Condo 101: Factors to Consider when Buying a Condo

There are many reasons why people are turning to Montreal to invest in a condo property. For one, the real estate cycle is coming into an expansion phase, which is due in part to the strong economy and low unemployment rates. Demand outweighs supply and prices are aggressive, as hopeful homeowners are bidding for their dream pad. Another factor is that Montreal’s economy doesn’t depend on a single industry or resource, making owning in and around the area a good long term choice. “In Montreal, we don’t get the yo-yo phenomenon in housing prices that you see in Canada’s other big cities,” says Paul Cardinal, director of analysis for Québec Federation of Real Estate Boards (QFREB). “There is certainly no real estate bubble in Montreal.”

If you’re considering buying a condo in Montreal, here are a few other factors you should consider to ensure the choice you make is the right one.

Location

The first thing you think of when visualizing your dream condo is not what’s inside, but where it is located. If you love the hustle and bustle of downtown, you may picture yourself sipping a cocktail, nestled in your home watching the sunset across the historic Montreal architecture. Alternatively, if you’re more of a nature lover, a space to call your own would be surrounded by lush green areas. While the stress of price points and square footage may cloud your judgment, take a step back and consider just how important the marriage of the location of your potential condo is. Remember, location comes with a price point too! Weigh that into the cost of the condo as well while shopping around.

Building Culture

No two buildings are built alike – especially when it comes to those developed by DevMcgill! Nowadays, condo builds are tailored to a specific type of lifestyle. Case in point, Ateliers Castelnau, a one of a kind condo project takes inspiration from the creative artists and vibrant culture that inhabits the Mile-Ex area. A few popular, quirky amenities – there’s a bike workshop within the building, a hobby room as well as a garden lounge! Perfect for those inner-city bon vivants that prefer a more creative lifestyle. Each season, they host a Marché Créatif that spotlights many local artisans too. Finding a build that matches your lifestyle is easier than ever, and is an aspect that you should take into consideration while purchasing.

Parking

One of the frustrations that come with living in the city is parking. However, it doesn’t have to be! Being transparent with your expectations while shopping around is essential, mainly because of the high cost that can come with renting parking spaces. Another element to consider is interior or exterior parking. It should come as no surprise to you that Montreal has some wicked winter weather – and digging your car out of the snow (unfortunately) will be a common occurrence if you’re parking outside. Both Tak Village in Rosemount-Angus, as well as Beaumont Condos in Monkland Village, have underground parking available so you won’t have to sacrifice being close to appealing neighbourhoods within the city.

Amenities

With so many builds vying for potential owners, amenities should be a significant selling point for you. While traditional amenities include fitness centres, swimming pools, and common party rooms, buildings nowadays are equipped with a multitude of perks that are just as unique as its inhabitants. Tak Village is equipped with its Scandinavian spa area, NOCA Condos has self-service bikes and kayaks so you can enjoy the Lachine Canal on your terms, and Beaumont Condos has a grocery store INSIDE the building! What’s more, traditional amenities that are included at DevMcGill with a more elevated design and curation for its dwellers. Just one of the many perks of condo living in Montreal!

If you’re ready to take the next step in finding your dream condo, discover one of DevMcGill’s projects by giving us a call at 514 288-4737.