Condo Activity Boosts Residential Market In Montreal

According to the Greater Montreal Real Estate Board, the performance of Montreal’s immense condo market has resulted to a record number of homes being sold during the previous month in that area. In the month of May, 5,057 residential properties were sold, which was up year-over-year by 15 per cent and a new record for that month.

The increase came about in the middle of concerns of a spill over effect in Toronto’s foreign buyer’ tax on the second-largest city in Canada as reported by the Canadian Press. Observers in Real Estate market have given their opinion on whether a 15 per cent levy on foreign buyers in the Golden Horseshoe region which includes the Greater Toronto Area, would push sales in Montreal.

Paul Cardinal of the Quebec Federation of Real Estate Board noted it’s too early to determine whether the tax which was endorsed by the government in Ontario last month in retrospect to April 21, would have an effect on dealings.

Cardinal noted Montreal is prepared to have one of its best years concerning sales of home, attaching that to increase in employment, addition of temporal tenants and causing consumer confidence to improve.

Paul explained; “Demand is strong and listings are going down. We’re back in a seller’s market for single-family homes.” Finance Minister for Quebec, Carlos Leitao guaranteed he had no intentions for the immediate term to have a foreign buyers’ tax on Montreal homes introduced, but is however open to the idea if there is need for one.