How to fix your home in Montreal?
The construction of a new home in Canada is typically a lengthy process.
For this reason, many people choose to renovate their existing home, rather than spend hundreds of thousands of dollars on a new one.
But the average home price in Montreal is now $831,500, compared to $1.8 million in 2009, according to the Real Estate Board of Greater Toronto.
“People are very comfortable buying new and they are very satisfied with their new home,” said Renée Mancini, a real estate agent in Montreal.
“But they also think the price should be as low as possible.”
Mancinis said that the average Montreal home cost $1,700 in 2007, but by 2020, that number had dropped to $817,500.
In other words, prices are falling faster in Montreal than in most other Canadian cities.
This is due to a number of factors, including lower mortgage rates and fewer restrictions on renovations.
The average price of a home in the Montreal region in 2019 was $922,900.
In 2019, a home was appraised for $1 million, but that figure dropped to just $837,600 in 2020.
The city has also increased the tax on homes in recent years.
Starting in 2019, property taxes were raised from 2 per cent to 5 per cent.
In addition, a 3 per cent sales tax on new homes was introduced in 2020, bringing the tax rate to 5.5 per cent, according the Montreal Real Estate Association.
But even though prices have dropped, it’s not all good news for Montrealers.
Mancis says that many of the properties that are being renovated in Montreal are not the most desirable ones.
“There are lots of houses in the city that are not necessarily desirable,” she said.
“It’s because they’re not attractive, they’re uninspiring, they don’t look good in the front yard.”
While the city has made major changes to its architecture, like removing windows and adding balconies, Mancises said that she believes the city should focus on renovating the city’s existing homes.
“Montreal should be a place where people want to live, not where people have to leave,” she added.
“When you think about the neighbourhoods in Montreal that people want in their neighbourhood, you shouldn’t have to think about new subdivisions or new subdivision types.”
Manceri’s team has been working on renovate 10 of the city ‘s existing homes, including the recently renovated home of her late husband.
“The majority of our homes are really nice, and it’s the neighbourhood that we’re in, so it’s good that we’ve done the renovations,” Manceris said.
She said that in addition to getting rid of windows, she’s been renovating her neighbour’s home.
“She has a lot of money, so we have to get rid of the windows,” she explained.
“We’re going to renovator the roof, we’re going the front door.
We’re also going to add a little bit of window sash.”
In addition to renovating existing homes and renovating neighbouring properties, Mancerises hopes to renovates more new properties, as well.
“Our main goal is to renovat all of our properties,” she continued.
“To renovate them all, we need to have the funds.”