If you have been following the latest investment news, you might have already heard about the growing demand for luxurious real estate in Montreal.
We know what you’re thinking: why Montreal? This city, despite being a bustling metropolis, has long been overshadowed by Toronto and Vancouver. So why should you opt to buy an upscale property here?
The same can be asked of the other people who bought high-end properties in the city in the past year. In 2016, more than 800 Montreal properties that costed more than a million dollars were sold. This is a 20% increase from the previous year, signifying growth for a local industry that once was stagnant. It also says a lot about the interest the public has in the area.
According to experts, there’s a couple of good reasons why investing in a fancy property in Montreal is a good idea. These include:
Let me tell you what a lot of people don’t know about the French-speaking capital of Canada: its real estate has always proven to be reliable. Despite the skepticism it has received over the years, its market stayed stable. While it’s not the same as the boom that economists and real estate players are after, it kept everyone afloat.
It’s all a matter of extending this reliability to the upscale housing market, however. With the recent legislations that deter foreign buyers to purchase high-end properties in Toronto and Vancouver, Montreal became the next target for foreigners. This made Montreal the hottest housing market in Canada, and its benefits are starting to show. Hopefully, the city manages to attract more investors to ensure a good standing for the market.
Montreal has always been a great city for those who want to earn. There are lots of businesses and industries operating locally and creating jobs. The city’s universities also help stabilize the economy as there’s always a steady stream of consumers moving in every year. Start-ups are also starting to make their mark locally, while tech giants are also about to establish themselves in the city as well. All of these promise a steady economic progress.
Aside from the market conditions, a luxury property is a good investment on its own as well. There are several unique add-ons for luxury high-rises that are exclusive to such properties and many of them will surprise you.
For starters, the address alone is already a great extra. Not only does it put you within a stone’s throw away of everything but it also looks great on paper. The property’s history can also play a huge part in how luxurious and coveted a property can be. When it was built, who lived there before, and what happened in the building will tickle everyone’s fancy. The right answers can also help weigh in on the decision-making process. These may seem like they’re inconsequential details but they can really help make a swanky residence seem more valuable and extravagant.
Whatever the purpose you might have in mind for the property, investing in a luxury residence in Montreal is advisable. Its historically stable market and the ongoing economic renaissance are good signs that the local housing market is thriving. Whether you intend to use the property or let it sit there to accumulate more value, this city can be a great choice.
As for risks, the recent developments in market trends also hint on more possible changes that can take place. This means that the market is a bit riskier than before, especially with the influx of foreign investors. Weighing your options is definitely a must.