New Zealand and Montreal both have distinct housing markets, but in Montreal, there is hope for buyers. Find out more.
Investment first, home second
Investment rhetoric is fuelled by a government policy of no capital gains tax for properties sold 10 years or more after purchase. This window-to-wait used to be a little as two years. Homeowners could also claim an income tax deduction from the interest they paid on their mortgages. This has slowly been phased out as of October 2021, but Rehm said that if a new government is elected in September, owners may once again get a tax cut on their property investments.
The prospects we faced were grim. As an educated and decently remunerated couple, with a combined annual income well into the hundred thousands, our options were limited to euphemistically dubbed “do-ups”: properties where you could see your breath inside in winter, some with black mould, others at risk of collapse when the next big earthquake hits.
Now, in early 2023, prices remain relatively high if you ask a born-and-bred Quebecer, but are still a bargain by New Zealand or other major Canadian city standards, such as Vancouver or Toronto. Montreal’s iconic walkups are fetching upwards of $700,000, while large single-family homes in the areas outside the on-island neighbourhoods sell for roughly three-quarters of that.
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