Montreal’s Housing Market Set to Make BOOM!

With the evident slowing down of  leading estates markets of Toronto and Vancouver, the Quebec federation of real estate boards announced that Montreal is well on its way to experience its largest home price growth since 2010.

Montreal area residential property evaluations are on track to grow by 6 percent in 2017, up from a January prediction of 1 per cent.

“We aren’t as crazy as Vancouver and Toronto as far as prices increases,” Century 21 vision agency executive Eric Goodmar told Bloomberg. ”But activity is pretty good.”

The average cost for a single family home in the city is due to increase to $312,500, still a relative deal  as the figure is roughly one third the levels in Toronto and Vancouver. Sales volume has also been predicted to increase by 4 percent year over year, up to a seven year high of 41,500 property transactions.

The Montreal market has so far been spared from the overheating that has led to the B.C and Ontario governments imposing their own foreign buyer taxes. Desjardins group chief executive officer Guy Cormier argued that Montreal has no need for such charge as there is” no real estate bubble forming” in the city at the moment.

Data from CMHC displayed that the percentage of foreign home buyers in Montreal stood at 1.3 percent by the end of 2016,a figure that CMHC officials said might hold up for some time.

“We expect the number to remain close to 1.5 percent in the short term,”CMHC principal of market analysis (Montreal) David L’Heureux said.

The city’s standing might prove tempting to those fleeing the Toronto and Vancouver markets, however.

“I wouldn’t be surprised if Montreal becomes the new target for foreign capital investing in residential real estate,” according to Cynthia Holmes, professor of real estate management at Ryerson University in Toronto.

Montreal is on the verge of becoming one of Canada’s most fulfilled housing market.