In 2016, Montreal’s real estate market has experienced a lot of changes, especially in the luxury department. After only a few days, 2017 already shows signs of one particular change that has been a long time coming: the power is slowly shifting towards home sellers.
The news has been relayed by many outlets such has Radio-Canada’s Benoit Chapdelaine in an article that doesn’t leave much room to negotiations:
”In 2016, 39 926 houses, condominiums, and other residential properties have been sold in the greater Montreal area, according to the Greater Montreal Real Estate Board’s data. It represents a 5% growth compared to 2015. It is the second increase in a row after four decreases between 2011 and 2014.
The average price has also increased by 4%, reaching 349 573 $, which is less than half of the 729 922 $ recorded in the Toronto area.”
This increase in both worth and number of sold real estate properties is particularly pronounced within the single-family house market. On the contrary, the condominiums market is still mainly dominated by buyers. Nonetheless, overall, this trend is gradually shifting.
On the other hand, we also learn that this increase in the sellers’ dominance will probably be slowed down by the government recent changes in mortgage law. Questioned by Benoit Chapdelaine, Paul Cardinal, Director of market analysis at the Quebec Federation of Real Estate Boards, couldn’t be more convincing. ”About the interest rates, we’ve been foreseeing increases that never really happened. This time, in 2017, it will. We already saw some increases last fall.”
Whatever 2017 may have lined up for us, things are definitely changing in Montreal’s real estate market. If you are planning real estate transactions in the near future, whether you want to buy or sell, note that Genest & Marinacci, Real Estate Brokers, is entirely disposed to help you realize the full potential of your investments.
Photo : WDnet Studio, Stocksnap.io
Source : Benoit Chapdelaine, Ici Radio-Canada