The Montreal real estate market is heating up and likely won’t cool down any time soon. A recent study by the Canadian Mortgage and Housing Corporation (CMHC) suggests the boom will last until at least 2020, making this an excellent time to invest in the city.
Here are a few up and coming areas that provide excellent opportunities for the savvy investor.
Also known as HOMA, this area has become a favourite of budget-minded buyers in recent years. With the neighbourhood undergoing major redevelopment that’s landed it on Cult MTL’s famous “Best of Montreal List” as one of the ten best neighbourhoods in the city to live in, further growth in this area seems like a good bet. Many new condo developments are being built and the area is home to many interesting restaurants, bars and cafes. Plus, the commute to the city centre is a breeze thanks to its proximity to city metro stops. The median condo price in this area sits at a reasonable $235,000.
Formerly considered one of Montreal’s rougher neighbourhoods, The Pointe has undergone significant redevelopment and has emerged as a favourite of millennials, who flock to this reasonably priced area. Shupilov Real Estate puts the median condo price at $344,000, with industrial-style lofts also a favourite for hip young residents. Area hot spots include Knox Taverne and microbrewery 4 Origines.
The West Island
While technically a suburb, the West-Island of Montreal is considered by many to be the ideal spot to raise a family. It’s quiet but not too quiet, with more and more restaurants, bars and specialty shops opening every day. It’s also the home to Fairview Pointe-Claire, one of the city’s biggest malls. While the commute is a little long (although the neighbourhood is served by several commuter train stations on two lines), it remains a popular place to live for families. However, the inventory in the West-Island for single-family homes isn’t high, and bidding wars, once rare, have become increasingly commonplace in this part of the island.
According to MoneySense, Laval-Ouest is the best place to buy a home for families in the city, thanks to its proximity to all the major transit hubs while single-family home prices remain reasonable at $262,000, a full $120,000 less than the city average.
Another suburban sector that MoneySense considers a good bet is Saint-Mathias-sur-Richelieu, where a buyer can get a detached home with a front yard and backyard for $306,100. However, it comes with a major caveat, in that the commute is a good thirty minutes to the downtown core by car, although the home value more than makes up for this inconvenience.