Montreal, Canada. Profit from Real-Estate question.?

Question

If I buy a house worth $300,000 - $500,000 in Montreal area, and after 4-5 years I sell it, will I be able to get any profit from the sale? Or I better rent for 4-5 year period, and safe money? If you know the real-estate market situation in Montreal please advice. Thank you.

Answer 1

YOU ABSOLUTELY DONT WANT TO INVEST IN REAL ESTATE HERE NOW, I worked in real estate as an administrator and also negotiated deals ect.  Values are dropping and may continue, quebecs economy is very dependant on foreign influence and the global situations are starting to spook investors further.  If you were thinking longer term like 10-15 years id say yes.  but for 4-5 years in a crumbling market i just wouldnt risk the headaches.  My concern is not will you make $$ but how much you could potentially loose.

Answer 2

Yes you can make a profit in the next 5 years.  But dont buy this year, wait until next spring, then buy one thats been for sale all winter, by then the sellers are desperate.  My husband and I have bought and sold about 7 in the last 10 years, fixed them up and sold for quite a nice profit on all of them.  You will find rent for a decent house is almost as much as a mortgage...well depend how much you put down I guess though.  Good LUck.