What The New REM Transport Network Means For Montreal Real Estate
What the new REM transport network means For Montreal real estate is those neighborhoods close to the rail stops will see a nice increase in value. The Montreal real estate market has been enjoying steady increases in both prices and the numbers of transactions. This trend is expected to continue with the QFREB predicting a 5% increase in sales in Montreal for 2018. With the new REM transit system in the pipeline, things are going to get more interesting.
CDPQ Infra, a subsidiary of the Caisse de dépôt et placement du Québec, announced what is set to be the largest new public transportation network built in Montreal in the last 50 years: the Reseau express metropolitain, or REM. The transport system will consist of 26 stations across a 40-mile electrified network. It is set to be the fourth largest automated light rail project in the world, with construction slated to begin this April and complete in 2021.
According to a study done by the QFREB in 2016, being 1,500 meters or less away from a subway station increases the sale price of a of a condo by 19.1 per cent and a single-family home by an astounding 38.9 per cent. This is how a transit system can translates into value in real estate!
Also of note for real estate investors, Montreal apparently has the fastest rising rent in Canada, as the average rent for a one-bedroom jumped 15.9 per cent year-over-year to $1,310 in January. Overall, Montreal ranks 4th in Canadian rent prices on the rise… you can read more about this here.
January was a tough month for every province’s housing market except…drumroll please…Quebec, which hit a 10-year home sales high for the month of January, as sales jumped 9.8 per cent year-over-year and prices climbed 5 per cent last month. Read the full article here
Photo: Hubert Figuiere/Flickr The Canadian real estate market got off to a rocky start in 2018, with national home sales plunging 14.5 per cent month-over-month in January. But one province has managed to buck the trend, reporting a boost in sales in the first month of the year.
Montreal food, real estate and other cool stuff you need to know about! Let’s start with food (my favorite topic of course because my heart is in my stomache). One thing we know for sure and we can all agree on, Montreal has no shortage of great chefs! Lesley Chesterman of the Montreal Gazette just released her list of the best Montreal restaurants of 2017. Here’s the short summary;
Arthurs: Traditonal Jewish and Middle Eastern cuisine – some of the favorites “sprout-topped avocado toast, to more complex plates like challah French toast and classic bagel/lox/cream cheese. Other favourites include the cinnamon babka, the luscious Moroccan toast (think challah topped with a poached egg, marinated eggplant, tomato and cucumber salad, spiced chickpeas and tahini) and seriously piggy cottage cheese pancakes, known as syrniki”
Warning – this place is packed on weekends so be prepared for at wait!
Le Butterblume: Favorites – “coffee or granola, or opt for something more substantial, such as the luscious beet soup with smoked goat’s cheese, or a tartine made with lightly smoked avocado cream or even with a dark chocolate and hazelnut”
Café Cherrier: French Bistro – Favorites – “French faves like onion soup, duck confit and floating islands, and the wine list has something for everyone. Steak/frites lovers should not miss “le fameux rumsteck du Cherrier”
Bar Loïc: Cool wine bar in St Henri – Favorites – “mushroom crostini and the perfectly seasoned beef tartare. When it’s available, don’t miss the ricotta-filled ravioli topped with kale, Parmesan shavings and toasted hazelnuts”
Located at 5001 Notre-Dame St. W., 514-439-6806, barloic.ca
Pick Thai: Favorites – “fresh and fried rolls, satay skewers, pad Thai and pad nuea tuadin — sautéed filet mignon enhanced with galangal, kaffir lime leaves, cilantro and chilies and a great wine list”
Tiradito: Favorites – “ceviche made with red snapper, a dish made with raw tuna blanketed in miso, tamarind, chicha Quechua beer and amarillo peppers, and octopus flavoured with Japanese chilies and Peruvian panca pepper.”
Kampai Garden: Favorites – “The menu, developed by Montreal star chef Antonio Park, is Asian/casse-croûte fusion featuring tacos, tartares, dumplings, salads, a shrimp pogo, fried chicken and a gourmet hotdog topped with kimchi and potato chips.”
Laurie Raphaël: Favorites – “gravlax served with marinated juniper berries and puréed ramps, duck magret served with a strawberry compote and nasturtium leaves, and a chocolate sphere dessert filled with maple ice cream that was melted with the aid of a maple water caramel sauce, featuring a superb wine list”.
Hopkins: Fine Dining – Sharing Plate Format – In NDG where Lucilles used to be – Favorites – “more meat-centric than vegetable-centric. After tasting dishes like bone marrow flan, tuna carpaccio niçoise, butter-poached lobster, scallop fish and chips, and a sublime duck ravioli,”
Bistro Rosie: In Rosemont – Le Petit Patrie – Serving dinner and Saturday Brunch – Favorites – “menu changes weekly and is divided between hot and cold appetizers, plus some larger plates made with meat and fish.”
Located at 498 Bélanger St., 514-303-2010
LOV: In Old Montreal – Upscale vegetarian – Favorites – “Her cuisine is described as “botanical,” with an emphasis on natural, organic and gluten-free options.”
Writing this year’s roundup of Montreal’s top places to eat out, I wonder if restaurant-list fatigue has set in. When I began writing best-of lists close to two decades ago, I simply chose the five or so restaurants that got the highest star rating, waxed eloquent about why they were so good, and there you’d have it.
The Latest Montreal Real Estate Market News
As the 2017 comes to a close this is a summary of what happened in our Montreal real estate market this year along with some projections for 2018.
According to the CMHC fourth quarter report, there was little evidence of over evaluation, an over heated market, and over building. The rise in demand did contribute to a tightening of the resale market, with more demand than supply.
” single family housing was the one that posted the most significant price growth acceleration. In fact, in each of the large sectors of Montréal, the growth in the average price of single-family houses hovered around 8% in the second quarter of
2017, while it did not exceed 3% in the same quarter of 2016. As was mentioned in the previous section, the strong demand, combined with a relatively limited supply of new and existing single-family homes in several sectors of the Montréal metropolitanarea, put increasingly strong pressure on prices in this segment. The price of plexes (with two to five units) in the North Crown14 also registered a considerable increase, with a gain of 8% in the second quarter. Just like for single-familyhouses, the growth had not exceeded 3% in the period from April to June 2016. The situation was different in the
condominium segment, where only the North Shore and Vaudreuil Soulanges sectors showed greater price growth in the second quarter of 2017 than a year earlier. Still, this growth, at 3%, was relatively weaker than for the other housing types.
Finally, while evidence of price growth acceleration on the Montréal existing home market remained low in the second quarter, this indicator willhave to be closely monitored over the coming quarters. With the economic outlook remaining favourable to housing demand, it would not be surprising for market conditions to tighten gradually and cause, in turn,
a faster increase in prices.”
Read the full report here:
November 2017, showed a 12 per cent increase compared to November of last year. This was the most active month of November in eight years. Watch the video to see the full stats.
Centris Real Estate Stats From November 2017
“The Greater Montreal Real Estate Board says the region set a November record for condominium sales, which helped fuel a 12 per cent increase in overall residential transactions compared with the same month last year.
The number of condo sales across the region surged 23 per cent from last year to 1,137 in the month as the suburbs north and south of the Island of Montreal rose by 53 per cent and 33 per cent respectively.”
Things to do in Montréal!
I recently read a great post by Sharon Fung who recently visited Montreal. Her must do places are:
Just a few hours away from Toronto lies the small French speaking city of Montreal. With it’s previous European influence and historical sites, Montreal has a certain charm with its gardens, museums, art galleries and European architecture. I’ve been to Montreal in 2010 but I didn’t experience it the same way.
Residents of Ville Mont-Royal organize to fight against hunger
Residents of Ville Mont-Royal organize to fight against hunger on the weekend of November 4, 2017, from Friday to Sunday. The owners of Villa Mont-Royal Phase 2, 145 Bates Road, will join forces to fight hunger in the area. The residents and their families organized with Super Recyclers a collection of used clothing and textiles for a good cause in an eco-socially responsible project. They are asking neighbors to clean up at the end of the season and to bring their used clothing and textiles directly to 145 Bates Road. All the clothes and textiles raised will be given to the Super Recyclers who will in turn give a sum of money to Sun Youth on their behalf. The amount of money depends on the weight collected during the activity. “We would like to be the first group of condo residents in the city to promote recycling while supporting a good cause. Our goal is to fund Christmas baskets with the donations given to Sun Youth, “confirms Maria D’Andréa, who works on the Super Recyclers team.
Jeunesse au soleil distributes Christmas hampers to approximately 12,000 people every year throughout Montreal? The baskets are made available to people living in poverty. Some survive on social assistance or are unemployed, others are on sick leave or retired …
Thousands of families and low-income people benefit from free food baskets specially prepared for the holidays by Sun Youth volunteers. The draw of the Christmas baskets takes place every year between December 18th and 24th. Hanukkah baskets are distributed during the same period according to the Hebrew calendar. In addition, children aged 12 and under receive a new game or toy.
Sun Youth could not accomplish this important distribution without the participation of all the volunteers and donors involved in the annual campaign of the holiday season as well as the indispensable Grande Guignolée des médias . This event raised food and money for Sun Youth’s Christmas baskets, the Saint Vincent de Paul Society and Moisson Montreal for over 15 years!
“We have the power to make a difference. We can fight hunger in the region! This is what residents will do for this first weekend of November, “confirmed one of the members of the board of the condo, proud to participate in the project. Residents and owners of Villa Mont-Royal Phase 1 condos are the first to develop this project in partnership with Les Super Recycleurs. Hopefully they’ll inspire other condo developments to self organize and provide support to their communities.
Super Recyclers accepts: new and used clothing for men, women and children; bedding; towels; curtains ; accessories ; hand bags ; backpack ; shoes; toys and doggies in good condition. Everyone is encouraged to participate, just drop off your things directly to 145 Bates Road