18 Feb What The New REM Transport Network Means For Montreal Real Estate
Feature photo: CDPQ Infra
What The New REM Transport Network Means For Montreal Real Estate
What the new REM transport network means For Montreal real estate is those neighborhoods close to the rail stops will see a nice increase in value. The Montreal real estate market has been enjoying steady increases in both prices and the numbers of transactions. This trend is expected to continue with the QFREB predicting a 5% increase in sales in Montreal for 2018. With the new REM transit system in the pipeline, things are going to get more interesting.
CDPQ Infra, a subsidiary of the Caisse de dépôt et placement du Québec, announced what is set to be the largest new public transportation network built in Montreal in the last 50 years: the Reseau express metropolitain, or REM. The transport system will consist of 26 stations across a 40-mile electrified network. It is set to be the fourth largest automated light rail project in the world, with construction slated to begin this April and complete in 2021.
According to a study done by the QFREB in 2016, being 1,500 meters or less away from a subway station increases the sale price of a of a condo by 19.1 per cent and a single-family home by an astounding 38.9 per cent. This is how a transit system can translates into value in real estate!
Also of note for real estate investors, Montreal apparently has the fastest rising rent in Canada, as the average rent for a one-bedroom jumped 15.9 per cent year-over-year to $1,310 in January. Overall, Montreal ranks 4th in Canadian rent prices on the rise… you can read more about this here.
January was a tough month for every province’s housing market except…drumroll please…Quebec, which hit a 10-year home sales high for the month of January, as sales jumped 9.8 per cent year-over-year and prices climbed 5 per cent last month. Read the full article here
Photo: Hubert Figuiere/Flickr The Canadian real estate market got off to a rocky start in 2018, with national home sales plunging 14.5 per cent month-over-month in January. But one province has managed to buck the trend, reporting a boost in sales in the first month of the year.