Good time to buy Montreal real estate?

[donbusch]

In the course of planning my Montreal punting trip, I couldn’t help but notice that real estate prices in our fave city seem rather reasonable and are on the upswing. There also appears to be an influx of Chinese money that is perhaps being rediverted from Toronto, Vancouver or maybe the US.

I’ve previously made good real estate money by following the Chinese money in Sydney but still kick myself for totally missing out on Toronto & Vancouver. Guess I had my doubts about Canada then, still remember being super skeptical many years ago when a Montreal escort told me that she was investing all her earnings into a Toronto property. She’s probably sitting on a mountain of loonies now.

Perhaps Montreal might be my second chance to profit from Canadian real estate. What do you all think?

 

[Sol Tee Nutz]

Yes, the Vancouver and Toronto areas are too expensive, look for lots of Asian buyers to drive up prices.
My son and I split on a condo a while ago and will probably buy another before the end of the year. Renting is easy and the prices are going up.

 

[TheBlob]

I bought a condo in the last year and i'm glad i did.

That said, real estates especially in downtown area seem to be going up, as are escort donations. Too bad salaries are not following.

 

[jalimon]

I read that there was not enough unit being built to keep the numbers of unit sold up this year and probably next year. That said this could bring the price even higher and at a higher pace then anticipated. Yes now is a good time to buy!

 

[RoyDeMeo]

last year was best time to buy, foreign investors drove the price up a bit this year 2019 when they realize Montreal was cheap

 

[donbusch]

Lots of optimism on the board. I feel that we are less than halfway thru the up cycle for Montreal so definitely much profit to be made. Do u guys recommend the downtown core or maybe a bit further out like Rue Berri?

I see multiple listings for this newish building on realtor.ca, think it’s on de la Montagne going for ard C$1000/psf. Nice building but upside seems limited. Was thinking of maybe less than C$500/psf for a good location apartment but wondering if that’s possible?

 

[ShyMan]

I was chatting with a gentleman at a restaurant recently -- the place was packed and they could only seat me at a bar. He said his daughter bought a two bedroom condo in the Plateau; she's attending McGill University for her post-graduate studies. She will be renting out the other bedroom to a fellow student. The gentleman, an American, said he's thinking about buying another condo for investment.

If you look at Griffintown, you are likely to find new construction at lower prices than downtown core, but there is no metro yet in Griffintown.

A local realtor recently told me that most buyers are still from abroad, including those from the Middle East, Asia (China mostly), the States, and local buyers make up about 30 to 40 percents. Now, you can still buy condos at the new Four Seasons, where there are only two penthouses and they start at 13$ millions plus roughly 15% sales taxes. If you move away from the downtown core, you'll find that most buyers are local. The island of Montreal is huge and there are lots of options. Thus, it's doubtful that home prices will become as insane as those in Toronto and Vancouver. Beware: taxes are very high.

 

[CLOUD 500]

Unless they shut the open revolving door to mass immigration and the influx of refugees the prices will keep on going up. Montreal is moving the way of Toronto. High amount of immigrants in Toronto and Vancouver caused the huge upsurge. Asians and Indians save every penny to buy property. Indians started this trend in Toronto to rent out their basements at a time when it was illegal then the government made it legal due to overpopulation. Simple economics: supply vs demand. Right now the market favors landlords. It is not just condos many small businesses shut down due to landlords jacking up the price of rent by 500%. I would say now is the best time to buy property in Montreal unless Trudeau gets voted out which I am sure he will property prices will reach Toronto levels in the next few years. Rents are now getting high and the vacancy rates are at an all time low. Solution? Shut down mass irresponsible immigration.

 

[Sol Tee Nutz]

I would say now is the best time to buy property in Montreal unless Trudeau gets voted out.

That would make zero difference, it made no difference when Harper was in power, the Asians who are buying ( not the ones walking across the border ) do not even live here their buildings sit empty for years ( BC had to put a tax on empty property to stop it, you can rent a $ million house for very cheap to avoid the tax to the owners ). If anything Trudeau getting punted would be better for the economy and prices would rise higher....

 

[Sol Tee Nutz]

How about multiplex/building investment? Is it good now? I stop looking for it for awhile, but it seems it gains some momentum as well.

We thought about it but it would be best if the owner lived in one of the units, just my opinion.

 

[Dreamer69]

I bought 2 buildings with 8 units in 2002 sold one in Dec. 2015 & the other in Jan. 2016 to save on capital gain tax, made over 1/2 million $ on each building and I netted $50K each year on rents, for 13 years.

PS. I invested 500K in 2002 in 6 residential apt. buildings which are now worth over 7 million $, besides my pot stock investments

 

[Dreamer69]

I pocketed over $230K 2 days before legalization, I kept just 1000 shares of Aurora, 1000 shares of Aphria and 1000 of WEED, yes they have dropped about 35% but I'm not worried in about a year from now they will be worth 10 times what they are now especially AURORA will be the most profitable.

 

[2fast2slow]

Solution? Shut down mass irresponsible immigration.

MAGA! (sarcasm)

 

[RoyDeMeo]

If so, then you should buy back years of 2000 when it was 1/3 price of what it is now :smile:.
It is not too late in Montreal housing investment. Price is still going up and you still have profit.

Its not too late first few months tho early 2019 housing price went up 5.5% Greater Montreal and 8.1% Montreal Centre.
>4% increase a year in strong Montreal market who keep it up for the past 11 years... even for condos prices going up 4% or higher in most neighbourhood except West Mtl -2.8%. Best time is Yesterday if u have extra capital

 

[sharkman]

I pocketed over $230K 2 days before legalization, I kept just 1000 shares of Aurora, 1000 shares of Aphria and 1000 of WEED, yes they have dropped about 35% but I'm not worried in about a year from now they will be worth 10 times what they are now especially AURORA will be the most profitable.

Wrong thread dude!!!...THIS IS A REAL ESTATE THREAD!...been smoking too much cannabis dude!

 

[RoyDeMeo]

2 storey homes are the best in Montreal or South Shore. Bungalows/condos doing good too in Montreal East/North. For renting, condos montlhy fees eat up part of your rent income lol but brand new condos at fair price usually r the ones that go up the highest in increasing rate than used ones depending on which neighborhood, its like i got a free condo from the gains

 

[sharkman]

It's all about location on older properties where the payoff is big!...the best properties are the old ones that you buy cheap from "sheeps" and rebuild them from scratch with a team of contractors that you can put together.

That's where the skill is!...but very few have access to those guys because they are "sheeps" and don't have the connections and the ins and outs (e.g.: tax breaks and subsidies)!...it comes down to execution and not wishful thinking!

It's the classic "who you know" and not "what you know"!

 

[Sol Tee Nutz]

^^^^^ Lots of good places do not even go on the market, my brother in law is in construction and deals directly with real estate agents before they go on the market. The agent will lowball the owner, sell the place to my brother in law and he gets a split on the profit after it is touched up and flipped. That is how we got the condo in Montreal. Correct, if you know people you can get a deal, same as any other business.

 

[sharkman]

^^^^^ Lots of good places do not even go on the market, my brother in law is in construction and deals directly with real estate agents before they go on the market. The agent will lowball the owner, sell the place to my brother in law and he gets a split on the profit after it is touched up and flipped. That is how we got the condo in Montreal. Correct, if you know people you can get a deal, same as any other business.

Exactly!...then the "Johnny-come-lately's of this world" come in to bid the prices up (i.e., the second wave of "sheeps' follow)!

 

[Anong]

Wrong thread dude!!!...THIS IS A REAL ESTATE THREAD!...been smoking too much cannabis dude!

That is why he is Dreamer69.