Pros & Cons for US Citizen of buying luxury residential condo in Downtown Montreal

[westwoody]

EB your condo experience is very interesting.

I spent a few weeks last summer visiting friends in Washington DC. They are in a new condo, about $750k.

They said they had poor hot water flow so we looked at their setup.

I was HORRIFIED by the poor construction and bad design. Wiring and plumbing would have totally failed any Winnipeg city inspection.
Their water heater, furnace and A/C was inside a small closet. There was a furnace on the floor, a ten gallon hot water tank on a shelf above, and a A/C unit on a top shelf.
Wires and propex water lines were all over the inside. There bits of metal trimmings and propex on the floor.
A loop of live electrical wire ran through the water heater's drip tray. The wires were not properly sized or insulated or grounded.
I cannot imagine any ticketed tradesman doing such shoddy work.
The owners are doctors, really smart people, but they know nothing about construction and put blind faith in the builder.

 

[ShyMan]

You guys are awesome providing me with valuable insights and facts. Thanks everyone.

I've made money and lost monies buying and selling condos in NYC, where I grew up, and SF where one of my best buddies live (and paid US$5 million for a ultra luxury condo at the now infamous Millennium Towers in SF because the building has sucked 16+ inches and tilting).

I think I'll shy away from buying a condo in Montreal. I'll stick to staying at fine hotels in Montréal. My favorites are Le Westin and Loews Hotel Vogue. Maybe I'll buy a house instead in Montréal's suburb.

Wait, I have to report to Uncle Sam that I opened up a checking account at BOM for C$11,000 -- I deposited US$8,500? I'll spend the C$ down to below C$10,000 on my next return to Montreal.

 

[jalimon]

Average home prices for June 2016, according to the Canadian Real Estate Association:

• Greater Vancouver: $917,800
• Greater Toronto: $647,600
• Greater Montreal: $310,200

These stats speaks for themselve. There is still a lot of room in Montreal to buy and make profit out of the housing market. Especially if you buy with a foreign currency.

Cheers,

p.s. Patron is on the spot with hotel loyalty points. These are much easier to use than air miles. Many travellers overlook them and never use them. I personnaly like the Hilton program. I stay at the Hilton as much as I can when I travel.

 

[ShyMan]

Patron is on the spot with hotel loyalty points. These are much easier to use than air miles. Many travellers overlook them and never use them. I personnaly like the Hilton program. I stay at the Hilton as much as I can when I travel.

Thanks for the clarification Patron. Jalimon, thanks for the pricing comparisons on the average prices for condos.

I got myself into too much debt using credit cards so I went cold turkey and stopped using them after I lost a ton of money on my investments after Lehman Bros. collapsed and the Great Recession ensued. I just started a loyalty program with Le Westin and Loews Hotel Vogue. I no longer do business in Montréal so all my travels there have been for personal leisure.

I don't consider Montréal a second class destination to Paris, Berlin or Rome. Montréal is more friendly for me and it's easier for me to get there; I've been to Europe enough.

If I could get a teaching job at McGill teaching US law or real estate, I'd move to Montréal (after my terminally sick mom passes; my mom to my great pleasure keeps outliving her doctors' fatal prognosis!) and hopefully settle down with a Québécois lady and start a little family together

 

[EagerBeaver]

If I could get a teaching job at McGill teaching US law or real estate, I'd move to Montréal (after my terminally sick mom passes; my mom to my great pleasure keeps outliving her doctors' fatal prognosis!) and hopefully settle down with a Québécois lady and start a little family together

This is something you should start a thread on. I have aging parents as well that prevent me from acting upon retirement plans but ultimately I also would like to get a job at McGill teaching United States law and litigation practice although I will settle for a job at Concordia if they allow me dual citizenship and give me health insurance. In that case sign me up. If you hear about any programs enabling us to expatriate and teach the kids about US law let me know. I would think 20 plus years litigation experience and licensed in 3 jurisdictions here and significant trial and arbitration experience has to count for something, right? Even if they pay me a meager salary I am hoping that's all I need. I don't think I forfeit Social Security because I paid that money and it's mine.

 

[Lloyd's of London]

These are unstable times, why do it if you do not have to?

 

[ShyMan]

I also would like to get a job at McGill teaching United States law and litigation practice although I will settle for a job at Concordia if they allow me dual citizenship and give me health insurance. In that case sign me up. If you hear about any programs enabling us to expatriate and teach the kids about US law let me know. I would think 20 plus years litigation experience and licensed in 3 jurisdictions here and significant trial and arbitration experience has to count for something, right? Even if they pay me a meager salary I am hoping that's all I need. I don't think I forfeit Social Security because I paid that money and it's mine.

You and I in the same camp, EB, except I'm only licensed in two states, including NY. No, you won't forfeit your SS benefits because lots of people from Asia work here for decades and return to their ancestry country and live like kings and queens even on their SS benefits plus their own savings and IRA's or company retirement and pension benefits.

I think there are lots of US citizens who are studying in McGill (at a substantial savings).

I'd work for minimum salary as well, if I could teach at McGill -- "corrupt" young minds with American dysfunctional laws EB, you'd be the first person I'd share any insights I learn. (Hence, my strong desire to live in central Montreal.) Not that you or I would do it, EB, but none of the Canadian universities bar teachers (professors) from having intimate relationships with their students. (Heck, several of my former law professors end up marrying some of their female students; my contract professor married one of his student, after his wife passed away; his new wife is younger than his youngest daughter from his deceased wife.)

I opened a bank account at Bank of Montreal when the US$1 was at C$1.35. I hated exchanging money in the States and carrying a stash of cash on me on my trips to Montreal. I feel bad for my local compatriots for the weak C$. (But I do my share of spending lots of money when I'm in Montreal.) When the US$ gets stronger, I'm hoping to wire transfer money from my US account to my BOM account so one day I can buy a nice residence in Montreal.

Having helped clients buy luxury condominiums in Manhattan, NY and San Francisco, CA, I have seen some clients lose a ton of money (millions in US$) on their speculative condo investments.

I hear you, Lloyd's of London; I used to deal with syndicates there. IMHO, the condo market in Montreal will come crashing down, once all the current projects hit the market, in two to three years, allowing locals and people who love Montreal to buy in then at reasonable prices. For now, I'm beginning to do my "homework". There's nothing like getting insights from locals who experienced the ups and downs of the real estate markets and the pleasures and pains of living in a condominium community.

I want to live in a condo building where I can meet and interact with my neighbors; and I hope there will be condo communities like that in Montreal in due course in the future. I enjoy getting to know people who were born and raised in Montreal and nearby towns.

 

[minutemenX]

This is something you should start a thread on. I have aging parents as well that prevent me from acting upon retirement plans but ultimately I also would like to get a job at McGill teaching United States law and litigation practice although I will settle for a job at Concordia if they allow me dual citizenship and give me health insurance. In that case sign me up. If you hear about any programs enabling us to expatriate and teach the kids about US law let me know. I would think 20 plus years litigation experience and licensed in 3 jurisdictions here and significant trial and arbitration experience has to count for something, right? Even if they pay me a meager salary I am hoping that's all I need. I don't think I forfeit Social Security because I paid that money and it's mine.

Guys, you are professionals… Go and talk to Canadian emigration lawyer first if you are serious. Yes, hundreds of thousands US citizens leave in Canada and vice versa but it is not as straightforward as it seems...

 

[jalimon]

Guys, you are professionals… Go and talk to Canadian emigration lawyer first if you are serious. Yes, hundreds of thousands US citizens leave in Canada and vice versa but it is not as straightforward as it seems...

Immigration laywer is the way to go, it's easier if you already have a job offer. I know, I imported a lot of European web developer to montreal these past few years!

You guys should go and get a temporary 1 year position teaching law at McGill or Concordia. There is more of these type of position which could allow you to simply take a sabbatical at your US job.

Cheers,

p.s. Just read in the news that Ivanka Trump put up her New York 3 room appartment (140 square meter) on Park Avenue for 4.1 million. Hehe at that price you get top Montreal condo at the Ritz

 

[minutemenX]

With temporary position they will give you only temporary work permit which can be extended up to 5 years. Beyond this your employer has to prove every year that there is no Canadian with similar qualifications for your job. Sooner or later you have to become Permanent Canadian Resident (equivalent to US green card) if you want to stay in Canada permanently. So you would need to immigrate to Canada which is far from easy. Of course you can have property and leave in Montreal for less than 6 months per year as US citizen but you would be unable to work in Canada, have access to the public health system and can’t claim your Canadian residence as permanent home when you sell it.

 

[ShyMan]

Great suggestions and thanks for sharing your insights on Canada's immigration and related employment laws.

I'm single and never been married so maybe I'll try to find a Canadian (citizen) lady to marry me; I think I can then try to have dual citizenship (keep my US citizenship and try to obtain a Canadian citizenship).

But I'm content with spending 3 to 6 months at my second home in Montréal.

 

[minutemenX]

Great suggestions and thanks for sharing your insights on Canada's immigration and related employment laws.

I'm single and never been married so maybe I'll try to find a Canadian (citizen) lady to marry me; I think I can then try to have dual citizenship (keep my US citizenship and try to obtain a Canadian citizenship).
]

It could be an extremely expensive enterprise. Beware of the Quebec divorce law!

 

[ShyMan]

Sir MinutemenX -- very true, indeed. . I think I should stick to Hobbying in that regards. I don't have the kind of money my next President Donald Trump has! LOL.

 

[ShyMan]

Patron, I'd be pissed off too! I didn't know that about Portugal. I wonder if more nations will follow in the footstep of the UK. Having been to many Western European countries, I'm surprised the EU is still around. Perhaps by the time those rich Asians go to Portugal, whose economy is very fragile still especially compated to the glory era of Imperial Portugal, to live out their retirement, the EU, if it still in place, will have very few member nations.
Unfortnately, I have expensive taste on a poor man's budget and means. . I splurged on fancy German and fine Italian cars on credit when credit was abound. Eschewing credit cards for now to keep my spending in check. If and when I become a billionare, I'll start leveraging everthing again.

A residential mortgage specialist at a BOM told me that I can get a mortgage easily if I were to put down 50% of the purchase price. I've got to investigate what "easily" means. I doubt Canadian mortgage lenders conduct business like the defunct Countrywide.

I have cousins who are Canadian citizens living in their own houses in TO and Vancuver, neither of those cities interest me. I fell in love with Montreal on my very first visit, nearly 10 years ago.

 

[jalimon]

Canada use to have a similar program, terminated in 2014:
http://www.cic.gc.ca/english/immigrate/business/investors/index.asp
All you had to do was proved you pocess 1.6m and invest 800k in Canada to get citizenship. Vancouver was built under that program. Hence the nickname Hongcouver

Cheers,

 

[ShyMan]

Good points, Patron. When I have time, I'll try to pay a visit to Portugal . €150/hour is a great deal, even for Americans.

I'm so glad Montréal does not disallow Americans.

Jalimon, if only I had that kind of money, I may "buy" my Canadian citizenship so I can live all year round in Montréal. . If they knock off a couple of zeros then I could afford to buy my way into Montréal.

 

[BookerL]

Hello all


I have owned and still own a multitude of properties ,I have tried high end condos ,they where not really a good investment .
In Montreal small plex's are the best way to go .

Getting in to area where the multiple of the revenues is the highest ,Outremont .TMR ,Westmount ,meaning afterward that the improvement you will have made along with the rental increase will be the most profitable .

To do so under a holding corporation is the best way to go because you will still benefit for lower lending mortgage rate ,same a personnel up to four properties .


Learning the Quebec laws for Landlord and tenants is a must ,they are all administered by" LA REGIE DU LOGEMENT "in first instance https://merb.cc/vbulletin/showthrea...renters-at-all&highlight=La+regie+du+logement.





Cheers





Booker

 

[ShyMan]

Hello all


I have owned and still own a multitude of properties ,I have tried high end condos ,they where not really a good investment .
In Montreal small plex's are the best way to go .

Learning the Quebec laws for Landlord and tenants is a must ,they are all administered by" LA REGIE DU LOGEMENT "in first instance https://merb.cc/vbulletin/showthrea...renters-at-all&highlight=La+regie+du+logement.

Booker

You are all great! Thanks for sharing your insights and for offering your suggestions.

Booker -- I hope to have a permanent place in Montreal that I can proudly call home. It's not for investment; I just want to own a little piece of real property in Montreal, one of my five favorite places in North America and my favorite city in Canada.

Lots of things for me to think about based on the wonderful insights you all shared on this thread.

 

[BookerL]

You are all great! Thanks for sharing your insights and for offering your suggestions.

Booker -- I hope to have a permanent place in Montreal that I can proudly call home. It's not for investment; I just want to own a little piece of real property in Montreal, one of my five favorite places in North America and my favorite city in Canada.

Lots of things for me to think about based on the wonderful insights you all shared on this thread.

Yes Certainly ShyMan .You can do so in a small plex .
A Triplex or fourplex ,many are owner occupied in Montréal and have way better value then luxury condos

Good Luck

Booker

 

[ShyMan]

A Triplex or fourplex ,many are owner occupied in Montréal and have way better value then luxury condos

Good Luck

Booker

I just have to find the right property and cool neighbors Thanks.