Condo prices continue to skyrocket in Vancouver and Toronto, local legislators have attempted to find ways to use well-placed laws to restrict and reduce how rapidly rent and housing prices are rising.
In the case of Toronto and Vancouver a foreign buyer’s tax was enacted in addition to several other pieces of legislation in an attempt to slow the rising costs that were making it impossible for current residents to buy in the area.
This has left investors to look else where. Montreal has become the top place for investors and business to invest. Especially the downtown core of Montreal.
“According to the Canada Mortgage and Housing Corp., job growth has increased, consumer confidence is high, and the indebtedness rate is lower than in the rest of the country.
“There are a number of reasons why investing in Montreal makes sense right now: its residential sales increased 26 per cent since last year and the average price for a condo in the downtown core is only $750 a square foot, versus Vancouver and Toronto, where it ranges from $1,000 to $2,500.
“The increase in value of a typical unit in Montreal is about six per cent a year, which is healthy, and the city’s vacancy rate is less than 1.9 per cent. Altogether, that’s why we’ve become a destination for investment.”
The city’s condo market remained the most active in 2018, due in part to the fact that it’s one of the least expensive real estate investments a young person can make.
“There’s another aspect to condo living which is lock it and leave it. You have about 50 per cent of the market that doesn’t want to be busy cutting grass, doing snow removal, and fixing something that’s broken. They want an all-encompassing solution to living.”
Looking to invest take a look at 1 Square Phillips condos by Brivia group launching fall 2019