Seems like it's more profitable to rent than to buy in Montreal
- March 25, 2019
At the end of January 2019, the National Bank of Canada issued its annual "Housing Affordability Monitor" report. Summed up by the Huffington Post, the report's portrayal is not pleasant for major Canadian cities (Toronto, Vancouver and Montreal). Generally speaking, for the first time in Montreal's history, it would be less expensive to rent a home in the long term than to buy a property.
For example, "the report found the mortgage payment on a median two-bedroom condo had risen to around $2,000 in the fourth quarter of 2018, or about $150 more per month than the rent on a two-bedroom rental condo."
Should you rent of buy?
Huffington Post asked Kyle Dahms, co-author of the NBC report, if people should rent and not buy right now. "It's a tough question. With interest rates on the rise right now, it feels more safe to be in the rental market rather than buying. The portion of the cost going to interest payments, as a share of your debt, is getting bigger", said Dahms.
What are the options?
Of course, in light of recent information saying Montreal might be entering a new housing crisis, it seems that the best choice is to keep your rental apartment or, at least, to find a new apartment before the end of your lease.
In addition, calling on high-end furnished rental professionals is obviously a very profitable solution for anyone who wants to move to Montreal or simply wants to avoid the stress. Of course, there is no housing crisis here at Accès International and we can certainly help you find the perfect rental property. Do not hesitate to contact us!