John Montagu ordered the first-ever sandwich from his butler in 1750, demonstrating that sometimes the greatest results stem from the least amount of effort.
Buying a house at the right time might be the best way to duplicate that same astounding work-to-reward ratio here in Montreal. Here's a few examples of how you could have done it in Montreal.
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460 Mount Stephen - 1968 asking price $49,500 - current value $1.5 million.
Montreal five decades back was constantly rocked by terrorist explosions and the jobs had already started marching down the 401 to Toronto.
As a result, this prestigious abode in a posh area of Westmount could be had for $49k, ($350,000 in today's money). So for about $90,000 in today's cash - the bank would provide a mortgage for the rest - you could have scored an asset that grew 30 times to a value of $1.5 million today. If you had taken your $17,000 in 1968 and instead invested it at say, 6% over those 50 years, you'd have a mere $338 ,000 today.
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670 Victoria, Westmount, asking price $43,500 - current value $1.5 million
The FLQ October Crisis saw tanks rolling down Montreal city streets, surely doing little to help home prices stay bubbly. This doll of a house near The Boulevard in Westmount could have been snagged with about $11k cash down with the bank picking up the rest in the form of an affordable mortgage. (the asking price was $287k in today's dollars). An absolute steal. You'd be driving a Ferrari, Rolls and helicopter if you had been in the right place and time for this one.
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Many remember the era about 25 years ago when Montreal triplexes routinely sold for $90,000. But does anybody recall when you could put one in your pocket for less than one quarter of that price? The PQ's separation referendum of that time surely had an effect on pushing prices downwards.
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Buying a house at the right time might be the best way to duplicate that same astounding work-to-reward ratio here in Montreal. Here's a few examples of how you could have done it in Montreal.
Sept 1968
460 Mount Stephen - 1968 asking price $49,500 - current value $1.5 million.
Montreal five decades back was constantly rocked by terrorist explosions and the jobs had already started marching down the 401 to Toronto.
As a result, this prestigious abode in a posh area of Westmount could be had for $49k, ($350,000 in today's money). So for about $90,000 in today's cash - the bank would provide a mortgage for the rest - you could have scored an asset that grew 30 times to a value of $1.5 million today. If you had taken your $17,000 in 1968 and instead invested it at say, 6% over those 50 years, you'd have a mere $338 ,000 today.
November 1970
670 Victoria, Westmount, asking price $43,500 - current value $1.5 million
The FLQ October Crisis saw tanks rolling down Montreal city streets, surely doing little to help home prices stay bubbly. This doll of a house near The Boulevard in Westmount could have been snagged with about $11k cash down with the bank picking up the rest in the form of an affordable mortgage. (the asking price was $287k in today's dollars). An absolute steal. You'd be driving a Ferrari, Rolls and helicopter if you had been in the right place and time for this one.
August 1980
4618 LaSalle Blvd, Verdun - asking $20,000, current value $495,000.Many remember the era about 25 years ago when Montreal triplexes routinely sold for $90,000. But does anybody recall when you could put one in your pocket for less than one quarter of that price? The PQ's separation referendum of that time surely had an effect on pushing prices downwards.
October 1995
4186 Melrose, NDG, asking - 189,000 current value $837,000 Days before the 1995 Quebec referendum nailbiter this and many other Montreal-area homes could be had ultra cheap. Prices remained low for about seven years following but in spite of the great deals many insisted that they'd wait until the next referendum to purchase property.
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Note: House prices plummet when mortgage rates are high. So an inexpensive house could be costlier than it appears when the loan is factored in.
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Note: House prices plummet when mortgage rates are high. So an inexpensive house could be costlier than it appears when the loan is factored in.
