Autumn news of the Montreal real estate market

I finally got numbers for real estate sales in October 2022, so I can look at what is happening in the Montreal real estate market and the surrounding area.
House prices have been dropping, as they usually do in the autumn, after the end of the spring and summer home buying season.
However, the market is still in favour of the sellers. Unfortunately, the choice of good houses in good areas of Montreal and on the South Shore (Longueuil, St-Hubert, St-Bruno, etc) remains poor. Detached houses no older than 30 years, are sold in Longueuil for more than $600000, in Montreal – $800000 and more.
Compared to October last year, prices for single-family houses in Quebec have increased by 9%, and for 2-plex and 3-plex by 21%. But this is already lower than prices were this spring.
Prices began to decline for “illiquid housing markets”, i.e. badly located or in need of major repairs. Such houses now “hang” and if someone wants to make renovations to his style, he can bargain and buy such a house.
At the present, the buyers have the chance to buy a new, more spacious house by selling the existing one.  In the spring, it was impossible to do this because there were multiple offers on every house, with 20 or 30 buyers for one house.

What to expect in November and December?

November and December are historically 2 of the 3 best months to buy a home if you want a deal.
Economists predict that the Bank of Canada will raise its interest rate again this year before interest rates stabilize. If the Canadian economy falls into recession, we could see mortgage rates drop starting in late 2023.
Of course, life does not stop and, as always, in the spring, a revival in the real estate market will begin. Therefore, buyers would be wise to obtain a pre-approval letter and lock in today’s mortgage rate for 90 days, then attempt to buy a house or condo in January, when prices will be lowered.
I wish to remind you that under the new law of 2022, the buyer is required to have their own real estate agent. The seller’s realtor is not authorized to represent the interests of the buyer and the seller at the same time.
Some proverbs give good advice, like “Luck is what happens when preparation meets opportunity.”
Please contact me, and I will be happy to help you become the owner of a new house or condo.

Mortgage help for some first-time homebuyers

Happy Canada July Flag Canadian Symbol Canada Day

On the eve of a federal election this fall, the Liberal government is looking to help more Canadians buy their first homes by picking up a portion of their mortgage costs and increasing the amount they can borrow from their retirement savings for a down payment.

Helping people enter the housing market has been a growing preoccupation for the Liberals ever since they were elected in 2015, with soaring real estate prices in some of Canada’s largest cities putting home ownership beyond the reach of many.

An estimated 1.6 million Canadian households are considered in “core housing need,” meaning people who are living in places that are either too expensive or don’t suit their needs.

The means-tested incentive the Liberals unveiled Tuesday would only be available to households with incomes under $120,000 – roughly $50,000 more than the median household income as calculated by Statistics Canada – and on mortgages no more than four times the household’s total income.
Eligible buyers would see the government pick up part of the costs of their mortgages to lower their monthly payments, with the amount of help determined by their incomes and whether they’re buying an existing or newly built home.

Image by <a href="https://pixabay.com/users/PhotoMIX-Company-1546875/?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=1407562">Photo Mix</a> from <a href="https://pixabay.com/?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=1407562">Pixabay</a>

The government also plans to raise the maximum amount a first-time buyer can withdraw from an RRSP: $35,000, up from $25,000. And while the program has long been restricted to new would-be homeowners, those who are recovering from the breakup of a marriage or common-law relationship would also be allowed to take part.

The measure, expected to cost $1.25 billion over three years beginning this fiscal year, would target Canadians “that face legitimate challenges entering housing markets” after qualifying for a mortgage, the budget document says. An additional $100 million would flow to the Canada Mortgage and Housing Corporation to help organizations that already provide the so-called “shared equity mortgages.”

The program, some details of which are yet to be finalized, is part of a tranche of spending that includes establishing a national expert panel on housing supply and affordability, better data collection, and $300 million for a contest to encourage cities to come up with new ways of expanding housing stock.

The new measures could increase the annual number of new homebuyers nationally to 140,000 from 100,000 by lowering monthly payments without creating higher household debt loads, said Finance Minister Bill Morneau, who was confident the measures won’t cause a spike in housing prices.

“We’re recognizing that it is challenging for people in the housing market; it’s a real issue, but what we’ve done is we’ve carefully looked at what’s the best way to deal with that issue,” Morneau told a news conference.

“It’s not going to make an impact on the overall market from a pricing standpoint, meaning people are actually going to be better off, more optimism in terms of housing, and it’s the reason we’re very excited about this measure.”

Source : https://bc.ctvnews.ca/

How real estate feeds the Canadian economy. Macleans.


Real estate is more important to the Canadian economy than you think. Here’s why. Source : Macleans.ca

Canadians aren’t ready to give up on real estate related economic growth. Statistics Canada released final Gross Domestic Product (GDP) numbers for 2017. The Canadian economy squeezed out a gain for the year. Nearly a fifth of those gains came from real estate related industries. Despite talk of a slowing real estate market, over a fifth of GDP still comes from real estate and related industries.

Real estate played a huge roll in driving GDP growth over the past year. December’s numbers show a $55.96 billion increase from the year before. Breaking that number down, $10.73 billion of the increase was related to the FIRE (Finance, Insurance, and Real Estate) segment. This means FIRE represented 19.18% of growth. StatsCan analysts noted the mortgage stress tests, but the ratio is actually lower than it has been recently. So we’re not seeing a large spike due to people squeezing in before stress testing became mandatory.

Source : https://betterdwelling.com/

Immobilier à Montréal – croissance continue. 3-e trimestre 2016.

La Chambre immobilière du Grand Montréal (CIGM) vient de publier les plus récentes statistiques du marché immobilier résidentiel de la région métropolitaine de recensement (RMR) de Montréal.

Voici les principales statistiques du troisième trimestre de 2016, comparées à celles de la même période en 2015.

Ventes :

  • Graph of housing marketLes 8118 transactions conclues au troisième trimestre représentent un sommet d’activité en sept ans pour cette période de l’année.
  • Les ventes de copropriétés ont bondi de 11 %, soit la croissance la plus importante parmi les trois catégories de propriétés. L’unifamiliale et le plex ont également enregistré de bons résultats au troisième trimestre, ces catégories ayant toutes deux affiché une augmentation de 4 % à ce chapitre.
  • Sur le plan géographique, l’île de Montréal (+8 %), la Rive-Sud (+8 %), la Rive-Nord (+6 %) et Vaudreuil-Soulanges (+4 %) ont toutes connu des hausses d’activité au troisième trimestre. Seul le secteur de Laval (-5 %) a essuyé un repli du nombre de transactions résidentielles.
  • Les ventes de propriétés de 500000 $ et plus, toutes catégories confondues, se sont accrues de 24 % à l’échelle de la RMR comparativement à un an plus tôt.

Prix:

  • Les prix médians des copropriétés (250000 $) et des petits immeubles locatifs (455000 $) ont tous deux progressé de 2 % au troisième trimestre de 2016. Les unifamiliales (304000 $) ont quant à elles affiché une hausse plus soutenue de leur prix médian, à hauteur de 5 %.
  • Pour l’unifamiliale, la plus forte hausse (+5 %) parmi les cinq grands secteurs de la RMR appartient à Laval (304000 $), ex aequo avec l’Île de Montréal (420 000 $).
  • Pour la copropriété, la moitié des unités transigées sur l’île de Montréal se sont vendues à un prix supérieur à 295000 $. Cette augmentation de 4 % sur douze mois est la plus importante dans la région montréalaise au troisième trimestre.

Inscriptions en vigueur:

  • 28490 propriétés affichaient « À vendre » dans la RMR de Montréal de juillet à septembre 2016, soit 12 % de moins qu’à la même période en 2015. Il s’agit d’une quatrième baisse trimestrielle consécutive.

Source : Centris.ca

LES GAGNANTS DU TIRAGE 08 Juillet 2016. The winners of the draw July 08, 2016

Le 08 Juillet 2016 le tirage au sort de 3 prix pour mes clients a eu lieu au restaurant “ERMITAGE”.

On July 08, 2016 the draw of 3 prices for my clients took place at the restaurant “ERMITAGE” .

Et voici les noms des gagnants! / And here are the winners!

M. Alexandre K. and Mme Lidya K. ont gagné le premier prix / won first prize – $ 1000.

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M. Than Tuy and Mme Mai Tung ont gagné le deuxième prix / won the second prize – $ 200.

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M. Serguey Z. et Mme Olga Z. ont gagné le troisième prix / won the third prize – $ 100.

Congratulations to the winners! The next draw will take place on January 12, 2017. For a chance to win a prize you have to buy or to sell your property with me before December 31, 2016.