Montreal’s real estate market will receive yet another boost in 2018 with the conception of a new public transportation system – the Reseau express metropolitain, or REM.
Construction is scheduled for April, with an expected launch date in 2020.
The REM is a light rail project which spans across a 40 mile network, and which will connect 26 stations within the GMA. As it stands, Montreal’s automated light rail system will be the fourth largest REM in the world.
In an interview with BuzzBuzz News, the Quebec Federation of Real Estate Boards market analysis department manager Paul Cardinal claims this project will mean good things for the city’s real estate market.
“The impact of being close to a subway station is huge, when it comes to the value of a property,”
Property prices of single family homes within 1,500 meters of a new train line are expected jump 39.9% , according to a study from the QFREB on property value and proximity to public transportation. Condos within the same distance could jump 19.1%.
New public transportation infrastructure also attracts new commercial and residential construction projects, which will in turn further boost market value of homes in the area.
This news is yet another indication that Montreal’s real estate market will prosper in the coming years – a prediction which analysts have been making for months.
According to the latest Teranet report, Montreal shows the highest property value increase compared to all other property values.
The Mortguard report similarly projected a healthy commercial and office space market in Montreal, in the coming year.
Montreal’s rental market has also been particularly strong, with rental price increases in every property category with the exception of bachelor condos.
According to GMREB statistics, the median prices in Montreal currently stand at the following values:
- The median price of detached homes in the CMA was $305,000 in December, a 2% increase year over year.
- The median price of ‘plexes (2 to 5 dwellings) increased by 3 per cent, to $484,000.
- The median price of condominiums increased by 8% in December, to $265,000.