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Earlier this year, the MUHC’s new “super-hospital” was built near the Vendome Intermodal station on the site of the former Glen rail yard. A merger between five major hospitals and projected to be one of the most advanced medical research centres in North America, the mega-facility offers employment to 1,587 physicians, 2,715 researchers and educators, and over 14,000 nurses, technicians and support staff. As could be anticipated from a development of such immense proportions, it also created a massive need for housing in and around the lower NDG area.
In June 2011, the City of Montreal and La Capitale Financial Services executed a collaborative housing survey which set out to better understand the housing aspirations and future mobility plans of the 20,000 prospective MUHC employees.
Of the 600 final respondents, 40% intended to move closer to work, preferably within the next three years. From those who planned to move 67% planned to buy, 20% remained undecided and 13% planned to find rented accommodation. 40% of those who planned to buy were second time buyers.
Below is a chart indicating the main reasons for which MUHC relocators were seeking a new home. The responses show that proximity and size are the two most important criteria underlying the house-hunt.
Here are some other notable responses which may give real estate investors a good idea about the types of units which will be easy to buy-and-flip or buy-and-rent out:
- Nearly 50% of buyers want 3 bedrooms or more
- 51% are looking for single family homes.
- 44% are looking for condos.
- 96% of renters were looking on for accommodation on the Island on Montreal.
- 75 % of renters and 68% of buyers want to live within 30 minutes of work.
- 43 % of renters and 59% of buyers want to take public transit to work (and therefore are looking for homes near a public metro or bus stop).
- 32 % of renters and 12% of buyers want to live close enough to walk or bike to work.
Real estate investors, this is a classic supply and demand formula!