Strong economic fundamentals in Canada’s second-biggest city are fueling accelerated real estate sales and shrinking inventories, all the while luring in foreign buyers.
As confirmed by a recent study by the Canada Mortgage and Housing Corporation (CMHC) the location of the property continues to be more important than ever.
The study also revealed the disparity in the price of land on the Island of Montreal, where land prices average $44 per square foot and suburbs. In mature neighborhoods such as Plateau-Mont-Royal, Outremont or Westmount, the same price per square foot is more than $140.
The best deals are in the western tip of the island of Montreal, in Senneville and Sainte-Anne-de-Bellevue.
Outside the island of Montreal, the price per square foot is $31 in Laval, $19 in Boucherville and Saint-Bruno, $23 in Greater Longueuil, and $39 in Saint-Lambert.
Unsurprisingly, the cheapest lots can be found by moving away from the island of Montreal.
Growth rates range from 200 to 400 percent over a 20-year period. The strongest growth was in sectors like Plateau-Mont-Royal, Southwest and Pierrefonds-Roxboro.
In Montreal, April as home sales rose 10% from a year earlier.
As a result, the average price of a detached single-family home in the more remote suburbs is about $ 290,000, compared to half a million dollars in Montreal. This is a lot cheaper than Toronto (median price of $870,000) and Vancouver ($1.4 million median price) and that’s attracting a lot of interest.