Being the biggest city in Quebec, Montreal houses the most culturally diverse populations in the country. It is indeed a wonderfully captivating city, especially when you take note of the fact that condo living is booming in the city lately. The prices of condos have also been stable for a while now, and it’s one of the reasons why now is a good time to invest in Montreal condos. Here is why.
1.The property market is poised for growth
The market for real estate in the city has been showing signs that it is poised for growth for quite some time now. A lot of foreign buyers have been wanting to invest in this city, and because of this, it’s projected that there will be a rise of 8.4% in real estate prices within 1 year.
2.The Canadian dollar has weakened
Since the Canadian dollar has weakened compared with the US dollar and the Euro and British pound, a lot of foreign buyers are attracted to invest in real estate in Canada, especially in Montreal.
3. Oversupply of condos
Due to the high number of developments, many condominium units in Montreal remain unsold. Condos in the country are taking much longer to sell, going from an average of 80 days to 120 days at present time. Because of this, there won’t be any huge increase or decrease in prices, which is great for those looking to invest in real estate.
4. Montreal is an affordable city to live in.
As far as buying properties is concerned, Montreal has always been very affordable compared to other cities in Canada such as Toronto and Vancouver. The interest rates on mortgages have also gone down. The city is home to the most culturally diverse population in Canada, and for 300,000 CAD you can own a 1-bedroom condominium unit.
5. A huge upgrade in Montreal’s retail sector
Montreal’s major retail overhaul means current and future condo owners in the city will get to experience more services and a huge transformation. By the time it is finished, it will be a lot more convenient to live in Montreal, considering all you will ever need will be right outside your doorstep. The employment rate will also benefit from this, as there will be new universities, hospitals, and infrastructure in the city.
Condos in Montreal have a rental vacancy rate of 3.4%, and it has remained stable for the past few years. This means more market for condominium rentals, and more income-earning opportunities for condo owners.
Montreal condos have been attracting a lot of local and foreign investors in Quebec’s largest and most diverse city, and it’s not hard to see why. Take advantage of this opportunity now, as there is no better time to invest in real estate here.