Things to Consider Before Buying a Property in Montreal

Tens of thousands of people from across the globe make the decision to invest in Canada every single year. With a robust, stable economy and a variety of economic and social opportunities, it is no wonder that Canada continues to grow in every major metric year after year. Despite a global recession and economic turmoil, Canada has remained largely insulated from the catastrophes, in part because success in the country is backed by sound policies and vibrant communities. You may be considering relocating to the country, and in particular, relocating to one of its major cities. Many people look for a condo in Montreal when moving here from another country because of the minimal responsibilities attached to upkeep and ownership. Below, we will discuss what you should consider before you buy a condo or comparable piece of property in one of the greatest cities in Canada

Your Career

Before you make a decision about buying a condo in Montreal or similar property, you need to consider your line of work and how it compares to the city and property you are evaluating. If your career field is solid and subject to stable growth in Montreal, then you may wish to consider a long-term obligation in a property. If your job is temporary, seasonal or otherwise potentially unstable, then renting may be a better idea. For example, tech careers are quite abundant in the city, as are careers regarding the hospitality and service sectors. By doing the proper research beforehand and assessing the natural ebb and flow of demand in your line of work, you can make sure that you don’t bite off more than you can chew when committing to a condo or similar property.

Market Saturation

Depending on the year and the neighbourhood, you may find that the market is saturated with a certain type of property. For instance, condos may be in high supply and low demand – but the prices may still be high – which means that purchasing at the wrong time could result in an immediate drop in value. If you only plan to keep the property for a few years, you might end up with a property that is worth less when it comes time to sell than it was when you bought it. Some people are reporting that buying condos in 2015 is risky, while others believe buying one now is a good long term investment. The nature of these variables will determine whether you should buy or rent, and whether you should live in a condo, apartment or house.

Needed Space

How much space will you need in a new property in Montreal? If you have family members who will be living with you, for instance, then you may opt for a two or three bedroom property, instead of a simple one bedroom apartment. If you are looking at the prices of various properties in Montreal from afar and want to get an idea of the cost per square foot or metre, then you can use a square foot calculator to determine what your overall average cost will likely be per month or per year. 

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