16% (?!?!) Of Young Montreal Homeowners Own More Than One Property, According To A Survey
According to a survey by Royal LePage, some young Montreal homeowners own more than one property. In fact, 16% of homeowning poll respondents between the ages of 18 and 35 said this was the case.
Even though the rental market is stressed these days, a number of "secondary property owners" don't actually use their second property for rental income, Royal LePage reports.
The company theorized that this is due to the affordability of homes in Montreal compared to Toronto and Vancouver.
"In Montreal, although the real estate market has begun to catch up in recent years, prices remain considerably more affordable, so buyers can purchase without necessarily leveraging equity from a primary residence," real estate broker Roseline Guèvremont said in a press release.
Thirty-seven percent of secondary property owners in Montreal don't collect rental income while 25% said that they only use their second property to collect rental income.
"Among secondary property owners in Montreal, the majority are using the properties for leisure, like recreational purposes, rather than as an investment," Guèvremont said.
"Confidence in the Montreal real estate market has continued to rise in recent years, and many clients have expressed [...] their preference to invest in brick and mortar properties. For younger buyers, it's much more straightforward than investing in the stock market."