It's no secret that Montreal real estate is currently booming. The rise in real estate prices is driven in particular by the growth in the number of foreign buyers, which has jumped 40% since the beginning of the year, with a marked increase in the Chinese clientele.Comparatively cheaper than other major Canadian cities such as Toronto or Vancouver, Montreal seems to be a new real estate El Dorado. This dynamic is supported by positive migratory flows, a stable economic climate and the installation of a growing number of multinationals, particularly in the technology sector. Recently, even the American giant Amazon mentioned the possibility of installing its second world headquarters in Montreal.
Single-family homes in Montreal: a rare commodity
One type of property is particularly attractive to investors: single-family homes. The only problem: in some popular neighbourhoods such as Saint-Henri, Plateau Mont-Royal or Rosemont, single-family homes are very rare and are subject to fierce competition. The average price of a single-family home in Montreal has increased by 53% over the last ten years! Vacant land for new construction is also very difficult to find.
To make up for this, more and more buyers are opting for the purchase of a duplex or triplex which they then transform into a single-family home. This allows them to target less competitive goods and renovate them to their liking.
So, why convert a duplex or triplex into a single-family home in Montreal? Here are a few good reasons:
The benefits of converting a duplex or triplex into a single-family home in Montreal
1. A cost-effective solution
The scarcity of single-family homes in Montreal has resulted in a significant increase in prices and the perceived value of this type of housing. For example, in some neighbourhoods near downtown Montreal, you may soon be paying more than $ 400 per square foot for a single-family home. Duplexes or triplexes generally offer a lower price per square foot, although they require more investment in order to be converted.
2. An opportunity to live in the city without being cramped
For families who wish to resist the call of the suburbs, a critical element often arises in a recurring way: the possibility of having a 3rd bedroom. The transformation of a duplex or triplex into a multi-storey single-family home perfectly meets this need. Even better, in the case of a triplex, it allows putting the master suite on a completely different floor from the kids bedrooms for those who wish to have a little more tranquility.
A duplex or triplex converted into a single-family home can very easily offer over 2,000 square feet of living space. This space will allow you to create a spacious vestibule, an additional bathroom, an open kitchen and of course the very much needed 3rd bedroom!
3. More choices
The island of Montreal is full of duplex or triplex for sale especially in urban neighborhoods near downtown such as Plateau Mont Royal or Rosemont. At the moment (March 2018), 224 plexes are for sale on the Centris site in these neighborhoods and there are less than 50 single-family homes in the same areas.
This additional choice will allow you to be more demanding, especially in terms of the geographical location of your property (proximity to public transport, schools, etc.).
4. More freedom
When you are the sole owner of your building, you naturally have more freedom to the extent of the work that can be done. Transforming a duplex into a single-family home in Montreal allows you to dig a basement, build a garden, expand its terrace (or have one built on your roof). A basement renovation can for example allow you to finally have the bachelor, the open kitchen, the guest room or family room you always dreamed of!
The construction of a patio in your garden will allow you to welcome your friends for summer barbecues in a friendly and airy space.
In duplexes and triplexes, the kitchen is traditionally positioned at the back of the house. Renovation work to place it in the middle of the open space could, for example, promote proximity to the living room and contact with the children. In short, the possibilities are limitless, just be creative!
5. Alot rarer
The conversion of a duplex or triplex into a single-family home is often an opportunity to create a unique property that combines charm and uniqueness.
However, before you start renovating, do not forget to obtain a conversion permit and have the work approved by the Urban Planning, Business Services and Public Affairs Department. In addition, if the project involves a modification of the living area, it is strongly advised to consult this committee in advance.
Single-family homes in Montreal are extremely rare properties. If you want to transform your home into a cottage, contact Espé Reno Urbaine’s professionals today. Also take advantage of our interior design service for well thought-out renovations.