Known as "The Point", Point Saint Charles is a tranquil neighborhood in the southwest borough of downtown Montreal.
The neighborhood has enjoyed something of a revival in recent years and is now an "on trend" area, attracting a young demographic to the region. The Montreal Technoparc industrial park opened in 1988 on a former landfill site and is now home to a litany of small and medium-sized enterprises. Investment into the Lachine Canal for recreational use spurred the reclamation of factories along the canal, now converted into lofts and condominiums.
Its close proximity to downtown Montreal is the main attraction for many residents. "Most young people are priced out of the condo market downtown and that is one of the main reasons why they are drawn to this particular area," explains Angela Langtry, an agent with Century 21.
"Prices in the area quickly rose for five years and it was a real sellers' market, but it has stabilized in recent months and now is a good time to invest once again," she explains.
Langtry also adds there is a high volume of renters in the area, while it has begun to attract a number of young families who want an open and safe place to reside.
Point Saint Charles has a number of traditional Victorian buildings converted into duplex and triplex apartments, all of which have proved popular with renters.
"These old buildings and the number of new condo developments tend to appeal to young professionals commuting downtown, while we have also seen a rise in interest from younger families who want to live in two-bed condo apartments," she says.
Source: Canadian Real Estate Wealth Magazine (November 2013)