Why This Summer Is the Best Time to Invest in a Condo in Montreal
Summer is coming up, and you might be asking yourself if it’s the right time to invest in Montreal condos for sale in downtown. Well, let’s look at some facts and figure out why Montreal is a good place for investment. Then, we’ll cover why you should buy now instead of later.
Montreal: A Good Place to Invest?
People have been talking a lot about the real estate markets in both Toronto and Vancouver. They’ve been wondering whether the markets are more promising than Montreal.
Montreal has a modest and steady increase in home prices, and this reflects the area’s cost of living. Yet, other regions in the country are growing at a pace that may suggest an upcoming real estate bubble. Meanwhile, places like Victoria and Regina are on the decline. If you look at the housing prices throughout Canada, you can see what a good deal you could get in Montreal since it’s on the lower end of the spectrum.
There is an advantage to Montreal over some of the cheaper markets. When you compare Montreal to the other regions, you’ll notice that the market continues to increase steadily, while other areas aren’t quite so consistent. Montreal has a stable market that’s going to continue to increase thanks to income levels, the development of the city, and positive immigration.
If you’re considering an investment in Montreal’s condo market, you’ll also want to consider the potential of renting it out. Since Quebecers have a inclination to rent rather than buy and the city has more than 350,000 students, you can take advantage of this renters’ market. You can usually rent your condo out for more than the mortgage, which means you’ll have a steady source of income.
Why Invest Now?
Although other cities in Canada have prices that rise and fall drastically, Montreal stays fairly stable. That doesn’t mean that it’s stagnant, though. Montreal is growing at a rapid pace, so grabbing up a downtown condo now rather than later may work out better for you in the long run. You can buy your investment property before the prices around town go up.
Investing this summer is banking on the idea of an accelerating trend, but your condo purchase is going to be completed with little effort when you compare it to fellow homebuyers across Canada. If you’re thinking about Montreal condos for sale in downtown, you’ll pay an average of $341,495. However, someone in Vancouver would have to pay $866,772, says Canada Mortgage and Housing Corporation (CMHC). Mortgage rates are on the rise, however, and CMHC expects 5-year mortgages to go from 5.1 to 6.5 percent in the upcoming year. Every change increases your monthly costs.
If you’re looking to live downtown in a place all of your own that serves as both a good investment and a safety net, then a Montreal condo for sale in downtown might be your best option this summer. Take advantage of how low the mortgage rates are and opportunities that come with Montreal’s potential growth. The sooner you buy a condo in Montreal, the sooner you’ll have an investment that you can call your own.