents for just $740 per month. There is also a huge difference for 3 bedrooms that go for $1,385 in the Plateau and $1,020 in Rosemont. There is room for growth for estate investors. However, until the construction of the Pink line, it will have to wait.
3. Plex-Centrix: Verdun
Verdun has been a ‘dry’ working-class place for decades. Wellington Street, the central commercial hub, faced an extreme decline when clients shifted to downtown after the metro station arrived in the 1970s.
But since 2015, the real estate price of Verdun has been soaring, and the potential growth is at the height of the Plex realm. According to the sales data of 2917, about 20% prices of 2 or 3 Plex have climbed up in the previous year.
Undoubtedly, it is suitable for investors to make investments because prices are still affordable, and it is a great option to invest in this market. The price of a Triplex in Verdun costs around $650,000 to $800,000, whereas the average rent cost for 1 to 2 bedrooms goes for $1000 to $1500 per month, respectively.
For your real estate investment in Montreal, contact Behrooz Davani top Montreal realtor.