Real estate prices are highly related to time to travel to the downtown core. With the new REM stations being built in Montreal and the Greater-Montreal Area, transit times to Downtown will drastically reduce and as a result real estate prices around these REM stations will rise. There are currently deals that can be found by buying around future REM stations early.
Transit times for the metro stations were extracted using an API with https://www.mapnificent.net/. Transit times from the proposed REM stations were found by browsing the government website on the REM development (https://rem.info/en). The graph below shows the relationship between transit time and average rent per square foot within a 1-kilometer radius of each Metro Station and proposed REM station. The red dots represent the proposed REM stations, and the black dots represent the existing Metro Stations. There is a clear non-linear relationship between transit time to the Downtown Core and average Rent per Square Foot within a 1-kilometer radius of each station. What is very interesting is that most of the red dots lie below the line of best fit, meaning that currently rents are low around the REM stations and should rise as the stations become operationalized.
Similarly, average sales prices per square foot are also experiencing a discount. The map below illustrate a 15-minute transit radius to the Downtown Core. The REM line is illustrated in light green and several stations are selling at a large discount. Du Ruisseau and Montpellier are experiencing condo prices sell at an average of around $400 per square foot, whereas the cheapest real estate values across the transit network within a 15-minute radius to the Downtown Core is $490 per square foot at Joliette station on the extreme right on the green line. For more insight on the real estate market across Canada, feel free to reach out to us by email or by phone!