Whether purchasing a condo as your primary residence, as a rental property, or purely as an investment opportunity, you want to ensure that you're making a sound investment; that the condo will appreciate in value, and result in a positive ROI if you choose to sell.
Investing in a Montreal condo
Montreal offers residents a superior quality of life. In fact, Montreal rates as one of the world's most livable cities, and was recently named “Canada's Cultural Capital" by Monocle Magazine and a UNESCO “City of Design". The Lonely Planet travel guide also includes Montreal in its “10 happiest places in the World" list: in second place!
Montreal offers cultural effervescence through its roughly 120 annual festivals, events and entertainment venues that highlight music, comedy, theatre, song, film, art and literature. Montreal also offers an exciting professional sports scene with events such as hockey, soccer, football, tennis and Formula 1 racing. The city is also known for its extensive network of bicycle paths and accessible outdoor facilities. Also offering a plethora of choice for fine dining and a dynamic night life, Montreal is equally considered an important business and educational hub.
An increase in inventory in terms of condominiums in Montreal over the last few years has led to a climate that currently favors buyers. Furthermore, new condo construction starts are now on the decline in Montreal¹, especially in the most popular downtown areas of the city where prime land is becoming increasingly rare. These factors, combined with the continued trend of low interest rates², create an advantageous scenario for investment in a condo in downtown Montreal.
Investing in a condo at L'Avenue
Whether buying a condo as your primary residence or as an investment or income property, keep in mind that possible future buyers, or tenants, are looking for the same things you are in a condo: an optimal location, great amenities, quality design, construction and materials, in addition to access to modern conveniences. These are all benefits that L'Avenue Condos offers in abundance.
An exceptional location
Rising up directly across from the Bell Centre, in the heart of downtown Montreal, L'Avenue offers residents proximity to all the attractions and perks the city has to offer: great entertainment venues and cultural sites, world renowned festivals, great restaurants, and a multitude of shopping destinations. The site is also close to several other popular Montreal districts, including Old Montreal, Montreal's Business District, and the Quartier des Spectacles.
L'Avenue is located in the heart of Montreal's Quartier des Gares sector, an area referred to as the cradle of the Canadian railway system, as well as Quebec's main intermodal transport hub, and as the main public transit entry point to the City. Nearby public transportation services include three train stations (Lucien L'Allier station, Central Station, and the Terminus Centre-Ville), two Metro stations (Lucien-L'Allier, Bonaventure), and a number of bus lines. This is a major selling point for any property, as quick and easy access to public transportation will always preserve a condo's desirability.
The City of Montreal is currently developing a plan to revitalize the Quartier des Gares in order to support the ongoing development within this central neighbourhood. The proposed changes include the addition of more green space, including the possible creation of a new park, as well as the redevelopment of several streets in an effort to ensure a safer and more comfortable environment for vehicular traffic, and for pedestrians and cyclists.³
L'Avenue offers residents a host of enviable common areas and amenities including an entire floor dedicated to leisure and relaxation with:
- An indoor-outdoor pool;
- Steam room, sauna, massage-treatment rooms;
- A modern gym;
- A state-of-the-art media room;
- An outdoor lounge, indoor lounge, private party room and terrace;
Slated to be the tallest mixed-use residential building in Montreal, L/AVENUE will become one of the most recognizable and iconic silhouettes in the skyline, exhibiting unique and elegant architecture.
L'Avenue condos suites will boast high-quality modern finishes in a contemporary, refined design, featuring high-end materials such as quartz countertops, engineered wood floors, stainless steel, European style cabinetry, and ceramics.
Broccolini, the developer and builder of L'Avenue condos is leader in the industry, recognized for quality workmanship, innovative technology, and exceptional standards. Boasting over 65 years in construction, Broccolini has an impressive, solid reputation. Over the years, they have built everything from single family homes and condominium developments, to office buildings and warehouses, all with the same dedication to excel and always with the same goal in mind; to be able to say with pride: We built that!
Also synonymous with quality, the architects for the L'Avenue condos project, Page + Steele/ IBI Group Architects, is an internationally award-winning firm. They are behind the design of many exclusive, high-end landmarks including Ritz-Carlton Hotels, Four Seasons Hotel Prague, Four Seasons Hotel Amman, One Post Road, The Prince Arthur, and The Windsor Arms. The firm has designed some of the finest residential buildings in Canada, by combining cultural context with a distinctive, timeless design.
As a mixed-use development, L'Avenue offers condo residents immediate access to a host of practical services and businesses located within their own building, including a grocery store (Provigo Le Marché) on the ground floor.
When these types of convenient businesses open in a neighbourhood, a domino effect is often set in motion, injecting a new vibrancy into the surrounding area and driving up the values of both commercial and residential real estate, an ideal scenario for investors.
Investing in a L'Avenue condo as a rental property
Buying real estate as income property has traditionally been a sound and profitable long-term investment. Real estate generally increases in value greater than inflation, even in times of economic downturn. At any given time the real estate market can be up or down, but over time it always increases.
Besides the obvious advantages of having a steady flow of rental income, there are other benefits to buying a L'Avenue condo as a rental property.
- Rent from tenants will contribute to paying down the condo mortgage while the property appreciates in value and builds equity.
- Rents usually increase with inflation, while mortgage payments remain stable. This increases an investor's cash flow over time without increasing their expenses related to owning the property.
- Many expenses related to managing a rental property can be deducted from the owner's income, including interest on mortgage payments, repairs, a home office used for the purpose of managing the property, insurance, and legal and professional services.
- Thanks to its advantageous location, in the heart of downtown Montreal, finding a tenant for a condo at L'Avenue should be relatively easy.
- Furthermore, as a brand new, modern complex offering such a wide array of added benefits, L'Avenue is guaranteed to attract high-quality tenants.
1. In their 2015 May Housing Starts report for Montreal, the CMHC states that “the downward trend in housing starts in May reflected lower levels of construction since the beginning of 2015, mainly in the condominium segment."
2. Consistent with the view of other Canadian economic forecasters, the CMHC expects interest rates to “remain at or very close to current levels over the forecast horizon" (2015 -2016).
3. Learn more about the revitalization project for the Quartier des Gares.