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What is the general attitude towards property ownership in Montreal?
I know rent-control is quite strong in the province of Quebec.
Do people feel like they need to own a housing property when they settle down (marriage, kids)?
Compared to other cities, do people feel like there is a less need to own because they know that the government keeps rent in check?
Are things changing for the younger demographic? 18 ~ 40 year olds.
I read somewhere recently that Montreal has the highest % of renters of all major Canadian cities, which isn't surprising given the incredibly affordable cost of rent and the value for money (in stark contrast to Toronto, Vancouver, Boston, and other major NA cities).
At the same time, I also think it's a smart move to buy property in Montreal. I have several friends in their early 20s in MTL - making barely $40K / yr - and they were able to easily afford brand new 1-bedroom condos in the city (next to downtown no less), some for as little as $170k. One of them paid $15,000 in down payment and has a monthly mortgage of $670...
I read somewhere recently that Montreal has the highest % of renters of all major Canadian cities, which isn't surprising given the incredibly affordable cost of rent and the value for money (in stark contrast to Toronto, Vancouver, Boston, and other major NA cities).
At the same time, I also think it's a smart move to buy property in Montreal. I have several friends in their early 20s in MTL - making barely $40K / yr - and they were able to easily afford brand new 1-bedroom condos in the city (next to downtown no less), some for as little as $170k. One of them paid $15,000 in down payment and has a monthly mortgage of $670...
Looking at what $300k can buy or $1000 can rent in Montreal will shock most Torontonians/Vancouverites
I read about Toronto housing market starting to see declining prices for the first time since 2009.
Well it often doesn't make long-term financial sense to rent long-term. The housing supply has turned sharply from apartment blocks to condos now, so if you're looking for a nice/non-neglected place to live, you'll see ads for new condos for rent. Then you feel like you're paying the mortgage for the owner. My condo's monthly fixed costs are 1000 mortgage, 180 condo fees and 250 taxes for 1430. My co-owners are renting out the exact unit in the range of 1300 a month. So if you have the downpayment money, you'd be mighty temped to own no matter whether it's right for your stage in life. I see lots of young professionals buying tiny properties they'll outgrow given any change in their lives.
That being said, though I feel strongly about owning my place, it likely won't be one of these new dev condos unless it and the co-owners were perfect.
The build quality for these new condos are just not desirable. For example, the engineered wood (advertised as "real" wood) dint and scratch super easily and floats easily with water penetration, three years after delivery, the window winding mechanisms are showing rust and the balcony doors need servicing. These things are made for maximizing profit for the developer -nothing inherently wrong with that, but sucks for the people living in them.
The other big thing is co-owners. You better be certain they are like-minded individuals to yourself if you plan on staying there long-term. They may not want condo fee increases to the detriment of the contigency fund, or general cleaniness and security of the condo. They may be full of investors renting out and messing up the common areas with every move. Most are often absent during condo meetings, which is a huge issue as in Quebec, 70% of members have to be present to vote for any major change to the building. No exceptions. One co-owner in my building wanted to install a split-phase air conditioner because the ones that came with the development truly suck. Since it would be a structural change to the building, they needed 70% of owners to vote... Poor her, she doesn't have a snowballs' chance for that to happen.
All that is to say that I wouldn't buy one to keep forever. I'm renting my in-laws old house now in the suburbs, while renting out my condo out for cheap to friends (unmatched peace of mind), and much happier.
Well it often doesn't make long-term financial sense to rent long-term. The housing supply has turned sharply from apartment blocks to condos now, so if you're looking for a nice/non-neglected place to live, you'll see ads for new condos for rent. Then you feel like you're paying the mortgage for the owner. My condo's monthly fixed costs are 1000 mortgage, 180 condo fees and 250 taxes for 1430. My co-owners are renting out the exact unit in the range of 1300 a month. So if you have the downpayment money, you'd be mighty temped to own no matter whether it's right for your stage in life. I see lots of young professionals buying tiny properties they'll outgrow given any change in their lives.
That being said, though I feel strongly about owning my place, it likely won't be one of these new dev condos unless it and the co-owners were perfect.
The build quality for these new condos are just not desirable. For example, the engineered wood (advertised as "real" wood) dint and scratch super easily and floats easily with water penetration, three years after delivery, the window winding mechanisms are showing rust and the balcony doors need servicing. These things are made for maximizing profit for the developer -nothing inherently wrong with that, but sucks for the people living in them.
The other big thing is co-owners. You better be certain they are like-minded individuals to yourself if you plan on staying there long-term. They may not want condo fee increases to the detriment of the contigency fund, or general cleaniness and security of the condo. They may be full of investors renting out and messing up the common areas with every move. Most are often absent during condo meetings, which is a huge issue as in Quebec, 70% of members have to be present to vote for any major change to the building. No exceptions. One co-owner in my building wanted to install a split-phase air conditioner because the ones that came with the development truly suck. Since it would be a structural change to the building, they needed 70% of owners to vote... Poor her, she doesn't have a snowballs' chance for that to happen.
All that is to say that I wouldn't buy one to keep forever. I'm renting my in-laws old house now in the suburbs, while renting out my condo out for cheap to friends (unmatched peace of mind), and much happier.
Yep. I heard similar stories. Most new condo constructions especially around downtown Montreal are just cookie cutter buildings with exorbitant maintenance fees.
I am planning a move to Montreal in spring of next year, and luckily have already purchased a place near the Plateau. It's a fully renovated row-house condo (2 units total, a divided co-ownership in a 120-year old building). 2 floors, 1500 sqft, with a large terrasse on a quiet street next to the Metro station. All for $590,000 which is a bargain compared to what I can get in Toronto or Vancouver. When I told this to my bank in Toronto issuing the mortgage, they couldn't believe it (500k in TO will get you a "fixer-upper" in Brampton or Ajax 1 hour outside the city in the middle of god knows where).
I read somewhere recently that Montreal has the highest % of renters of all major Canadian cities, which isn't surprising given the incredibly affordable cost of rent and the value for money (in stark contrast to Toronto, Vancouver, Boston, and other major NA cities).
At the same time, I also think it's a smart move to buy property in Montreal. I have several friends in their early 20s in MTL - making barely $40K / yr - and they were able to easily afford brand new 1-bedroom condos in the city (next to downtown no less), some for as little as $170k. One of them paid $15,000 in down payment and has a monthly mortgage of $670...
Vancouver rents are climbing quickly. It used to be considered " not bad " compared to places like Seattle, but that is changing, especially downtown.
Yep. I heard similar stories. Most new condo constructions especially around downtown Montreal are just cookie cutter buildings with exorbitant maintenance fees.
I am planning a move to Montreal in spring of next year, and luckily have already purchased a place near the Plateau. It's a fully renovated row-house condo (2 units total, a divided co-ownership in a 120-year old building). 2 floors, 1500 sqft, with a large terrasse on a quiet street next to the Metro station. All for $590,000 which is a bargain compared to what I can get in Toronto or Vancouver. When I told this to my bank in Toronto issuing the mortgage, they couldn't believe it (500k in TO will get you a "fixer-upper" in Brampton or Ajax 1 hour outside the city in the middle of god knows where).
Sounds nice! You'll definitely enjoy the vibrancy and the restos available nearby.
If you plan on purchasing a car any time soon, and you don't have a dedicated spot on the Plateau, do consider AWD (and preferably a good AWD system). Will make winter parallel parking so much easier.
The property taxes are a real killer though. Can almost double your mortgage.
It's not that much different than Toronto or other major Canadian cities. I'm paying about $4000 a year in property taxes for a property assessed at $500,000. It's a fair amount, and all of that goes to essential city services which I depend on day in day out. I'd rather pay more in property taxes and get high quality service - good transit, quality schools, good city services - than a few thousand less and live way out in the burbs.
Also, if you can't afford property taxes and all the other expenses that come with home ownership - condo fees, maintenance, school taxes, and a good chunk of unforeseen expenses - then you shouldn't be buying in the first place. All of these expenses should be within one's monthly and yearly budget of ownership. This sounds like common sense but it's amazing the amount of new and potential home owners who neglect to factor in the full cost of ownership.
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