10 Aug It’s Official Canada’s New Hot Housing Market Is Montreal
It’s Official Canada’s New Hot Housing Market Is Montreal
Canada’s New Hot Housing Market Is Montreal! With the cooling of Toronto’s housing market since the imposed 15% tax on foreign buyers, and the days of never ending price increases in Vancouver now well behind us, Montreal has picked up the slack. Montreal posted a 15% increase in sales in May 2017 over this same month last year. Prices, while expected to rise only by 1%, in fact rose by 6%. There is quite a lot of interest from foreign buyers who have fallen in love with our beautiful city and like the idea of having a vacation home or pied–à–terre.
According to the Montreal Gazette, salaries are rising faster in Quebec than any other province. This also helps establish a hot housing market in Quebec.
Wages are rising faster in Quebec than in any other province, and Quebec is expected to continue leading the country in 2018, according to a survey conducted by the Toronto-based human resources company Morneau Shepell. Average salaries in Quebec are expected to grow by 2.6 per cent, as a percentage of payroll, in 2018, according to the survey, which was released on Wednesday.
Most importantly, it’s important to note that Montreal remains considerably more affordable than Toronto or Vancouver. “The median price of a single-family home rose to $319,000 in May, a fraction of the $1.1-million average price recorded last month in Toronto, and the $1.56-million benchmark price in Vancouver.”
To read the full article on the Huffington Post click on the article below;
With Toronto’s housing market showing signs of cooling, and Vancouver’s days of heady price increases now well behind it, a new top dog is emerging in Canada’s real estate market: Montreal. The city posted record-high sales in May, jumping 15 per cent from the same month a year ago, according to data released Tuesday by the Greater Montreal Real Estate Board.
Chart Via Huffington Post
Here’s a peek at Crea’s National Sales Stats For Canada:
The information contained in this report has been prepared by The Canadian Real Estate Association drawn from sources deemed to be reliable, but the accuracy and completeness of the information is not guaranteed. In providing this information, The Canadian Real Estate Association does not assume any responsibility or liability.
Chart Via Crea