Why Montreal is the Best City in Canada to Invest in Real Estate?
If you’re looking to invest in Canadian real estate, Montreal should be at the top of your list. As the second largest city in Canada, Montreal is a thriving metropolis with a rich history and a unique culture. With a relatively affordable housing market, a strong job market, and an ever-growing population, Montreal is an excellent place to buy a property. In this post, we’ll explore some of the reasons why you should move Montreal to the top of your list over other major Canadian cities, and highlight some comparative points.
Affordability
One of the biggest advantages of buying property in Montreal is the affordability. Compared to Toronto and Vancouver, Montreal offers significantly lower housing prices. According to the Canadian Real Estate Association (CREA), the average home price in Montreal in December 2022 was $497,800, while in Vancouver and Toronto it was $1,114,300 and $1,081,400, respectively. This significant price difference makes Montreal a highly attractive location for first-time homebuyers and investors alike. You’ll also be able to save money on other expenses like food, transportation, and entertainment. This is due in part to the city’s lower overall cost of living. So, if you’re looking to stretch your dollars further, but still live in a metropolis, Montreal is an excellent option.
Quality of Life
It’s worth mentioning that Montreal is a very livable city, with a high quality of life. According to data from the World Bank, Montreal has a high life expectancy, a low crime rate, and a diverse and inclusive community. This diversity can add to the city’s cultural richness and can help your property appeal to a wider range of potential buyers or renters in the future. The city also has a number of excellent schools, parks, and recreational areas, making it a great place to raise a family. While it is a major urban city, Montreal is located near the St. Lawrence River and the beautiful Laurentian Mountains, providing easy access to outdoor recreation activities like skiing, hiking, and boating. This can be a major draw for those who enjoy outdoor activities and can add value to your property.
Job Market
Another factor to consider is the job market. Montreal has a robust economy with a diverse range of industries, including technology, healthcare, and finance. In fact, its tech-sector is growing especially rapidly. And, it is known for its exciting and world-renowned gaming sector, with major companies like Ubisoft’s and Gameloft’s headquarters in Montreal. The city is also home to several leading universities and research centers, making it a hub for innovation and entrepreneurship. According to Statistics Canada, Montreal’s unemployment rate at the beginning of 2023 is 4.3%, which is lower than Vancouver’s 4.6% and Toronto’s 6%. With a strong job market, Montreal offers plenty of opportunities for those looking to invest in real estate.
Investment Potential
With a growing population and affordable housing prices, Montreal offers excellent investment opportunities. The city has a high demand for rental properties. According to the 2016 Canadian Census, about 45% of households in Montreal are renters, while 55% are homeowners, and this number of renters has been rising in recent years. This demand has led to a stable rental market, making Montreal an excellent choice for long-term rental income you can count on.
Transportation
Another reason to consider buying property in Montreal is the city’s excellent public transportation system. With a well-developed network of buses, trains, and subways, it’s easy to get around Montreal, even without a car. This makes it an attractive option for people who want to live in the city center but don’t want to deal with the hassle and expense of driving. It is also great for those who want to invest in a rental property and rent to students or others who aren’t car owners
Culture and Lifestyle
Montreal’s unique culture and lifestyle are another important reason to consider buying property in this city. Montreal is known for its vibrant arts and entertainment scene, with many festivals and events taking place throughout the year. For this reason, it’s a great and unique choice for a pied-à-terre property in particular. The city is also famous for its diverse range of restaurants and cafes that are of top quality for a relatively low price. And, of course, it’s known for its one-of-a-kind European/Canadian charm. Montreal’s rich history and cultural significance are evident in the city’s many museums, galleries, and historic landmarks, making it an ideal location for those who appreciate history and culture.
In conclusion, Montreal is an ideal city to buy property in comparison to other major Canadian cities, offering a relatively low cost of living, a strong economy, and an especially high quality of life. Whether you’re a first-time homebuyer, a seasoned investor, or anyone in between, Montreal is an excellent choice for anyone looking to invest in real estate. With its rich cultural heritage, thriving arts scene, and excellent prices, Montreal is a city that has something to offer everyone.
Sources: https://www150.statcan.gc.ca/n1/daily-quotidien/230106/t012a-eng.htm
https://www.crea.ca/housing-market-stats/canadian-housing-market-stats/national-price-map/