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Montreal Real Estate Trends: A Growing Number Of Montrealers Are Moving To The Suburbs

A recent study called the current migration of Montrealers away from urban centres a "suburban exodus."

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A recent study by the Institut de la Statistique de Québec looks at migration between urban and suburban regions over the past decades.

It found that Montreal Island had lost 24,000 residents to suburban areas between July 2017 and July 2018, marking the largest net loss since 2009-2010. There has been an increase in departures toward adjacent regions, including the Laurentians and the Lanaudière and Montérégie regions.

In response to what the study calls an “exodus,” surely inspired by rising real estate prices and interest rates, the municipal government has launched a campaign to retain residents on Montreal Island.

Mayor Valérie Plante mentioned on Thursday that she would be taking a three-pronged approach to “making sure Montreal is attractive and interesting for families,” focusing on affordability, quality of life and accessibility. 

1. Affordability

The high cost of renting and buying real estate is likely to be the primary reason for families moving away from Montreal’s urban center. “This is why when we took office we had a commitment to (add) 12,000 social and affordable units” within four years, Plante said. Her Projet Montréal administration is also working on a new bylaw that would compel residential real estate developments to include social, affordable and family housing.

2. Improving quality of life. 

Plante’s focus on quality of life includes spending more on improving parks and access to waterfronts around the city, Plante said. “We need to make (the city) more family-friendly, attractive, (and) give access to the water.”

3. Accessibility

Plante’s final point focuses on improving mobility on Montreal Island, including the public transit system. “A lot of people will decide to stay in Montreal though it’s more expensive to live here in terms of access to housing because they don’t have to buy a car or even a second car,” Plante said. “When you move to the suburbs of course it’s cheaper to rent or to buy but then they have to deal with (extra cars) and all the traffic jams.” 

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This article, Montreal Real Estate Trends: A Growing Number Of Montrealers Are Moving To The Suburbs, appeared first on Shupilov News.

 

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