In recent years, international investors have been paying close attention to the explosive growth of Montreal real estate. Popping up like mushrooms, mega-projects such as YUL are sprouting not only around the downtown area but also in the surrounding suburbs, especially condo and single-family home constructions. Furthermore, recent studies have shown that buyer’s demands are far beyond the pace of development.
Located in Eastern Canada, Montreal is known to tourists as a bastion of French culture in North America. Possessing an Old World charm, it also boasts a highly skilled workforce in leading tech-based industries.
With new construction projects announced every month, Montreal is rapidly being elevated into a world-class city. Here are a few reasons why the city’s been experiencing record-breaking sales for the past few years:
Supply is low
According to a monthly report by the Quebec Professional Association of Real Estate Brokers (QPAREB), the Montreal Metropolitan Area experienced a 26% growth in total sales in December 2019 compared to the same time last year. Meanwhile, inventory decreased by 24% as homeowners are reluctant in selling their own property, fearing that they might not get a home they want by the time it’s sold. This trend is expected to continue well into 2020.
Renting is king
Montreal’s population growth is expected to hit nearly 4.573 million by 2030, according to a UN study on World Cities. As a matter of fact, the city is home to a growing number of international aerospace, biotech, and IT professionals. In addition, a large student body from no less than six major universities and many junior colleges creates a constant demand for rental housing. With vacancy rates of only 1.5% in 2019, Montreal has become a haven for passive income seekers.
No foreign buyers tax
At the time of writing, Montreal is not affected by a foreign buyers tax. As such, the city’s relatively low cost of entry makes it a highly attractive option for international investors. Meanwhile, traditionally hot markets have cooled off with the implementation of a foreign buyers tax. For example, Vancouver saw a decrease in sales of nearly 30% compared to 2017.
There are many more reasons why Montreal is a sure bet for investors and settlers alike. For example, prestigious institutions such as McGill University and HEC Montreal ensure quality North American education in two major languages, French and English. Moreover, suburban growth is catalyzed by the construction of a new light rail system and a subway line extension, expected to complete by 2026. While housing prices remain relatively affordable compared to other major markets, the macro environment, such as legal and monetary policies, may change at any given moment. The ideal time to make a move in Montreal might be now.
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