Accessibility to renting a luxury condo Vs accessibility to buying a property in Montreal

Although the real estate market can fluctuate according to different contextual aspects, in general accessibility to property in Montreal is becoming more and more difficult and therefore people often turn to condo rentals.

Renting a luxury condo in Montreal is, in most cases, a bargain compared to monthly payments for the cost of purchased real estate. On the other hand, some will say that renting a condo is to sacrifice part of your quality of life compared to having a house, but it has been clearly demonstrated that a luxury condo can really improve the quality of life.

Others will say that the cost of payments of buying real estate is an investment while renting is an expense…

What to make of the difference between the cost of renting a luxury condo and buying a house in Montreal?

In fact, the difference between the cost of renting a luxury condo and buying a property in Montreal is significant and if the difference between the two is used to be invested in a financial vehicle like investment in the stock market, real estate, or other, it can be a winner.

Additionally, notwithstanding the cost of monthly payments, the time and expense involved in looking after a purchased property are considerable and add to the budget which then cannot be invested to reap a tangible return on investment.

Obviously, buying a property and renovating it will give it a lot of value and the appreciation will also be a good return on investment when the property will be sold, but if this purchase and these renovations are so expensive that a huge part of your budget is devoted to it, your quality of life will suffer. Also, will selling this property create the stress of finding a new property at a good price to make a profit?

In short, renting a luxury condo and using a good part of the difference to reinvest is a very interesting avenue that is being considered more and more by a multitude of people.