Why owning a condo in Montreal Makes Good Sense in 2011
Montreal is a vibrant international and cosmopolitan city with its own distinctive culture and heritage. It is sometimes referred to as a blue and green city because it is an island and with an abundance of green spaces. If you are considering purchasing a condo anywhere in Canada, you will want to take a close look at Montreal. It has a large condo market with some of the best prices in North America. Below are some more important reasons to consider purchasing a condo in Montreal.
A Resilient Economy
Montreal was less affected by the recent economic downturn than other North American cities. Today, Montreal’s economic growth is fueled, in part, by the strength of its technology, pharmaceutical and aerospace industries. Recent forecasts indicate moderate growth in most areas of the economy including the manufacturing and service sector.
Condominiums remain a very cost effective alternative to single family homes. Average condo prices in Montreal run around $230,000. This is substantially less than similar cities such as Toronto and Vancouver. Lower priced condos often translate into lower insurance and fees as well. You can find a condo in a good part of the city for a fraction of the cost of a single family home in the same area.
Montreal is the second largest francophone city in the world. Like most great cities, it is a patchwork of dynamic neighborhoods, each characterized by its own architectural, cultural and ethnic flavor. Montreal also shares a reputation for being one of the world’s greenest cities. In addition to the city’s numerous environmental policies, its energetic neighborhoods are involved in grassroots sustainable initiatives such as collective gardens and green alleys. Montreal Condo developers are also doing their part by introducing green construction pratices while respecting the natural landscape and the architectural heritage of the neighborhood.
Here are some great areas of the city to consider
- Old Montreal: This is one of the most sought after areas of the city. There has been a lot of action here recently. Average prices hover around $450,000, but it is possible find a loft for under $200,000. If the price is not an issue, you can find yourself within walking distance from some of the finest restaurants and boutiques in North America
- Le Plateau-Mont-Royal: A haven for artists, university students and young families. A friendly sector of the city with great shopping, parks and entertainment venues.
- Griffintown:This is one of most ambitious renovation projects in the city’s history. Many of Montreal’s most respected developers and architectural firms are bringing back this important historic and once neglected area. Only steps away from downtown Montreal, Atwater Market and the Lachine Canal.
Once you have chosen your new condo, you will have no problem locating everything you need to turn your house into a home. Montreal has excellent home furnishing stores. Don’t forget the patio furniture. The Montreal International Fireworks Competition, the world’s largest pyrotechnics event, takes place for several weeks every summer. If you are anywhere near Old Montreal, chances are you’ll be able to see it.
Purchasing a condominium in Montreal is good long-term investment. Condominium prices in Montreal are rising. Factors including an aging population, convenience and new trends in urbanism will continue to keep condo ownership a popular option for the foreseeable future.