Inflation is affecting everyone and many Canadians are trying to find a safe haven in Montreal. Life in Montreal is seemingly a lucrative option to many Canadians living in Toronto or Vancouver.
Most of us got back to a full-time in-person job environment and others had the flexibility to continue working from home for the foreseeable future.
Canadians are moving out of cities like Toronto and Vancouver to less hustle bustle smaller cities with a lower cost of living.
Montreal is surely attracting a lot of people when it comes to the cost of living and lifestyle.
If you are considering Montreal as one of the options, continue reading to see why Montreal has become one of the most desirable cities in Canada.
When moving to a new city, one of the most important aspects we look at is accommodation.
Let me give you a brief overview of Renting Vs. Buying a home.
Whichever option you choose depends entirely on your lifestyle and financial situation, though living in Montreal has its perk for both options.
Renting a property does not come with all the responsibilities associated with buying a home and you have more flexibility, as you aren’t necessarily tied down to your property.
Buying your home gives you a sizable investment and comes at a big cost—both
upfront and over the long run.
Let’s take a look
Renting a Home
We’ve all heard it; if you’re renting, you’re throwing away money. Hmmm, you need a place to live, and whether you’re a renter or a buyer, that always costs money in one way or another.
Pros:
When you rent, you know exactly what your housing costs each month. Renting means you can move whenever your lease ends.
Cons:
As a renter, you may face rent increases each time your lease is up for renewal. Renting also means you could have to move suddenly if your landlord decides to sell the Property.
Buying a Home
Even if your mortgage payments are lower than the rent you’d be paying, in general, the cost of home ownership tends to be higher than renting.
Here are some expenses homeowners must consider that renters do not:
- Property taxes
- Water taxes
- Pest control
- Tree trimming &
- Landscaping
- Snow Removal
- Homeowners
- Insurance
- Pool cleaning (if you have one)
- Lender-required flood insurance (in some areas)
Pros:
Homeownership definitely has benefits and offers a sense of freedom and stability. As a homeowner, you can make decisions about the look and design of the space without having to consider any obstacles except your own taste.
Cons:
However, changing your mind about where you’re living can be very expensive. Remember that you may not be able to sell when you want, at the price you want. The real estate market at that time will dictate that.
So, Is It Better to Rent or Own a Home?
That is the question and there is no definitive answer. The answer depends on your own personal situation – your finances, lifestyle, and personal goals.
You need to weigh out the benefits and the costs of each based on your income, savings, and how you live.
Something to consider
The sooner you invest in real estate and the quicker you can pay off your mortgage, the better the effective return earned will be. In other words, the moment you no longer owe the bank, you can start enjoying the full potential of home ownership! The time to become a homeowner is now!
Contact me and we’ll get started
Now that you have some insight into your decision to buy or rent, let’s look at life in Montreal a little closer.
Montreal lifestyle
There are several benefits of living in Montreal, economically and socially. But the most important part of Montreal is its people.
Montreal is a potpourri of colors, much like the entire country of Canada but more vibrant, full of music, tradition, lovely landmarks & friendly people.
Montreal is a cultural and artistic center. Whether you’re downtown or in charming Old Montreal, art galleries and pop-up exhibitions cover the streets. It can sometimes feel like you see something new every day.
Montreal residents are fortunate to have access to some of the best learning institutions in the country. Whatever level of education you’re looking for, Montreal’s public and private schools offer excellent programs to suit your needs.
Montreal was voted as one of the friendliest cities in the world in a survey by Big 7 of its 1.5 million social media audience.
Bilingualism in Montreal
A majority of residents in Montreal are francophones (that is, French is their first language). However, nearly 33% of residents are born abroad and have relocated to Montreal.
Having said that, you can imagine that a portion of that population has had to learn French and is thriving and loving life in this beautiful province.
French is the city’s official language. In 2021, it was spoken at home by 59.1% of the population and 69.2% in the Montreal Census Metropolitan Area.
Indeed, Montreal is Canada’s — and North America’s — most bilingual and trilingual city.
The Ministry of Immigration offers, to those who qualify, free part-time or full-time language courses for the public as well as specialized courses designed for specific fields of employment. Take it as a plus point and a benefit of living in Montreal, it is easy to learn a new language if you must use it in your day-to-day life.
An Underground City
(let’s go below the surface)
A giant maze that runs under Montreal’s streets.
-Originally built in 1962
-Now expanded to 20 miles of tunnels
-With 120 exterior access points
The RÉSO, stemming from the French word réseau, runs underground in and around Montreal’s downtown core and is one of Montreal’s design anchors.
If you take some time for a walk around, a wide range of stores, restaurants, hotels, galleries, metro stops, cinemas, and even apartment buildings will catch your eye and invite you to appreciate Montreal’s culture. What was first built to ease traffic and provide a means of transportation during harsh winters has turned into the centerpiece known as the RÉSO.
Let’s take a quick look at the pros and cons of why living in Montreal and why it may be a great option if you are willing to relocate. Get in touch with me if you are looking for a rental property or a property to buy.
PROS
• Lower rents
• House prices are lower compared to major metro cities
• Lower car and home insurance
• Overall lower lifestyle expenses
• Public art scene and culture
• Underground city
• Festivals
• Bicycle friendly
CONS
• French is a prerequisite, but you can learn the basics easily and get by with a basic knowledge of French
• Taxes are high
• Winters are cold
• Traffic
With Its freedom of diversity, creativity, bilingualism, and vibrant neighborhoods, the pros (benefits) of living in Montreal outweigh the cons and make it an excellent choice for anyone. Get in touch with me for any home renting or buying questions.