“The best deals in Montreal right now to invest in are fourplexes that can be converted into sixplexes,” Walid Hammami, a Montreal-based mortgage broker with Dominion Lending Centres, told Canadian Real Estate Wealth. “Most of these fourplexes have basements that can be converted into separate apartments, and it doesn’t cost very much to do that.”
And that’s exactly the type of unit that buyers are having trouble moving.
The Canadian Press
recently profiled a Montreal-based owner of a fourplex who has struggled to sell his property, despite the fact that it is a money-making investment that can be had at a decent price.
Sergio Bonici has had his property listed for four months and a mere ten people have viewed it in that time. Still, he refuses to budge on price – and, perhaps, rightfully so, considering how low it is.
The property is located near a Metro station and hospital – an ideal location – and is listed for $525,000.
Bonici assumes the lack of interest is due to a lack of experience among Montreal investors – meaning someone savvier could potentially scoop the property up for a song.
“Being that we have small-time investors here in Quebec, it’s harder for them to grasp the numbers,” he told CP
. “They’re looking more at how pretty the property is instead of looking at revenue.”
And properties such as Bonici’s may be fairly common in the city, according to Hammami.
“Buying these foureplexes and converting into sixplexes is one strategy I’m advising clients to do,” he said. “These can be purchased for around $500,000 and with about $40,000-$60,000 in renovations investors can really cash 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
If you’ve been priced out of the traditionally-hot investment cities, you may want to take a look at Montreal – and the bargains it has to offer.