Situated in the province of Quebec, Montreal is a beautiful city and is the second-most populated municipality in Canada, after Toronto. Spanning an area of 431,000 sq.km, Montreal is located in the southern part of Quebec with the city covering most of the Island of Montreal. It enjoys a humid continental climate, which brings warm and humid summers – often exceeding 30 degrees Celsius – along with cold, windy, and snowy winters.
Montreal was first incorporated as a city in 1832, however it’s thought that First Nations natives first inhabited the area almost 4,000 years ago. Montreal is known for its interesting heritage and preserves a strong culture that’s distinctive from many other cities in Canada. Officially a French-speaking city, over 55% of Montreal’s 1.7 million residents speak French at home and can speak both French and English. It’s also the second largest primarily French speaking city in the world after Paris.
Known for its diversity, elegance and history, Montreal is a wonderful city and is consistently ranked as one of the most liveable cities in the world. It’s economically strong and has the second-largest economy in the country. Montreal was historically named the commerce capital of Canada, and has a large presence in the aerospace, finance, technology, film, and design industries. It is also a tourist hot spot, and it’s one of the three North American cities that is home to organizations of the United Nations. It’s also host to a number of festivals and events each year, including the Canadian Grand Prix and the Montreal International Jazz Festival, and has subsequently been named the Cultural Capital of Canada.
Popular areas in Montreal include: Ville Marie, Ahuntsic-Cartierville, Bois-Franc, Montreal des Rapides, Pont Viau, Cote-Saint-Paul and Petite-Italie.
Montreal enjoys a strong and stable real estate market, with housing prices being fairly affordable and a great number of neighbourhoods to choose from. House prices are on average half of what they are in Toronto, making Montreal a very desirable city to invest or live in. For detached properties, the market is generally in favour of sellers, as many people are becoming more attracted to Montreal due to its affordability and pleasant lifestyle. Condominiums aren’t current seeing as much success as detached homes, and buyers generally have more power when it comes to condos and apartments.
In comparison with Toronto and Vancouver, Montreal’s real estate market paints a different picture and it’s generally off the radar for foreign and international buyers. It’s thought that Montreal’s real estate appeal will increase in the coming years, due to its affordability, however foreign investments there tend to be focusedon the downtown areas and limited to condominiums. Montreal is a very attractive place to purchase property, due to its low unemployment rates, affordable housing and strong labour market.
The market is thought to see a gradual uplift this year and an increase in transactions, especially in the resale market. This will also be driven by employment growth and stability, especially among those aged 25-44, as they represent a large majority of buyers.
High-end real estate is on the rise in Montreal, comprising both single-family homes and condominiums. This is due to more confidence in the real estate market, and more affordable luxury properties in comparison to other markets in the country.
Homes within the low millions are selling much easier than those in the tens-of-millions, largely due to more competition with other cities and places in the United States.Single-detached homes are generally the most popular type of luxury property in Montreal, and prices are expected to remain stable in the coming future.
The sale of luxury homes – which are classed as homes $1 million upwards – are generally stable and have been for a few years. The luxury homes on the market tend to be either large properties outside of the city, with a sizable garden and swimming pool (3,000 sq. and above), or smaller, more traditional homes in upmarket neighbourhoods located within the city of Montreal.