Montreal is that place in Canada which is next investor’s paradise. City having number of multiplexes continue to yield up high returns of real estate investors. Montreal’s condo market also attracting international attention. According to Fred Serrecchia, Head of Real Estate at NestReady and Broker, Partner of Record said that neighbouring St. Henri and Southwest neighbourhood of Griffintown, latter of this rehabilitated tumble and rough image by gentrification are surest bets.
He also said that things are changing quickly. Condo market seen new developments and absorption like St. Henri and Griffintown have made these unrecognizable. Lots of inventory has gone upwards and everything is being absorbed very well.
Proximity in Griffintown is downtown of Lachine Canal and Montreal, where condos are sprouting with state-of-art amenities, this has made hottest neighbourhood in the town. From standpoint of an investor, because most of the buildings are new, they are exempt from rent control which got applied to those builds which are more than 5 years old.
Serrecchia added that Griffintown is not subject to rent out the controls because of new buildings, rent is increasing at very fast pace than anywhere else which makes this ripe for real estate investment. This has great demographic which consists of young professionals. It is on water by Lachine Canal, it is beautiful place to hang out. People realized limited supply on water.
Serrecchia says that the key factors have to propel Montreal to acme Canadian real estate investment. For newcomers, city saw 6% sales have increased over-year, and unemployment rate is lowest since 1976, when Montreal brimming with optimism during Summer Olympics.
Serrecchia continued to say that economically over last year, it is again changed. “Unemployment rate is lowest in 41 years and public transit is too good. Montreal is becoming world leader in Industry of Artificial Intelligence. Lots of people think that there is long way to go, but they are on right path.
Unique to the Montreal is abundance of different multiplexes of which there is paucity in rest of country and in some of the densest areas of city. Serrecchia also called these optimal investment, especially with 3 – 12 units, because of purchase friendly price tag.
Montreal is long among cities in North America with most students per capita, having a multiplex in McGill Ghetto on western border of Plateau Mont Royal, and next to world class university.