For the past few years, many Canadians have felt discouraged from entering the real estate market in the big cities because of the soaring home prices. Properties in Vancouver and Toronto have been notoriously known for their sky-high prices. So much so that even residents are already protesting the ridiculous prices through various means.
And even with the new taxes and regulations put in place to curb the influx of foreign investments, the demand, sales, and prices for these two markets are still climbing. Fortunately, these trends don’t apply to the entire country. This made other big cities like Montreal good alternatives for those who wish to invest in real estate.
Despite its size and economy, Montreal has always lagged behind Toronto and Vancouver when it comes to its real estate trends and figures. The prices in Montreal are about half than the going rates at the other two cities, so the disparity is truly staggering. Although their prices are steadily increasing over the years, the rise has been slow and steady. It was deemed as a safe market by some experts, but it didn’t cause investors and buyers to trip over themselves to get in the local market.
Not until this year, though. A handful of real estate publications in Montreal report that changes are coming. Lots of them say that it’s the best time to purchase a property in the city before the prices start to soar to unbelievable heights.
Things are already heating up with sales going up by 9% in October 2017. It promises an upward growth with the local GDP estimated to increase by 1.9% in 2018. This is why the Montreal market is currently considered as an emerging one. It’s ripe for the picking now that it’s the “untapped” and “undervalued” real estate market.
The rise isn’t too surprising for experts, though. With the restrictions put in place in Vancouver and Toronto, foreign investors are now closing in on Montreal as their next hotspot. They say it’s just a matter of time before Montreal’s real estate starts experiencing the upsurge a higher demand can bring.
Want a Property in Montreal? This can be the Best Time to Buy
With the local real estate statistics continuously rising, the prices will naturally follow suit sooner or later. In fact, the rates are already on the upturn according to some reports. It’s not necessarily a surge, but it’s an increase nonetheless. It’s more of a good sign that things are looking up for the local market.
Some people might think that this increase means that it’s already too late to buy a property in Montreal, but that’s not necessarily true. It’s actually an even more promising time to jump in. The prices are rising but it’s not too high yet, so you can still get a good deal.
It’s also a good time to buy as there will still be a lot of options available. This is particularly true if you’re in the market for a condo unit as there are lots of new developments in the city. There are plenty of options that some people even say that the market is oversaturated. It might sound bad for some, but if you’re buying your first home, the wide range of options is definitely welcome.
When it comes to single-unit residential homes, however, it’s more of a seller’s market right now. The demand is high, so the prices are high, too. However, compared to houses in other major Canadian cities, they’re already what you’ll consider a steal.
So if you’ll rely on the good real estate news in Montreal, you should know that 2018 is a good time to buy a property. Getting in on what the city has in store can give you a leg up in the emerging market.
