Montreal Bidding Wars Fact or Fiction

Bidding Wars In Montreal Fact or Fiction

Bidding Wars In Montreal Fact or Fiction

Bidding Wars In Montreal Fact or Fiction

According to the QFREB, Montreal CMA is currently the only province that’s in firm seller’s market territory. Sales transactions are up while inventories are down, giving sellers somewhat of an upperhand in negotiations.

Bidding Wars In Montreal - Sales over asking

The chart of where sales are happening over asking by region. Chart Source via: QFREB

How much or what percentage did buyers pay over asking:

Sales prices over asking by province

Sales price percentage over asking by region, chart source via: QFREB

“For single-family homes, several municipalities in the West Island stood out , such as Pointe-Claire (31 per cent), Kirkland (26 per cent), Beaconsfield (25 per cent), Dollard-des-Ormeaux (21 per cent) and Dorval (20 per cent), which registered the highest proportions of sales above the asking price. However, first prize goes to the area of Rosemont/La Petite-Patrie, where nearly one in three single-family homes sold above the asking price in the past 12 months.”

When we compare the overasking percentages in the Montreal CMA region by type of property from May 2017 to April 2018,  14.9% of sales concluded above asking price. For condominium sales the number was 7.9% and for plexes 10.4%.

View the QFREB Chart Below

Montreal Sale Price Over Asking by Property Category

Each region or micro neighborhood has it’s own performance, here are the numbers by area:

Montreal Sale Pricing Over Asking by Area

What about the rest of Canada?

Canadian new home prices  remained flat for the second month in a row in April as higher  interest rates and tougher mortgage regulations dampened buyer  enthusiasm, Statistics Canada said on Thursday.  New home prices in Toronto, Canada’s biggest city, fell 0.3  percent from April 2017, the first year-over-year decrease since  October 2009.

As far as bidding wars go in Montreal, my advice is, let cooler heads prevail!

Bonnie Meisels
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