My husband and I are starting out on our long-term plan to relocate to Montreal in a few years. Since the dollar is so strong now, we figure it's a good time to perhaps invest in a property and generate some rental income, with the ultimate goal being to either keep it as a cash cow (if it proves to be rather profitable), or perhaps even move into it when we move. Are there any Americans here who have experience renting out Quebecois/ Montreal residential property who can share words of wisdom?
Thanks in advance!
I know a quebecois who invested in florida in the past years but is focusing locally right now.
Im meeting him (in a group setting) monday the 26th, I can ask around for his contact info.
Any updates? Did you end up buying a property in Montreal and/or relocating? I'm a US citizen who recently relocated to Toronto and was planning to buy real estate here in Toronto, but the rental income seems usually to be quite low relative to purchase price. I am also thinking of spending time at least part time in Montreal some time in the future (not now but maybe in a few years), and some preliminary research suggests a better return on investment in real estate in Montreal vs Toronto, so I am now considering buying a property in Montreal.
However, I am also concerned about any implications given that I'm a US citizen and Canadian permanent resident living outside of Quebec. I know Quebec has often its own special rules about things.
@Melissa Brookes , Rental Market in Montréal is good, like any city you have to be careful in what neighbourhood you invest in. Downside is rent are a little low and the tenant have a lot of protection. If you have any specific question feel free to ask, I've been a local investor for the past 10 years ans i know Montréal's market pretty well.
Hello Kate, I'm a real estate Investor in Montreal in multi-family buildings.
The Toronto market frenzy isn't the same anymore as in 2015-2017. It's extremely tough in that market, but I believe you'll find Montreal to be a better investment while investment properties are still "relatively cheap". If you got questions about the Montreal market and its neighbourhoods, feel free to message me.
Hello, @Kate H. We have been quite busy with our full time business and taking care of our almost-one-year-old, but have come around on the idea of purchasing a duplex or triplex, keeping one unit for our use and then renting out the others. I know that there are specific tax implications (withholding of some tax up front, for example), and am fine with that, but I think our major concern is simply that of holding value/ appreciation. I know that if we were to eventually move full time we'd likely want to be in Westmount, but for this venture we've been advised that Le Plateau is probably our best options for something extremely rentable that will hold value. @Olivier LePage - would you say that's a good choice of neighborhood to get stable tenants and hold value for a longer term? I should probably also mention that aesthetically we are "old home" people - we love details like exposed brick, beams, etc. so we're not looking for an ultra-modern "cookie cutter". I realize that also might impact our search areas. Thanks!!
If you are looking for a house-hack and need to be in Montreal, then the Plateau would be a good choice. If you are simply looking for investment properties in the Province of Quebec, there are a few regions where you can get some great cash flow with steady appreciation. Especially in Estrie and Outaouais.