Much has been said about new condos in Montreal that can be very confusing for someone who wants to invest in real estate for the first time. Some are worried about a possible oversaturation of the market, but the numbers say otherwise. Sales have actually made a rapid U-turn in 2016 and haven’t showed any signs of stagnation.
All of these can baffle and overwhelm any first-time property buyer. So how should you proceed? If you’ll look at the current market movements, the signs favor those who wish to invest. Why? These points can give you a good idea why you should consider investing in Montreal condos today:
Did you know that Montreal’s average housing prices are half that of the going rates in Toronto and Vancouver? This surprises a lot of people as Montreal is the second most populous city in Canada. It also doesn’t lag far behind the two cities in terms of economic growth, so the real estate market situation is rather unexpected.
It’s a very good thing for buyers, though. This means that the prices are more affordable which can still make them great investments.
Just like in other cities, the new condos in Montreal are also found in great locations. You’ll often find them right by commercial and business areas so they’re always easily accessible and near everything. Whether you intend to rent the property out or use them as your personal residence, the value of its central location will be hard to beat.
Promising Market Growth
As mentioned above, the local real estate market is in good shape. Some experts call it safe while others called it the “Goldilocks status” for being “just right.”
While there are those who are worried about the slow growth, others say that it’s a good thing for those who want to play it safe with their investments. Even though prices aren’t skyrocketing, they’re still steadily increasing. There are also no signs of it crashing down, which makes it more enticing for investors.
Friendly Investment Laws
One of the most notable things about the real estate industry in Canada is the influx of foreign investors. Foreigners are buying properties in Vancouver and Toronto as investments, which has boosted the market. However, it also has negative effects on its growth so the government passed a law to curb its rapid growth. Taxes and other limitations were put in place and made it difficult for foreigners to invest these cities.
Montreal, on the other hand, doesn’t have such limitations yet. This is why more and more foreign investors are now paying attention to Quebec’s Metropolis.
This is why it’s a very good idea to get in the local real estate market immediately. Now that you know that the city is gearing up for major growth, it’s best to invest today before the prices soar.
The wide variety and large number of options are also very good reasons to invest in condominiums in Montreal. Different developers made sure to leave their imprint in the market by offering something new and different. This will give you more choices and ways to ensure your ROI.
Lots of People Prefer to Rent
A good portion of the population are thinking that it’s best to wait and see what will happen to the real estate market. By investing in a condo right now, you can take advantage of this trend.
All signs point to “yes” when it comes to investing in a Montreal condo right now. It’s up to you, though, to decide whether it’s a risk you’re willing to take.