Suburbs may lure more Montrealers
June 24, 2019
Even young cosmopolitan denizens may be tempted to move from the island of Montreal to the suburbs, based on data released by Canada Mortgage and Housing Corp. (CMHC).
The CMHC study found those aged 25 to 44 who left Montreal for a single-family home in Laval or the South Shore in 2016 saw their monthly mortgage payments drop by about $485, while those who travelled further to the North Shore saved about $650 a month.
However, the survey pointed out that travel expenses from the North Shore back to the island of Montreal reduced the monthly savings it to about $380.
CMHC cautions that the flight to the suburbs—which has increased in recent years—could become an exodus if home prices on the island of Montreal continue to increase more quickly than in the suburbs.
“New modes of public transport in the Montreal area that diminish the time/cost of commuting to the workplace will allow those householders who migrate to the suburbs to undoubtedly realize even greater savings when they buy their home,” the study notes.
The Réseau express métropolitain (REM) commuter train—a 67-kilometre line linking the South Shore, Ste-Anne-de-Bellevue, Laval and Deux-Montagnes—is being built, along with a link between Trudeau airport and downtown Montreal. The REM is expected to be operational in 2021 and to significantly reduce commuting times.