Finding a new condo to call your home in Montreal has never been as easy as it is right now. With the number of unabsorbed condos rising each year, builders are simply in need of tenants to fill them. Montreal is undergoing significant growth and large investments are being made in its development. For sellers it’s a whole different story, but if you’re looking to buy, here’s what you need to know.
Photo by Christine Wagner
Condos Outnumber the Population
Even with the number of existing vacant units, Montreal is continuing to build. This means that the number of units currently under construction in relation to the current population is at a historical peak. Simply put, once these new condos are completed, there just aren’t enough people to fill them.
This historic surplus of inventory means great things for you as a buyer. The condo of your dreams may very well be available at a fraction of the previous listing price. Desperate times call for desperate measures, and builders especially are in a hurry to fill empty units to at least compensate for expenses like tax and electricity.
Even Prime Is Possible
This surplus of the condo Montreal developments is not just limited to the outskirts where housing is less expensive; even the most coveted areas of downtown have an overabundance of condos and not enough people to buy them.
The average listing time for a condo on the market is currently about 120 days, which means that many sellers are willing to consider pretty much any offer that comes their way. In fact, in 2014, many sellers started lowering their asking prices by as much as $25,000 just to be done with the hassle of selling.
It’s All Economics
All of the new building and development should say great things for the future of Montreal, but many buyers have become wary; they wonder if the value of their property will increase or at least maintain. The economy is definitely moving very slowly, but if you’re looking for a home for the future ahead, you have no need to worry. A slow economy means that you can snag prime real estate for a fraction of the cost, and if you plan to stay awhile, you’ll have made a smart investment.
Those looking for something temporary will probably not benefit as much since it is unknown when the market will turn and you may find yourself in the same position that many sellers are in right now.
However, what we do know is that condos in Montreal have never been more affordable and accessible than right now. With its first high rises in decades being erected, and homes being cheaper than in other cities in Canada, Montreal is definitely a growing place that will continue to attract more people to it. The market does not typically stay in the buyers favor for long, and it’s always wise to act sooner than later. So, if you’ve been thinking about a move to the city, now might be the best time to do it.