Montreal About To Make Breakthrough

It seems that Montreal is about to hit a landmark and have their first ever largest growth in home price since 2010. With the way things are going and the ostensible slowdown in the major real estate markets in both Vancouver and Toronto, the Quebec Federation of Real Estate Boards can’t help but notice the change Montreal is about to experience.

The value of residential property in the Montreal area is set to grow by 6 per cent this year from the previous estimate of merely 1 per cent in January. Eric Goodman, the agency executive for Century 21 Vision told a news reporting site that; “We aren’t as crazy as Vancouver and Toronto as far as price increases, but activity is pretty good.”

Although the figure is a comparative giveaway as it is about one-third the levels in Vancouver and Toronto, the average price is still anticipated to go up to $312,500 for single-family home in Montreal. The sales volume is anticipated to go up by 4 per cent over the year, increased to a seven-year high of 41,500 property dealings.

Luckily for the market in Montreal, they have been an exemption from the overheating that caused Ontario and the governments in B.C. to endorse a tax on their foreign buyers’. Chief executive Office of Desjardins Group, Guy Cormier contended that Montreal does not require a levy since there is no sighting of a real-estate bubble in the city as at now.

According to the info by CMHC, a share of foreign home buyers in Montreal was at 1.3 per cent at the end of last year, the figure which the CMHC will stick to for now. David L’Heureux, CMHC principal of market analysis said; “We expect the number to remain close to 1.5 per cent in the short term.”

For those running away from the markets in Toronto and Vancouver, Montreal might be a desiring place for them to go, nonetheless, it won’t be unexpected if the city becomes the new target for foreign investors interested in residential real estate, based on the professor of real estate management at Ryerson University in Toronto, Cynthia Holmes.