Montreal Real Estate News November 2018

Montreal Real Estate News November 2018

Some key highlights in and around Montreal real estate, as of November 2018 show that October home sales in Montreal up 11 per cent compared with 2017   While luxury home sales drop 35% in Toronto and Vancouver; high-end condo sales up,  Montreal was the only Canadian city to see it’s housing price index rise in October. According to the Montreal  CMHC report,  the Montreal housing market is stable. Market conditions for all housing types — including condos — are now favourable to sellers, according to the CMHC. This was especially true for the sales category of single family homes.

“Last quarter, condo sales increased 46 per cent year over year, according to Altus Group’s most recent market overview.” Millenials are opting to purchase condos not because they prefer the urban lifestyle, but for many, condos are more attainable from a price persepective, than a single family home.

Lifestyle technology trends are influencing some nice new features in new condo developments. Food deliveries sitting at the concierge will be a thing of the past as storage rooms are created to store food delivery services like Uber Eats, Foodora or grocery deliveries.  High tech shared workspaces can be incorporated into condo projects to make it even easier to go from home to work.  Experts are already expecting autonomous car, electric scooter and bike companies to invade Canada in the coming years, along with the increased adoption of drone delivery and autoshare car services are bound to change the landscape. Cannibus delivery, telemedicine, social and entertainment platforms.

“Car-sharing service Car2Go, for example, has eyed partnerships like one it struck with Knightsbridge Homes at Calgary’s first condo development without parking, the N3. The partnership involved Knightsbridge purchasing Car2Go minutes and splitting them amongst tenants in the building’s 120 units, eliminating the need to own a vehicle. Condo developers are also dabbling in the social media world when building new units. In 2014, condo developer Tridel partnered with Vancouver-based social networking business Bazinga, which runs a platform that lets residents chat with each other and building staff, book amenities, access important documents and receive news about their community. Bazinga said it is currently used in more than 1,000 buildings across Canada and close to 100,000 units in Alberta, British Columbia, Quebec, New Brunswick and Ontario.” Read the full article here

 

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.