mARKET uPDATE - 2017 IN REVIEW
Low inventory and sustained high demand for single-family homes in Montreal’s West Island led to unprecedented Seller’s Market conditions. According to the Quebec Federation of Real Estate Boards, in Beaconsfield and Pointe-Claire approximately 1 in every 5 homes sold over the asking price last year.
Median sales prices increased in all of our municipalities, including increases of more than 10% in Beaconsfield, Dorval, Kirkland and Pointe-Claire compared to the same period last year. With very few exceptions, the most significant increases were in municipalities with historically-low inventory.
In the absence of foreign buyer taxes such as those levied in Ontario and British Columbia, Greater Montreal has enjoyed a surge in foreign buyer activity (+37% over last year). However, it must be noted that foreign buyers represent only 1.5% all transactions in the Greater Montreal Area, as compared to between 3 and 4% in Toronto and Vancouver. It will be interesting to keep tabs on this statistic as the year progresses.
CMHC expects that Quebec’s stronger employment growth amongst people aged 25 to 44 will stimulate housing demand in 2018 and 2019, and the real estate market will continue to favour Sellers due to low inventory and high buyer demand, causing prices to continue to increase.
If you would like to know what your home is worth in today’s market, don’t hesitate to reach out. You may not be ready to sell yet, but it always makes good sense to know your position in the market. There is absolutely no cost or obligation, and we even offer free advice on what updates and renovations may be worth doing to maximize your return when you do decide to sell.