When most think of real estate in Montreal, they think of affordable housing and a market that is advantageous for buyers.
But that reputation is quicklyfading. New construction downtown and more foreign investment are driving prices up across the city.
Indeed, real estate across Canada has been booming, with the average price of a Canadian home being $481,500. That makes buying a home right now in Montreal an absolute nightmare.
I know what you're thinking – what about Vancouver and Toronto, aren't they the worst places in Canada to buy a home, especially with how expensive they are? But these cities actually have a balanced "sales-to-listings ratio," which means the level of competiveness is even for buyers and sellers. Buyers in Vancouver and Toronto areas actually have more room to negotiate home prices.
Whereas in Montreal, even though the average price of a home is $392,660, the real estate market is favouring sellers, because of the competiveness of home buyers, and homes are being sold quickly off-the-market.
According to a new report from real estate site Zoocasa, Montreal is actually the worst city in Canada to buy a home.
Other cities that aren't a good for buyers include Ottawa, Kitchner-Waterloo, and Saguenay.
Cities that are good for both buyers and sellers include Calgary, Regina, and Edmonton.
Montrealers should think twice before entering into the city's now red hot real estate market!