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2023 ended with a slight decline in sales and home prices in the Greater Montreal area. But the market should recover soon, perhaps at the same time as nature, at the end of winter, experts predict.<\/p>\n2023 ended with a slight decline in sales and home prices in the Greater Montreal area. But the market should recover soon, perhaps at the same time as nature, at the end of winter, experts predict.<\/p>\n
According to real estate firm Royal LePage, we saw some “passivity” from buyers in 2023 as the year saw widely reported increases in mortgage rates. And while there may seem to be an increase in the number of “For Sale” signs on city streets, supply remains “historically” low. In the Montreal region, the number of homes on the market is currently 47% lower than the average over the past decade. However, not everything is so gloomy and hopeless. In its report, Royal LePage noted that demand for property viewings is already growing. This certainly means that potential buyers are expecting better deals this year and are already in the home-hunting phase.<\/p>\n
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This is exactly what realtors observe in their practice. \u201cThey have a lot more calls, a lot more visits,\u201d confirms Dominic St-Pierre, vice-president and general manager of Royal LePage, Quebec region. He predicts a \u201chot\u201d spring market. Which has nothing to do with temperature, he clarifies. Buyers are waiting for real reassurance about the Bank of Canada’s intentions and lower mortgage interest rates. \u201cAnd even if the decline does not happen now,\u201d adds Mr. St. Pierre, but at least in the near future. Once this is done, we should see a gradual return of life, especially among buyers who have put their projects on hold to wait for these more favorable conditions.<\/p>\n
The market recovery will not be as strong as in 2021, which was exceptional, but \u201cthe market should be very active again,\u201d says Dominique St-Pierre, \u201clike before the pandemic, when the real estate market in Montreal was very active.\u201d<\/p>\n
Home owners can be sure that their property continues to increase in value. Statistics for 2023 confirm the rise in residential property values both in Montreal and throughout Quebec. Average property prices are expected to rise another 5% in 2024.<\/p>\n
If we observe the market over a longer period, we note a 30.6% increase in property values over the past four years in the Montreal region – from the end of 2019 to the end of 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"
2023 ended with a slight decline in sales and home prices in the Greater Montreal area. But the market should recover soon, perhaps at the same time as nature, at the end of winter, experts predict. According to real estate firm Royal LePage, we saw some “passivity” from buyers in 2023 as the year saw … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1,58,68,60,59],"tags":[8,84,17,16,101],"class_list":["post-3579","post","type-post","status-publish","format-standard","hentry","category-immobilier","category-real-estate-2","category-statistics","category-statistique-2","category-tendances","tag-best-deal","tag-housing-market","tag-mortgage-rate","tag-real-estate","tag-statistics"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p1UEHj-VJ","_links":{"self":[{"href":"https:\/\/www.olgaouspenski.net\/blogwp1\/wp-json\/wp\/v2\/posts\/3579","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.olgaouspenski.net\/blogwp1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.olgaouspenski.net\/blogwp1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.olgaouspenski.net\/blogwp1\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.olgaouspenski.net\/blogwp1\/wp-json\/wp\/v2\/comments?post=3579"}],"version-history":[{"count":1,"href":"https:\/\/www.olgaouspenski.net\/blogwp1\/wp-json\/wp\/v2\/posts\/3579\/revisions"}],"predecessor-version":[{"id":3581,"href":"https:\/\/www.olgaouspenski.net\/blogwp1\/wp-json\/wp\/v2\/posts\/3579\/revisions\/3581"}],"wp:attachment":[{"href":"https:\/\/www.olgaouspenski.net\/blogwp1\/wp-json\/wp\/v2\/media?parent=3579"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.olgaouspenski.net\/blogwp1\/wp-json\/wp\/v2\/categories?post=3579"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.olgaouspenski.net\/blogwp1\/wp-json\/wp\/v2\/tags?post=3579"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}