Landlords should consider embracing the short-term corporate market to earn the big money.
Short-term rentals may involve more work but they are the ideal solution for over-supplied markets. That is according to one Montreal-based real estate broker.
Speaking to CREW, Andrew Mitchell says this offering is proving lucrative for many condo owners in the city.
“Corporate rentals are quite strong here, especially for centrally located units that are near the transit lines,” he says. “Obviously, it all depends on the quality of build and range of services, but there is a real demand for these units.”
Montreal is home to a number of leading organizations and top employers, including Bell Canada, Genetec Inc, Air Canada and Pfizer.
And with an oversupply in Montreal’s condo market, Mitchell says now is a good time to consider making a move. “We are seeing a lot more activity in the condo market but there are still a lot of opportunities for investors to get a good unit. We are seeing a lot more buyers being aggressive in their offers as well.”
He says that the market has stabilized somewhat in the wake of the provincial elections, with buyer sand sellers now more confident. “As soon as it was finalized, buyers returned to the market,” he says. “The city is so much more affordable than other major urban centres, like Toronto, and it’s a good city to invest in.”
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
South Tetagouche, Opportunity No. 17, Municipal District of, Rusagonis, Sainte-Clotilde-de-Beauce, Laval-des-Rapides