Located north of the island of Montreal, the city of Laval has experienced rapid population growth in recent years, a trend that investors are keen to tap into.
Despite being an island city itself, there is an abundance of undeveloped land in Laval. Most of this land is being converted into new residential developments to keep pace with that burgeoning population.
Laval is divided into a number of subdivisions, Chomedy being one. Situated near the centre of the island, Chomedy’s prices and population have climbed since 2012, particularly in its northwest corridor. There, the average price has increased by 3.53 per cent to $315,750, according to Brookfield RPS market data.
Chomedy Northwest provides residents with easy access to a number of key services and amenities. RE/MAX 2000 agent Anto Hindoyan notes that they include two major highways, several shopping malls, and a reliable local transit system. The bus network, in addition to several bridges, provides direct links to Montreal, the employment centre for Laval residents.
The relative tranquility of the neighbourhood also makes it both an ideal place to live and invest in. “The only people who drive into it are people who live there,” Hindoyan says. “In general, it’s a very calm residential (enclave).”
Investors looking to capitalize on the demand in Chomedy Northwest will find it rife with opportunities. Hindoyan believes the best profits can be made with a certain type of property.
“In this area, cottage-style single-family homes would be the best buy,” he says. “These (properties) were built between 1985 and 1990 and are generally well-maintained. They can be rented out for up to $1,200 per month.”
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