REAL ESTATE MARKET INDICATION IN MONTREAL

 

After a slow period,in which the market had been depressed, Montreal real estate returned in 2016.

Low interest rates, a shift in local politics and an increase in consumer confidence have helped to improve the market. In addition, Montreal prices are unreasonably low compared to Toronto and Vancouver.

In Vancouver, where foreign buyers have fuelled a surge in prices, the average price for a detached home is close to $1.5 million; the average sales price in Toronto in 2016 was about $730,000. On the island of Montreal, however, the median sales price for a single-family home in 2016 was $415,000.

 Montreal has always been a more sure market than others. The upper end has been the most active segment in the market. The number of properties that sold for more than $500,000 increased 20 % in 2016, compared with a year earlier, the Quebec Federation reported, and in the Centre area, which includes Westmount, the average price of a single-family home was an 11 %increase from a year earlier.

Foreign buyers are primarily from the United StatesFrance and China, account for less than 5 % of sales in Montreal. Only 1.1 % of condos in Montreal are owned by foreigners, compared with 2.3 % in Toronto and 2.2% in Vancouver, according to a report by the Canada Mortgage and Housing Corporation. But there has been an increase in foreign buyers in the last year, especially those from the United States and China.

 

 

 

[from NYTimes]

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