The drop in MLS® sales evidenced over the last few months in the Montréal Metropolitan Area relented in March, registering a 12 per cent decrease compared to the same month last year. Property prices continued to increase slightly, with the median price of a single-family home reaching $227,000, reported the Greater Montréal Real Estate Board. “Spring is the busiest time of the year for the resale market, and 2009 should be no exception,” said Michel Beauséjour, FCA, Chief Executive Officer of the GMREB. “Interest rates are at their lowest ever, and consumer confidence is up. In March, 39 per cent of consumers said that now is a good time to make a major purchase, such as a property, compared to 28 per cent last month,” he added. Read More
Tag Archive for 'Market Conditions'
“The going rate for housing in other central Canadian markets such as Ottawa and Montreal is anticipated to stay relatively flat.”
Forecast average housing prices for 2009 (% change from 2008)
Halifax $234,300 (+1%)
Montreal $254,400 (-1%)
Ottawa $291,000 (0%)
Toronto $364,800 (-4%)
Winnipeg $204,900 (+4%)
Regina $243,300 (+6%)
Calgary $402,000 (-1%)
Edmonton $333,000 (0%)
Vancouver $540,100 (-9%)
Canada-overall $295,000 (-3%)
Source: Royal LePage
Royal Lepage real-estate agent Patricia Karchemny says studies that say our market is overvalued are based on the fact that Montreal rental rates are very low compared to our property values because the Quebec Rental Board keeps rental prices in check.
“If you’re only looking at that then obviously we would be out of whack compared to Toronto or Vancouver, but I don’t believe we’re overvalued here,” she said.
On her website, Montreal Real Estate Pro, Karchemny recently published her take on the Montreal real-estate market, stating: “Prices are still growing above the inflation rate of 3.5 per cent with a five-per-cent rise for single-family homes over September 2007, but there are 10 per cent more active listings on the market compared to the same period last year.”
The increase in sales in the Montréal Metropolitan Area is the highest it’s been in the past 11 months, growing by 13 per cent in September 2008 compared to September 2007, according to the Greater Montréal Real Estate Board’s MLS® statistics. With 3,060 sales this past month, year-to-date overall sales are down by only 2 per cent.
Sales of condominiums in the Montréal Metropolitan Area, which were already performing well, increased by 25 per cent in September 2008 compared to September 2007, reflecting sustained activity in suburban areas (+41 per cent on the North Shore and +27 per cent on the South Shore). Sales of plexes also increased substantially, growing by 16 per cent. And, finally, sales of single-family homes rose by 7 per cent in September, the first increase since the start of the year. Read More
