With Montreal Island slipping further into a seller’s market, many buyers and investors have turned their search to off island suburbs. Despite being more affordable on a price-per-square-foot basis, certain suburban markets recorded tighter market conditions than the popular neighbourhoods on Montreal Island did.
TL;DR: Pincourt, Saint-Calixte, City of Boucherville, Greenfield Park and Grenville-sur-la-Rouge all performed notably well in 2018. Their affordable prices and proximity to Downtown Montreal make them good options for the budget restricted buyer or investor.
When it comes to indicators of a seller’s market- low inventory, bidding war, and large big price increases, the tightest GMA market was located off-island.
The town of Pincourt topped the charts with only 2 and a half months of inventory by the end of 2018. The real estate board considers anything below eight months of inventory as a seller’s market. Its proximity to Montreal and affordable prices ($307,500 for a single family home) made it a popular choice for budget-restricted families. In 2018 alone, the average Pincourt home appreciated by 8%.
The hottest off-island markets in 2018 were:
- Pincourt (Montéregie, average of $307,500)
- City of Boucherville (Montéregie, average of $410,000)
- Greenfield park (South Shore, average of $328,750)
The most affordable off-island markets in 2018 were:
- City of Thetford Mines (average of $100,000 for a single family home)
- City of La Turque ($101,500)
- City of Mont-Joli ($105,000)
- City of Shawinigan ($115,000)
Notable in the list of most affordable Quebec areas was the City of Saint-Calixte, where the average home cost $131,000 despite being located only 1 hour and 13 minutes away from Downtown Montreal.
The highest off-island appreciation rates in 2018 were in:
- Parish of Saint Alexis des Monts (average of $307,500, +35%)
- Parish of Saint Anne des Lacs (average of $337,500, +26%)
- Cité Limoilou: (average of $310,000, +24%)
Notably, the municipality of Grenville-sur-la-Rouge recorded a 24% average appreciation with an affordable average price of $154,800.
This article, Home Buying Off-Island? Here’s Where to Start Your Search, appeared first on Shupilov News.