Real Estate Talk:
The last great deals
The few remaining areas in Montreal to invest in real estate
By Joseph Marovitch
Thirty years ago my wife, quite smarter than myself, suggested we purchase a property by the Atwater market. I was not in the real estate profession at the time and I said I did not want to live by the tracks, in that part of town. What did I know!
Thirty years later condos abound in the area and business is booming. Today there is very little land left to develop on the island of Montreal as compared to thirty years ago but there are still a few places that have tremendous upside potential for development. I recently purchased property in Hochelaga-Maisonneuve for a very intelligent buyer. My client could see the potential for development and did not hesitate to begin purchasing property in the area. The area has already begun development with many new apartment buildings but it also has many dilapidated buildings, and very few, if any, coffee shops or other franchises. The area is close to the river and the potential for new stores, supermarkets, coffee shops, daycares, fitness centres and more is there.
Today there is very little land left to develop on the island of Montreal as compared to thirty years ago but there are still a few places that have tremendous upside potential for development.
Areas such as Sud-Ouest and Pointe-St-Charles are already maxed out with development. The rents are high as are the prices of property to purchase, but in the few remaining areas such as Hochelaga there are still are opportunities awaiting development.
Another interesting area is the parts of Rosemont/Petite-Patrie that have not been fully realized. There are many spaces in this area where new stores could be placed and some old buildings revamped. There are even a few empty lots where either condominiums or office buildings can be built. With a few parks and green space, these areas could flourish.
Other remaining areas include Lachine, Ville St- Pierre and parts of LaSalle. These are wonderful areas to invest in before the island of Montreal is completely gentrified and becomes a re-seller market only. Once Montreal becomes a re-seller market, prices will rise and further opportunities will lie off-island in areas such as Sorel and Blainville.
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Have a great week!
Next article: Real estate as a retirement plan
STATE OF THE MARKET
Montreal home sales along with Toronto have posted their first year over year increase since 2017. According to the Canadian Real Estate Association, homes sales are up 4.2 percent compared to a year ago. Interest rates appear to be remaining low with no increase in sight.
Along with a booming residential real estate market, investors are purchasing all sorts of property including office buildings, residential income property, strip malls and land, on the assumption that the market will continue to rise in Montreal.
Image: Hochelaga-Maisonneuve – Radio Canada
Read also: other articles by Joseph Marovitch
Joseph Marovitch has worked in the service industry for over 30 years. His first career was working with families from Westmount and surrounding areas, hosting children between the ages of 6 to 16 as the owner and director of Camp Maromac, a sports and arts sleep away summer camp established in 1968. Using the same strengths caring for the families, such as reliability, integrity, honesty and a deep sense of protecting the interests of those he is responsible to, Joseph applies this to his present real estate broker career. Should you have questions please feel free to contact Joseph Marovitch at 514 825-8771, or email@example.com