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.



Montreal Real Estate Predictions For 2019

Montreal Real Estate Predictions For 2019

Montreal real estate predictions for 2019 show that we’re increasingly in a digital world, amidst a rapidly changing landscape. Technology has been transforming many industries and real estate will be no exception.

“The intersection of real estate and technology is a major trend in real estate.”

“Fast-paced technological and social change will transform how people live and work, and the real estate sector will face rising pressure to respond with new ideas by accelerating digital transformation, being more innovative with deal strategy and rethinking how it addresses affordability. Those that embrace creativity may find themselves in a position to take advantage of the shifting environment and grow with confidence.”

Proptech, (property technology) trends like blockchain transactions, machine learning, predictive analytics and virtual reality, drones, autonomous vehicles, etc… are helping industry leaders—and emerging real estate start-ups—innovate boldly as they navigate market uncertainty.

Blockchain: “From land title registries to processing rental payments, this new technology has the potential to affect the value chain in real estate. While it’s still early days, real estate blockchain is widely anticipated blockchain will help cut costs and reduce fraud.”

AI (Artificial Intelligence): The power to automate manual, repetitive, mundane tasks like data entry, or help streamline the process of search, will free people from montonous work.

Drones: Can be used to create community docking stations to facilitate last mile delivery needs, or show progress on job site progress for larger scale development projects.

Self Driving Cars: Will redefine how developers think about parking spaces for both residential and retail, as well as urban planning needs and infrastructure.

VR (Virtual or Augmented Reality): Buyers can already view properties through VR head sets without actually having to visit a property. VR property stageing can  provide an interesting alternative to the costly investment in real estate staging such as renting furniture and paintings.

Fintech: New platforms for mortgage lending or the use of tokens in real estate transactions.

“Real estate companies that move too cautiously on implementing new technologies may find themselves at a disadvantage when it comes to competing for the best new talent with the diversity of skills and expertise needed to take full advantage of the benefits of proptech”

*Table via PWC Emerging Trends in Real Estate

Markets To Watch in 2019

Ten markets to watch across Canada:

After many years of suppressed demand, the Quebec market is now a popular target for investors and developers. “Montreal’s economic growth is forecasted to reach 2.2% in 2018 and 1.9% in 2019 after posting a 17-year high in 2017 of 3.7%, according to the CBoC. New construction continues to change the dynamic of Montreal’s central business districts and skyline.” Residential construction has remained healthy in 2018 and will continue this trend into 2019.  Builder’s are trying to keep up with a strong buyer demand and prices are still affordable compared to other Canadian markets like Toronto and Vancouver.

Property Category Outlook

Single Family Homes: Supply is tight, inventories low, prices are higher do to the economics of supply and demand.  It’s a seller’s market and overall affordability in this sector is a concern.

Condominiums: Highest performing category in the Montreal CMA. Sales and prices have increased year over year. Although there are a considerable amount of new developments and units to continually enter the market, demand is strong and the price point more attainable than single family homes. As long as the economic expansion continues in Montreal, the outlook for 2019 should continue to thrive. It’s a seller’s market, of course depending on the location of the condo.

Investment Properties:  Low rental inventories and high demand due to higher interest rates and tougher mortgage rules are sending rent yields increasingly higher. This has not gone unnoticed on developers and investors who are increasing looking for profitable investment vehicles.  Opportunities are still out there but face much competition from strong buyer demand.

Overall: Higher interest rates and tougher mortgage rules will effect affordability and lifestyle choices.

Housing Price Change Year Over Year

Information source: PWC Emerging Market Trends 2019



Montreal Real Estate Numbers September 2018

Montreal Real Estate Numbers September 2018

So what are the most recent Montreal Real Estate Numbers September 2018?

Residential sales rose eight per cent in September compared to the same month last year. Across the Montreal CMA, the category of condominium sales increased 23%, the most amongst other real estate categories. The number of single family home sales remained unchanged since this time last year. The median price point across all categories steadily increased since last year.  Inventory numbers continued to remain low with an overall percentage drop of 17% compared to a year ago.  The 3,220 home sales represent a nine-year high for the month of September.

“In Vancouver, year-over-year sales dropped from February through August. A 20 per cent foreign buyers’ tax, a heightened education tax on $3-million-plus properties and a proposed speculation tax have all put the brakes on home-buying, said Brad Henderson, chief executive of Sotheby’s International Realty Canada.”

Read the full Centris report below:


Montreal Real Estate Numbers September 2018


Montreal real estate sales hit 9-year high for September, extending hot streak

The Montreal real estate market is on a roll. Residential sales rose eight per cent in September compared to the same month last year, with condominiums making up the bulk of the increase, according to the Greater Montreal Real Estate Board. The 3,220 home sales represent a nine-year high for the month of September.

Watch the video:


Centris Residential Sales Statistics – September 2018

Uploaded by on 2018-10-05.

Crea’s Market Forcast For The Balance Of 2018 And 2019

Crea’s Market Forcast For The Balance Of 2018 And 2019

Crea’s market forcast for the balance of 2018 and 2019 expect that “Economic and demographic fundamentals remain supportive for housing demand in many parts of the country; however, policy headwinds have impacted home buyer sentiment and access to mortgage financing in many housing markets. Further expected interest rate increases, combined with this year’s new federal mortgage stress test are expected to continue to keep home sales activity in check over the rest of the year and into 2019,” says CREA in a statement, adding the latest mortgage stress test has had serious effects on markets across the country.

“When the new mortgage stress test was announced last October, it was expected that many home buyers would precipitate their purchases during the two-and-a-half-month window before it took effect this year. In reality, the response to the new policy was stronger than expected. In December 2017, seasonally adjusted national home sales surged to the highest on record before dropping sharply in early 2018.

“With much of 2018 now in the rear-view mirror, the stress-test on all new mortgages continues to weigh on home sales. National activity is on track to hit a five-year low in 2018.”

Interest rates will continue to rise making it more difficult for buyers to qualify. National sales are expected to decline by 9.8 percent to 462,900 units in 2018. Both Ontario and British Columbia are expected to post double digit declines this year. In Alberta, Saskatchewan, Newfoundland and Labrador, sales are expected to only decline slightly by 1.5%. Prices are expected to remain stable overall in Alberta, but decline slightly in Newfoundland, Saskatchewan & Labrador. Sales have increased by 7% over the past 4 quarters in Montreal, according the the latest Centris data. With a shortage of inventory, home prices will continue to increase.

  • The average home price in Montreal is $465,159, an 8% increase
  • The average condo price in Montreal is $304,000, a 5 % increase
  • The average ‘plex price in Montreal is $540,000, an 8 % increase

Some of the reasons cited for Montreal’s healthy real estate market are that Montreal remains affordable relative to other metropolitan cities, attracting buyers and investors from more expensive real estate markets. The recent rise of Montreal as a tech hub for major companies like Facebook, Google as well as the city’s leadership position in fields like AI are attracting investment and jobs. While Toronto & Vancouver have been hot markets for years, the surplus taxation imposed on these cities make Montreal a bargain. Last but not least, Montreal school systems offer many awesome universities and a great quality of life for students.


Montreal Real Estate Stories September 2018

Montreal Real Estate Stories September 2018

How was the Montreal real estate market in August 2018? The short answer is the market held it’s own. Despite lower inventories, sales of condominiums increased by 12% compared to this time last year while sales of single family homes rose 5%. The largest increase in sales was in the plexes categories. Read the Centris Report below to view all the numbers.

Montreal Real Estate Stories September 2018

Montreal Real Estate Stats September 2018

As for the full picture across some of the major markets across Canada, the National Bank Housing Index gives us a snapshot of Toronto, Vancouver, Ottawa and other cities in Canada. Ten of the eleven metropolitan areas recorded increases in the month with Montreal being somewhat in the middle of the spectrum. Read the full Teranet-National Bank House Price Index Report below:

Housing Price Index Teranet_E_180814_Page_1Housing Price Index Teranet_Page_2

Housing Price Index Teranet_Page_3

House Price Index – Developed by Teranet in alliance with National Bank of Canada

An independent representation of the rate of change of Canadian single-family home prices. NOTE: Your browser’s Javascript engine seems to be disabled. Some parts of this site will be difficult or impossible to use.

Watch the Centris Video on the Montreal Real Estate Market Sales for August 2018

Centris Residential Sales Statistics – August 2018

Uploaded by CIGM GMREB on 2018-09-11.

The Bank of Canada held it’s key interest rate at 1.5% but is expected to gradualy hike rates. The next rate announcement is expected on October 24th.

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!

Montreal Real Estate Prices

Montreal Real Estate Prices

Montreal real estate prices vary across the many different neighborhoods in the Greater Montreal area. The sales data and market place can vary as greatly as an areas style of architecture. Within Montreal, there exists many micro neighborhoods and markets.  Although our general market reports cover the overall sales in the GMA, the devil is always in the details. Housing styles and prices are unique to each region and cannot be compared. For example, single family homes in the urban Le Plateau are entirely different and not comparable to the suburban town of Hampstead. Condos in Old Montreal are not comparable to the Griffintown market.

Inventory supplies are significantly lower compared to last year across most of Montreal’s popular quartiers. When looking at a particular region, it’s important to consider the whole picture such as the average days on market, average sales price, inventory supply, etc.

Here’s a quick snapshot of the average selling prices from January – April 2018, in several Montreal areas.Montreal Real Estate PricesData Source Via QFREB

For more detailed information on the market performance in your neighborhood, feel free to contact me. I’d love to hear from you!



Montreal Real Estate Sales Up 10%

Montreal Real Estate Sales Up 10%

Montreal real estate sales were up 10%.  The most recent statistics record 5,432 residential sales in April 2018, which is 10% higher than April of last year. This is the best April since 2010, and Montreal’s 38th consecutive monthly increase in sales. The South Shore led the way at 15%, followed by 13% in Saint-Jean-sur-Richelieu and 12% in Laval with sales on the Island of Montreal showing an increased of 6%.

While both plexes and single family homes enjoyed a sales increase of 6%, it was condominium sales that performed the best in April, with an 18% increase in transactions year over year. From 2017 to 2018, single family homes had a price appreciation of 6% while condominiums had a price increase of 2%.

What’s most noticeable is the decline in inventories in certain markets in Montreal.  According to Paul Cardinal of the Quebec Federation of Real Estate Boards, the growth in the real estate market is being driven by the stronger local economy.

“We’ve had in Montreal a spectacular improvement in our employment market over the last two years,” he said.

There’s also been an increase in net-migration to Montreal and consumer confidence is at the highest level in 15 years, Cardinal said.

“You combine that with low interest rates and you have a strong demand for housing,” he said.

Despite increasing sales and declining inventory, Montreal doesn’t appear to be heading toward the type of runaway price growth that was seen in Toronto and Vancouver.

Cardinal said the number of months of inventory — the ratio of active listings to sales — is close six for single-family houses and plexes in Montreal. It’s 8.5 for condos. In the Toronto area, the supply of inventory is three months for single-family houses and four months for condos.






How’s The Montreal Real Estate Market First Quarter 2018

How’s The Montreal Real Estate Market First Quarter 2018

How’s the Montreal real estate market first quarter 2018, shows residential sales were up seven percent in Montreal compared to 2017. Inventory was down sixteen per cent and prices were up five per cent for homes and three percent for condos.  Among the different types of properties, condominium sales took the lead registering a jump of seventeen percent creating a new first quarter sales record. Sales of single family homes increased by two percent, and plexes by five percent.

In Montreal, the median family home price was $310k and condominiums $245k. Of course there is a huge difference in price which varies from neighborhood to neighborhood.  The strenght of the market is dependant on supply and demand and this first quarter in the Montreal market showed a decrease of supply of condominiums by seventeen percent, single family homes by sixteen percent.

Read the full report:

View the latest Video stats for April 2018

According to Bloomberg,

Montreal Is Canada’s Next Hot Housing Market

Read the article:

Montreal Is Canada’s Next Hot Housing Market

Montreal’s housing market is finally getting on the map. An economic revival in Canada’s second-biggest city is fueling a real-estate renaissance, speeding up sales, shrinking inventories, and luring foreign buyers. More stringent lending rules have curbed transactions and slowed price growth in Toronto but have had little effect on Montreal, where buyers are flocking to new condos and sellers are gaining the upper hand.