Announcing Canada’s First City of Millionaires

2016-09-15

Rising real estate values drive the average net worth of Metro Vancouver households up over $1 million!

According to a study published by Environics Analytics, the average net worth of Vancouver households rose 7.1 per cent last year to hit $1,036,202 by the end of 2015. Second came Toronto with an average net worth of $962,993. Greater Victoria was third at $912,362, with Calgary fourth at $898,240.

Where does Montreal figure in all of this over-valued real estate craziness? Answer: a far more realistic and affordable $295,000, a number which makes a wide range of housing in our city exceptionally attractive to both existing residents, entry level buyers and potential investors.

According to Paul Cardinal, manager of the Market Analysis Department of the Quebec Federation of Real Estate Board, Montreal condominium starts dropped by 25% in 2015, which will allow the market to absorb some of the oversupply.

Cardinal said that, unlike Vancouver and Toronto, Montreal does not have a large number of customers purchasing properties as investments, though the city could offer opportunities to foreign buyers. “Because the Canadian dollar is very low right now it could be an advantage for someone who comes from another country,” Montreal is poised to reclaim its former glory; a little help from foreign investors could go a long way.