How Much Have New House Prices Risen This Year in Montreal? June 2018

According to Statistics Canada’s New Housing Price Index, new house prices in Montreal have risen faster this month than in any other Canadian metropolitan area. The New Housing Price Index tracks changes in the price of new construction single-family houses, townhouses and other residential properties. It has crept up by 1% between May and June, after four months of stagnation. New homes…

This is What a $500,000 Budget Buys in the Montreal Duplex Market

According to QFREB’s latest report, Montreal’s ‘plex market performance has soared over the past twelve months. Duplexes and multiplexes are popular investment options, as they allow the homeowner to occupy one of the units while gaining passive income from the others. The average price of a residential duplex in Montreal,  $510,000, sits just above the average price of a single family…

Your Mortgage Application Was Denied…Now What?

Rejected mortgage applications have become increasingly common since Canada’s B-20 Guidelines were implemented in January. The new mortgage stress-test holds buyers up to stricter standards, requiring them to qualify at 4.99% or 2% over the benchmark rate. As a result, recent buyers have lost a significant amount of purchasing power, and some have found their applications denied entirely. What should…

Where Can You Buy a Montreal Condo for Less Than Average?

Is it expensive to buy a condo on Montreal Island? It depends on what you’re looking for — and where you’re willing to live. Some buyers pay top dollar to live within walking distance of their workplace, while others prefer a longer commute in exchange for more square footage. Luckily, because of Montreal’s affordable real estate prices (when compared to…

The Best Montreal Neighborhoods for Young Couples: 2018

Which are the most popular Montreal boroughs for young couples buying their first apartment or home? To find the best neighborhoods for young couples, we asked our team of brokers to rank each neighbourhood according to the criteria most commonly desired by young buyers: affordability, access to public transportation, proximity to the Downtown core, and a unique community vibe. In…

Canadian Millennials Most Likely To Become Landlords – A CIBC Report

According to a CIBC poll on rental properties, millennials are more likely than any other age group to rent out their homes – or rooms in their home,  for extra income. Almost half od millennials polled (47%)  were already landlords (30%), or planed to rent out their properties in the future (17%). In contrast, only 29% of homeowners between the…

Is a Rental Property a Good Investment in Montreal?

Owning an income property can be a great way of saving for retirement and gaining passive income, all while growing your equity. Unlike the stock market which is volatile, a well-selected rental property brings consistent long term returns, and can eventually be passed on to your children or partner. When owning an income property, there are two ways you will…

Clients Ask: How Much Does It Cost To “Flip” Real Estate In Montreal?

This week, we received a question about fixing and flipping a residential property in Montreal. Q: I’m considering buying an undervalued townhouse to fix up and sell at a profit. How much should I estimate in terms of renovation and carrying costs? Is there a rule of thumb for this type of work in Montreal? A: When buying a property to…

Clients Ask: How Do I Research a Condo Developer in Montreal?

This week, we received a question about doing market research on real estate developers and condo projects in Montreal. Q: I’m planning on buying a new-dev condo in St Henri. How much research should I do on the researcher, and where can I find unbiased information? A: Whether buying a new development as a pre-construction unit or at a later stage…

Montreal Boroughs Ranked According To 5-Year Appreciation

When buying real estate, selecting an area with a good appreciation rate is an important way of building equity over the long run. If you buy at home at $400,000 and the home appreciates at a rate of 5% annually, you will have grown your equity by $20,000 a year, or $110,512 over five years. We’ve ranked the boroughs in the Montreal…

Clients Ask: Should I Buy a Home Without Legal Warranty?

This week, one of our buyers asked us a question about a listing they had found using our online property search.  Q: I’ve found a home that meets all my criteria, in my neighbourhood of choice, and below budget! But there’s a catch – it’s being sold without legal warranty. Is it worth the risk to buy an older construction…

Clients Ask: What is a Good Cap Rate for Real Estate in Montreal?

This week, a client asked about CAP rates for revenue properties (multiplexes) in Montreal: Q. I recently moved from Toronto to Montreal and have decided to purchase a rental investment property. What is considered a “good” CAP rate for an investment property in Montreal?  A: CAP rate is one of the first metrics a real estate investor will look at when…

Montreal Real Estate: Should I Buy a Multiplex in 2018?

Multiplexes are a popular option for Montreal investors, due to the lucrative returns they offer on your capital investment (your downpayment and purchase costs). But buying a revenue property requires more number crunching than buying a primary residence, since you will need to look at rental rates, ROI, cap rate, and other metrics not typically considered when buying a home…

8 Tips For Buying A Montreal Condo In 2018

Condos are currently the fastest growing property type in Montreal, with average prices falling far below those of single family homes or townhouses. Many buyers prioritize the central location and convenience associated with condo ownership, trading in square footage for affordability and amenities. Here are some tips for buying a condo in Montreal this year: Start with a pre-approval A pre-approval…

Montreal Homeownership Costs: Mortgage Fees, Taxes & More

When buying a home in Montreal, you will need to budget your monthly carrying costs including your mortgage fees, taxes and utilities along with the closing costs of your purchase. Having a clear idea of your total costs will help you decide whether you are financially prepared for the move from renting to homeownership. Here are some of the costs…

Map of Contaminated Land in Montreal: Quarries, Landfills and Former Dumps

Contaminated land is one of the reasons a lending institution might refuse a mortgage application. Buying real estate on contaminated land could also impact your resale value, or make it harder for you to find tenants for a rental property. CBC Montreal reported in 2015 that close to 80 sites across Montreal contained contaminated soil. These include former landfills, garbage…

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