GMBREB: Montreal Home Property Improved By Condo Activity

The Greater Montreal Estate Board reported that due to the massive success realized in the Montreal’s condo market, a record of home sales had ensued henceforth in the municipality in the month of May. In comparison to the previous year, a figure amounting to 15% was made this time. This availed the sales of 5,057 homes which set a new record in the month of May.

A superficial fear that a foreign buyer’s tax in Toronto, might be having a great effect on Montreal’s market, could have been the main reason for such an outburst, said the Canadian press.

Evidence of such a profound magnitude, prompted the Real estate observers to swiftly share their views on the matter. They tried to extrapolate how such a 15% tax on foreign buyers, in the Golden Horseshoe Region which encompasses the Greater Toronto municipalities, could create ripple effects that might increase sales in Montreal.

“It is too soon to conclude that the tax levied by the Ontario government could have affected trade in the markets last month. Although it had made an ex post facto till the month of April, it is simply not viable to make conclusions yet,” said Paul Cardinal from the Quebec Federation of Real Estate Boards.

The city of Montreal is soon to thrust itself into elevating seasons of good fortune in the years to come, owing to the high sales of homes. This, Paul Cardinal mentioned, could be credited to the giant leap in employment growth, boosted consumer assurance and reduced permanent residents.

With enthusiasm Paul concluded, “The seller’s market for single family homes is thriving again, listings have downsized and the demand is growing ever stronger.”

The Quebec Finance Minister, Carlos Leitao, in his remarks stated that he had no intention of levying a foreign buyer’s tax on Montreal homes now or in the future. Notwithstanding, he reaffirmed that if the necessity for such action was required, he would not hesitate to endorse it.

J C Loum