Whether we like it or not, 2018 is already coming to an end and the time has come for reviews. In the last few days, Quebec real estate news have been covering one thing, and one thing only: 2018’s sales records and those expected in 2019. Anyone thinking of buying or selling in the next fews months should take a minute to understand the situation…
As reported by La Presse newspaper, the Journal de Montréal, and Les Affaires magazine, the Quebec Federation of Real Estate Boards (QFREB) presented its analysis on November 21st. The report in question is unequivocal:
“While the residential real estate market in Quebec already had record sales in 2017, it will be smashed in 2018 with 86,000 transactions recorded through the Centris system. All metropolitan areas in the province, with the exception of Trois-Rivières, are actually experiencing a growth in the number of transactions this year.”
Although the situation of Quebec’s real estate market has been “healthy” for some years now, it was difficult to predict exactly the sales records beaten in 2017 and 2018. But what does it mean for buyers and sellers?
Well, according to Martin Jolicoeur of Les Affaires magazine, the answer depends on the location. “When it comes to market conditions, Montreal and Gatineau are characterized by conditions that benefit sellers. Conversely, it is the buyers who have more bargaining power in the Quebec, Sherbrooke and Saguenay areas”, he says.
To this question, Mr. Paul Cardinal, an economist from the Quebec Federation of Real Estate Boards (QFREB) told La Presse: “Spring will be very active. The first buyers will be very present, especially at the beginning of the year. […] In the second half of the year, the fall of 2019 will be a little less dynamic than this autumn because the rate hike will start to take effect.”
Well! Whatever your plans are for 2019, or even by the end of 2018, Genest & Marinacci, Real Estate Brokers, are available to make the most of your property or your future investments. Contact us without delay!
Photo: Nicolae Rosu, Unsplash