While browsing through the available inventory of properties in the Island of Montreal, I noticed the alarming amount of foreclosure properties listed.For the most part, they are on the east end.
RDP and Mercier/Hochelaga are heading the repo areas with 12 listings on the market. This is 12 listings on each sector. Montreal Nord follows with 7 properties .
- Source: Abbey & Olivier -Chartered real estate broker
In Mercier/Hochelaga there are 10 listings of plexes (duplex and triplex) , while the other is a condo and a bungalow. Makes you think about the investors who went in to purchase the income property believing they’d make a killing renovating and reselling the premises, or increasing the rent. It takes a large sum of money sitting in the bank “just in case” things don’t go as planned. If not, well…you see it now, the bank takes back what it’s owed to them.
- Source: Proprio Direct Inc.
RDP matches the amount of repos with an equal amount of 12 listings but in contrast to Hochelaga, most of these are single family homes and condos.
Montreal Nord has 7 listings: a mix of condos, houses and income properties.
While there are also a few repossessions in Le Plateau, Villeray and NDG, the amount of properties isn’t as many as in the east end. [Read more...]
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