Montreal: The Crown Jewel of Canada’s Housing Market
In Montreal, each neighborhood has something distinctive to offer, whether it be the unapologetic trendiness of the Plateau Mont-Royal, the rich historic value of Old Montreal, the stunning lakeside view of Lachine, the cultural joviality of Little Italy, the family-based assurance of Rosemont, or the revitalized working-class ambience of Hochelaga-Maisonneuve. But as disparate and singular as each neighborhood may be, they all share one thing in common; collectively, they all belong to the crown jewel of Canada’s housing market.
Last year, the Conference Board of Canada designated Montreal as the leading Canadian city for economic growth. While this prestigious title was bestowed as a result of many factors, it is inarguable that the city’s flourishing housing market played a vital role.
Compared to other major North American metropolitan areas, Montreal’s housing market is inexpensive. This is due to two determinants. Firstly, as a result of increased condo sales and more affordable prices, the city boasts a housing market that is colossal in its scope. In fact, in 2018, Montreal’s housing market experienced an astronomical boom, to the point where it is now poised to become Canada’s second-biggest housing market.
Secondly, Montreal’s rental market is exceptionally reasonable. According to investment company Realstar Management, the city’s inhabitants spend 20 to 30 per cent of their incomes on rent, compared with the 30 to 40 per cent spent by Torontonians and Vancouverites. As the Canada Mortgage and Housing Corporation (CMHC) notes, the average rental price for a two-bedroom apartment in Montreal is 791$ per month, compared to 1,327$ in Toronto. The best part? The city is accommodating these increased rental demands without affecting the market’s affordability. According to the CMHC, for the first time since the 1990s, there are more rental units being built than condos. In 2018, there were more than 11,400 rental units under construction in the Montreal, which represents a 30-year record. In short, Montreal’s affordable rental market is invaluable to its status as the leading Canadian city for economic growth, and this advantageous trend shows no sign of stopping.
By opting to rent during their stay, international students have significantly contributed to the city’s rental market boom. Indeed, a massive 60 per cent increase in international students in Montreal over the past five years has augmented the prosperity of the city’s rental market. According to Montreal International, in 2018, there were around 35,500 international students in the city, which is a 6.1 per cent increase compared to 2017. Without these students, Montreal’s housing market would certainly not be the economic powerhouse that it is currently recognized as.
Spending less on housing is just one of the major incentives for studying in Montreal. To learn more about why Montreal is the ideal destination for those looking to spend a semester abroad, contact Rising Phoenix International today at firstname.lastname@example.org