The Montreal real estate market started heating up in 2015, and it’s been growing strong ever since. While the markets in Vancouver and Toronto are expected to slow down, Montreal just keeps gaining more momentum. To get a better idea of what that looks like, check out the Montreal real estate trends for 2019. Then, you’ll know what you can expect out of the market this year.
Demand Will Reduce Inventory
When looking at the Montreal real estate market, you need to consider employment growth. Employment is growing at a rapid rate, and that is great news for the real estate market. It means that more people are moving to the city and buying homes.
Of course, as the demand increases, the inventory decreases. Homes will likely spend less time on the market in 2019, so motivated buyers need to act quickly if they want a piece of the Montreal real estate market. Otherwise, they could miss their opportunity.
Prices and Rental Rates Will Rise
Demand will also have an impact on prices and rental rates. As more people try to get their hands on Montreal real estate, the prices will continue to go up. Still, this is an affordable market, and the properties are not overvalued. Instead, they are in line with what you would expect given the economic outlook of the city and the country. In fact, they could actually increase more than anticipated without being overvalued. That’s how healthy the Montreal real estate market is right now.
Investments Are Expected to Remain Solid
The Montreal real estate market is also expected to remain a solid choice for investors. Prices are expected to continue to rise, so investment properties should appreciate. That means investors can buy Montreal real estate, rent it out for a while, and then sell it at a profit. If you’re interested in owning investment property, this could be a good spot to dip your toes in the water.
Condos and Multifamily Rentals Will Keep Popping up
Montreal has enjoyed a huge boom in condos and multifamily rentals in recent years, and that isn’t expected to change anytime soon. Developers will continue to build these rentals, and they will continue to fill quickly. This is necessary to handle the employment surge in the city.
Still, there won’t be enough rentals available in some areas of the city. For instance, the downtown area is a hotspot for renters. Many young professionals choose to rent condos downtown, so they’ll be near their places of employment. That means there are few vacancies, and that will likely continue through 2019.
The Bottom Line – The Montreal Real Estate Market Is Hot
The Montreal real estate market is hot, and it isn’t likely to cool down anytime soon. Don’t expect real estate to stay on the market very long in this city. With a limited supply, people will act quickly to get their hands on a home in Montreal. Start looking today, so you can pick your dream home up when it becomes available.