Like just about everywhere else in Canada, the Montreal real estate market is on the rise, with property prices increasing alongside demand. The latest addy on Sherbrooke St., in a bustling neighbourhood just on the edge of downtown, looks to capitalize on the booming market. It’s a prime location for a smart hotel welcoming tourists, students and professionals for short and extended stays.
Montreal real estate
Since 2015, housing prices in Montreal have nearly doubled. The average is well below the soaring marks of Toronto and Vancouver, but the steady increase through 2022 is expected in Montreal, just like other major cities in Canada.
Single family homes are highly sought after in and around Montreal, as those who can work remotely want more space for themselves and their families. The median price for a single-family home in December 2021 was $525,000, higher than the average for the entire year.
Condo prices are also on the rise and expected to increase throughout the year.
Montreal saw a dip in population from July 2020 to July 2021, as city-dwellers took to the suburbs and countryside in Quebec. A similar trend was found in Toronto as well, where people left the big city for greener – and larger – pastures.
High demand and a shortage of housing is contributing to rising prices and bidding wars, forcing some potential homeowners to give up their hopes of living in a city centre. Meanwhile, those who can or must work from home are seeking out larger homes to better balance out professional and personal spaces. What’s more, Millennials and Gen Zers are increasingly discouraged about home ownership, as escalating prices prove to be too high a barrier to overcome, especially with so many in these generations seeking to buy for the first time.
Around the province, small businesses have struggled to fill employment vacancies. Unemployment is low overall, but there is also a scarcity of workers, especially in retail and hospitality. Concurrently, companies are battling to look attractive to talented employees, with many in Montreal and Quebec anticipating wage hikes in 2022.
Still, investment in the tech and entertainment sector is on the rise. Ubisoft recently announced the opening of a new office in Sherbrooke along with nearly $1 billion of investments into the region, including $17 million put towards educating and training young people. Avionics company C3RiOS Systems as well as video game developer miHoYo announced openings of new offices in Montreal as well. There continues to be a demand and indeed desire to visit, live and work in Montreal.
874 Sherbrooke St. E.
The 874 Sherbrooke St. E. property in Montreal is trying to succeed through versatility and accessibility, operating as a smart hotel that is poised to adapt to changing environments. The proposal will see renovations done to turn the current 18-room boutique hotel into a 23-room smart hotel designed for both short and extended stays. Each unit will include a kitchen as well as laundry and a digital concierge. This adaptable design will welcome tourists staying for the weekend in the city, students studying for a semester or professionals working in the city centre.
addy members can invest in properties like this for as little as $1, achieving the dream of property ownership in Canada.