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1. Griffintown: Conveniently Designed and Located Properties
Griffintown is currently a saturated buyer’s market. This means that, due to over-construction, there are more homes for sale on the market than there are buyers. When this happens, it drives down prices and gives buyers and investors more leeway for negotiation on price. In terms of the rental market, it’s a recession proof area due to its proximity to Downtown. Griffintown condos appeal to a variety of tenants, from professionals working in the Old Port and Business Centre, to students studying at McGill or Concordia University, to international corporate renters seeking the all-inclusive convenience of the gyms, pools, and networking lounges included in most Griffintown rental projects.
Tip: Look for a $300,000 option with a garage included. At this price-point you’ll be able to break-even with a $1500/m rent.
2. McGill Ghetto/Lower Plateau: Appeal to the student / professor market
The McGill Ghetto has a distinctive “university town” feel due to its high proportion of international students and employees at the McGill research centres. Its youthful demographic and proximity to the main campus makes it a utopia for students. Because of the constant demand for housing (arguably a chronic rental shortage), the Ghetto is a popular choice for investors. Although there are challenges involved in managing student-rental investments, this neighbourhood is arguably one of the most stable Montreal real estate investments in the long-run.
Tip: Look for options under $350,000, no garage. Make sure the property isn’t on an emphyteutic lease.
3. St Henri: Popular Location, Affordable Prices
St Henri is rapidly growing in popularity due to its vibrant new establishments and proximity to the Lachine Canal, the Atwater Market, and Downtown. This neighbourhood attracts all types of tenants from families to students, professionals and empty-nesters.
Tip: Don’t sleep too long on buying in St Henri; prices are on the rise and 2 bedroom condos under $300,000 are becoming increasingly hard to find.