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Good time to buy Montreal real estate?

donbusch

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Good info on this thread. My friend bought several properties in Vancouver and it was going really well until all the speculation, vacancy, empty homes taxes by the British Columbia provincial government came along.

What do you guys think are the chances that Quebec may impose such taxes?
 

Sol Tee Nutz

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Apr 29, 2012
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^^^^^^^ Depends on how bad the government needs money, I am guessing but it may not happen until house prices near double. BC had thousands of empty places, bought by foreign money ( most likely money laundering ), sit for a period and sell.
 

Dave in Phoenix

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Mar 21, 2003
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I don't know the real estate situation in Montreal but am amazed at the high prices in Toronto.

Homes that are smaller than mine in Phoenix (about 2300 sq feet) are valued at $1.5-$2m in the downtown Toronto area. I have a Toronto friend that may be selling and helping him a bit.

I have a FrankLloyd Wright like home, 0.25 acre lot, with great views overlooking the N Valley about 20 minutes North of downtown. I bought my Phoenix home in a bidding war above list price at the peak in 2007 for $410k. I added about $50k-100k of improvements!

Now, after the huge decline of values with Phoenix being one of the hardest hit cities in the Great Recession, is worth about $375k vs. $1.5m-$2m in Toronto it seems. Prices in the outlying areas of Toronto are not much lower than downtown homes and lots of condos

Toronto values are unreal to me and while slowing does not seem to be in a bubble. Toronto isn't a high salary high tech city like Silican Valley CA area. I wonder how folks afford such costs when average incomes are not that much higher than in Pheonix in $US.

It seem that one difference may be that while Phoenix continues to be one of the fastest growing cities in the U.S. (no snow, cold, tornados, floods, hurricanes or earthquakes!) and a dynamic growing tech industry, we have a huge valley to spread out into. At one point with an annexation Phoenix was larger in the city limits than Los Angeles plus we have rapidly growing outer near by areas i.e. like Mississauga etc in Toronto.

The only limit is areas have to prove they have a 100-year supply of water before building permits will be issued. Builders have also have problems from the shortage of skilled labor that they used to rely on Mexican folks for .

I wonder what a similar home would be in a good area of Montreal. Not that I am moving there - too much snow and cold in the winter!
 

henri007

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I spent sometime in holiday season to check it, and realized I couldn’t afford any good one in or near downtown of Montreal. My agent said house price was increased more than 20%, and with many foreign buyers. That’s crazy, they bought everything, even some crappy houses were sold out quickly when called.
 

2fast2slow

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i dont like the cold either, but I love the snow! there are not a lot places in north america where you can cross country ski above and in the center of a city of 4M at night!

Prices in montreal still have a lot of catching up to do compare to toronto and vancouver, but we have been the hotest market in canada for 1 year or 2 now (who'd of thought!). Small house near downton over 1M easy. Min in suburbs now 0.5M
 

WilliamStub

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Mar 22, 2019
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Hi Dave;

I don't know the real estate situation in Montreal but am amazed at the high prices in Toronto.

I wonder what a similar home would be in a good area of Montreal. Not that I am moving there - too much snow and cold in the winter!

Montreal is a lot cheaper than Toronto for "general" housing, but if you are looking on the island (or in the downtown core) for single family homes, those are actually quite expensive in Montreal because they are rare. Most of the architecture is built around duplex or triplexes, and detached homes are much more common in the suburbs. As a result, a detached house close to the subway can still be north of a million $ CAD. Appartments (ie - the 2nd floor of a duplex) are much more common and much cheaper. You can find a 2 bedroom unit for 350-450k$ CAD (250-325K$US). Single family homes off the island (in the suburbs) are priced similarly.

You can browse houses and their listing prices for yourself on http://www.realtor.ca if you are curious.

W.
 

Dave in Phoenix

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Hi Dave;
Montreal is a lot cheaper than Toronto for "general" housing, but if you are looking on the island (or in the downtown core) for single family homes, those are actually quite expensive in Montreal because they are rare. Most of the architecture is built around duplex or triplexes, W.

All good points and interesting. The Toronto friend does own a duplex in the downtown core worth $2m+ which is common. Combine both units and the total is just slightly larger than my 2300 ft 3BR quite unique architecture home on a relatively large lot in Phoenix. Lots of folks like him in Toronto rent out the half not living in.

He is a very middle-class average person and is kind of shocked to be on paper a millionaire. He bought it long ago. However, in order to cash out he really doesn't want to downsize and most of the alternatives even further out are not that less costly. Unless he moved like to Buffalo NY he is locked into the high price market as he owns a small business in downtown Toronto.

Toronto seems to be a huge seller's market with huge demand driving up prices unlike it appears in outer areas of Montreal.
 

Brandato

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I'm thinking of investing in real estate too. I believe it's quite a time for it despite the covid crisis. I've consulted with one rental company in Ontario already and I believe that getting an investment property right now is the right choice.
 
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henri007

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I'm thinking of investing in real estate too. I believe it's quite a time for it despite the covid crisis. I've consulted with one rental company in Ontario already and I believe that getting an investment property right now is the right choice.
The rate is awesome and it’s low for couples of years. That says there are many people to buy houses/buildings now, and the price increasing crazy now. I was lucky to buy one in June-July when price was still low and people were panicking to sell due to Covid (value already increase 100k by now). Just try to buy another property these days, I can tell that the price is on the sky. I’ve missed so many because people offer more than listed price, without any conditions and sometimes cashes only. In summary, people buy any pieces of houses now and they say it will continue to increase in couple of years.
 
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Sol Tee Nutz

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I'm thinking of investing in real estate too. I believe that getting an investment property right now is the right choice.

I would wait, interest rates are low but many many people will be losing their places to foreclosure in the near future, the prices should drop. Personally I do not listen to the real-estate board as it is their business to sell houses not scare clients away, same goes for rental businesses.
Just my opinion.
 
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Fradi

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Anything you invest in always comes with a risk.
You can minimize that if you are smart, buying property within walking distance of a metro station or bus hub or now for sure anything close to the new REM I think is a sound investment.
 

Fradi

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Yes for sure,
You see it all over when you drive in Montreal especially on the South Shore on the new Champlain Bridge, construction is progressing well week by week, of course there may be delays especially to the airport as the station there was supposed to be financed by the Airport which has lost so much money now because of the pandemic and is asking for the Province’s help in financing.
It will get done if we live another 2- 3 years, I expect it will open for the first phase from the South Shore to downtown Montreal sometime in 2021.
 

Zaeballo

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It will get done if we live another 2- 3 years, I expect it will open for the first phase from the South Shore to downtown Montreal sometime in 2021.
Great if so. However, even their official schedule (see my link above) is less optimistic than that. It says "Commissioning of the South Shore to Central Station segment is postponed to Spring/Summer 2022."
 

chinavibez

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I would wait, interest rates are low but many many people will be losing their places to foreclosure in the near future, the prices should drop. Personally I do not listen to the real-estate board as it is their business to sell houses not scare clients away, same goes for rental businesses.
Just my opinion.
I’d wait as well (I’m in the business), we’re projecting a sizeable drop in the market once Trudeau stops printing money and the waves of bankruptcies start hitting. Some great opportunities in commercial real estate are coming as well.
 

Fradi

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Great if so. However, even their official schedule (see my link above) is less optimistic than that. It says "Commissioning of the South Shore to Central Station segment is postponed to Spring/Summer 2022."
You are correct, my error did not read the latest news on it I am sure it will eventually be completed the construction even visually seems to be going well when you pass by it. It will be a major achievement similar to the Metro system when it was first implemented. I am looking forward to it and will certainly use it regularly and for trips to the airport.
 

neverbored

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Has anyone seen any divorce rates due to covid in Quebec/Montreal ?
 

sexplorator

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I’d wait as well (I’m in the business), we’re projecting a sizeable drop in the market once Trudeau stops printing money and the waves of bankruptcies start hitting. Some great opportunities in commercial real estate are coming as well.
Very good opinion!
 

2fast2slow

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I’d wait as well (I’m in the business), we’re projecting a sizeable drop in the market once Trudeau stops printing money and the waves of bankruptcies start hitting. Some great opportunities in commercial real estate are coming as well.
what if he prints money until a vaccine arrives? like the stock market, real estate can be very speculation driven...we may never see that slow down here in Montreal as we still have a lot of catching up to do compared to Toronto and Vancouver
 

Sol Tee Nutz

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in Montreal as we still have a lot of catching up to do compared to Toronto and Vancouver

You are in Quebec, not the rest of Canada, value will not rise as fast. The politicians made sure that non francophone's are not that welcome. Personally I really like Quebec but it is because my kids had a good life here, no real crime where we lived and great inlaws. For newcomers ( excluding Montreal ) it is gonna be rough.
An Anglo's view.
 
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