Montreal Turning Into Real Estate Hot-Spot
Photo: Flickr / Caribb
Looking for a new property market to invest in that is not located near or in Toronto or Vancouver? Well, perhaps you should start brushing up on your French, because recent statistics published by one of world’s most renowned international real estate companies have tagged Montreal as an up-and-coming and incredibly desired location to invest in when it came to the luxury property market. According to Sotheby’s, sales of residential properties worth over one million dollars in the picturesque city rose by a whopping sixty percent when looking at sales volume numbers between the months of July and August of this year.
One of the reasons why Montreal has not experienced an investment boom similar to what has occurred in Vancouver and Toronto (and their major suburban and surrounding metropolitan regions) at this point in time is because of the relatively large cultural divide the city has when compared to the mainly English-speaking cities that characterize Canada’s two hottest housing markets. In comparison to Montreal, however, sales of luxury properties in both cities fell by nearly a quarter for the first half of the year when compared with the same time period from 2016 sales numbers, showing that the cultural divide is beginning to be breached through pure economic gains to be made in the city.
While the increase in sales performance is assumed to be thanks to a jump in foreign buyer activity, a number of industry experts actually point to an increased amount of Canadians investing in the city. According to the CEO of Sotheby’s, the reason for Montreal becoming a new real estate hot spot is not because of an marked increase in foreign buyer activity (even though he admits that there has been a small rise in this particular consumer base), but rather because of what Montreal has to offer. In particular, the report by Sotheby’s suggests that Montreal is becoming a popular investment destination due to its relatively cheap housing prices compared to similar property types in places such as Metro Vancouver and the Greater Toronto Area. Additionally, the report suggests that the city is seen as a desirable place to live and work – not just because of lower living costs – but also because of the large amount of cultural diversity that exists within the city. While Montreal may become a powerhouse of the luxury market over the next few years, the international realty company is maintaining an optimistic outlook for Toronto and Vancouver in regards to future real estate sales performance.
Published Date: Oct 05 2017