The Montreal real estate market is predicted to grow this year, driven by more people choosing to move to this beautiful city. As one of Canada’s most popular cities with a large French-speaking population, more and more people are relocating to the area in search of jobs and a high quality of life. And it’s not hard to tell why. The easily walkable downtown area combined with a top-quality transit system as well as the European feel of the city make this is an ideal North American destination to live and work in.
The fact that Montreal home prices are expected to exceed those of all other Canadian cities is not a surprise, then. This rise is expected to come in at about 3 percent, which means the Montreal real estate market is currently booming.
One reason for this boom? People are continuing to come to the city to find work. Since more of the population is moving to the city for the jobs, housing demand has increased in the city, which leads to high home prices. The higher demand has also prompted investors to explore residential, commercial, and retail properties to keep up with the growth.
Millennials and Home Ownership
The ageing millennial population is driving the growth in the Montreal real estate market. People ages 25 to 31 are entering into the first-time homebuyer stage, and many in this group want to purchase their homes instead of renting. In addition, Montreal is seeing new immigrants from around the world, including the United States. Many of them are looking for smaller and more affordable housing in place of oversized family homes. This shift in demand is likely to lead to interesting changes in the Montreal real estate market.
Since the growth in the residential real estate market is expected to continue, more young people have started buying houses now, as they assume they may not find a comparable deal down the road. At the same time, the Montreal real estate market is largely a seller’s market, prompting more and more homeowners to sell their properties.
Even as sales have slowed in the Greater Toronto Area and Vancouver, Montreal’s real estate prices continue to spike. Even with higher interest rates, it looks like buyers aren’t going to be slowing down any time soon.
Looking Toward the Future
This is an exciting time in the Montreal real estate market and for the city as a whole. As house and condominium prices boom and more people move to the city, the area is experiencing an era of regrowth and increased economic activity. Montreal is becoming one of the most desirable cities in North America to live in, which will only continue to drive growth in the real estate market. Both potential buyers and sellers would do well to keep a close eye on the Montreal real estate market to determine the best times for them to buy and sell.