12 Nov Montreal Housing Market Boom Through 2020
Montreal Housing Market Boom Through 2020
It’s time for Montreal to shine!
The Canadian Mortgage and Housing Corporation (CMHC) Fall Report was just released with good news for this city. According to their most recent forecast released Wednesday, the market here is far from peaking. Projected lower inventories of single family homes, and a continued strong job forcast, will keep real estate prices on an upward trajectory.
Although condo construction is booming with the launching of many new projects becoming available, certain hot sectors of the city like the downtown core are in high demand. “Data from Altus Group shows, a record-setting 3,000 new condo units went on the market in the greater Montreal area last quarter, but almost half are already sold.”
“According to Brad Henderson, president and CEO of Sotheby’s International Realty Canada, there’s a lot of room left for prices to grow in Montreal. The median price of a single-family home in the Montreal area may have risen six per cent year over year, but it still remains at a relatively affordable $335,000.
“It’s a global city, a world-class city, that is continuing to come into its own. When people look at the price of real estate in Toronto and Vancouver and other cities around the world, people realize what a bargain it is in Montreal,” Henderson said.
The CMHC also reported that in certain sections of Montreal such as the south part of the West Island, the South West, Rosemont, Villeray, Notre-Dame-de-Grâce, Montreal West and Nun’s Island, there were four or fewer sellers for each buyer.
Despite projected sustained price increases in spite of higher interest rates and mortgage stress tests, the fact is, Montreal is still considered a relatively affordable market with a long way to go before it reaches Toronto or Vancouver price points.