26 Feb Some Of The Latest Economic Trends In Montreals Real Estate Market 2016

These are some of the latest economic trends in the Montreal real estate market in 2016, via the QFREB,

Here are some points to keep in mind about recent economic conditions:

According to the Canadian Real Estate Association (CREA), 24,901 residential properties changed hands across the country in January 2016, an 8 per cent increase compared to the same month in 2015. This is the twelfth consecutive monthly increase in residential sales for the country. The average price for all property categories combined reached $470,297, an increase of 17 per cent as compared to the same month in 2015. However, if the Greater Vancouver and Greater Toronto markets are excluded, the national average drops to $338,392 (+8 per cent).

According to Statistics Canada, the Québec job market gained 30,500 positions during the twelve months ending in January. Specifically, full-time employment performed well with an increase of 67,400 jobs, while part-time employment posted losses (-37,000 jobs). The unemployment rate, meanwhile, increased by 0.2 percentage points as compared to January 2015 to reach 7.6 per cent.

According to provisional data from the Canada Mortgage and Housing Corporation (CMHC), 1,398 housing starts took place in Québec urban centres with a population of 10,000 and over in January 2016, an increase of 8 per cent as compared to the same period in 2015. In particular, the Sherbrooke census metropolitan area (CMA) recorded the largest growth, with a jump of 72 per cent in housing starts.

The most recent economic indicators and their impact on the residential real estate market by the QFREB’s Market Analysis Department.

Major Economic Indicators
Indicators	Most Recent Data		Base Period	Next Update
Mortgage Rate (5-year term)	4.64%		N/AV	N/AV
Consumer Confidence – Québec	31.4%		February 2016	March 25, 2016
Monthly Employment – Québec	-3,200		January 2016	March 11, 2016
Quarterly Employment – Québec	+2,600		4th Quarter 2015	April 11, 2016
By Metropolitan Area By Administrative Area
Monthly Unemployment Rate – Québec	7.6%		January 2016	March 11, 2016
Quarterly Unemployment Rate – Québec	7.7%		4th Quarter 2015	April 11, 2016
By Metropolitan Area By Administrative Area
Housing Starts – Québec	+8.0%		January 2016	March 8, 2016
Housing Market – Canada	+8,0%		January 2016	March 15, 2016
Housing Market – U.S.A.	+0.4%		January 2016	March 29, 2016
Housing Price Index (S&P/Case-Shiller, Composite 20) – U.S.A	+5.7%		December 2015	March 29, 2016
Key Interest Rate – Bank of Canada	0.5%		N/A	April 13, 2016
Annual Inflation Rate – Canada	+2.0%		January 2016	March 18, 2016
Gross Domestic Product – Canada	+0.3%		November 2015	March 1, 2016
Gross Domestic Product – Québec	-0.4%		November 2015	March 30, 2016
N/A = Non applicable – N/AV = Non available