Market Update - Fall 2017

by Sean Broady on Sunday, October 15, 2017
The West Island of Montreal continued to enjoy “Seller’s Market” conditions during the third quarter of 2017, fuelled by low inventory and sustained high demand. Buyers continue to find themselves in a fiercely competitive marketplace where multiple offer scenarios has resulted in many homes selling for above asking price.

This is especially true in Pointe Claire and Beaconsfield. According to the Quebec Federation of Real Estate Boards, 25% of Pointe Claire sales and 18.9% of the sales in Beaconsfield so far this year have sold over the asking price. Not surprisingly, this resulted in double-digit median price increases in most of our municipalities. Significant gains occurred in Dorval (18.1%), Beaconsfield (17.2%), Kirkland (14.9%), Baie D’Urfe (10.7%) and Pointe-Claire (10.8%) compared to the same period last year.

We’re pleased to report that the recent mortgage rate hikes aimed at cooling the Canadian housing market has had no negative impact on buyer activity in our region. In fact, according to the Canadian Real Estate Association (CREA®), Quebec is the only province in Canada expected to see an increase in the number of residential sales in 2018. With a strong economy, low unemployment and a stable political climate, Montreal is becoming an increasingly popular place to call home.

If you are thinking about selling or would just like to know the current market value of your home, we would be happy to provide a detailed market analysis with no cost or obligation to you. We currently have dozens of qualified buyers looking for a home in your neighbourhood so If you would like to chat about your options, don’t hesitate to call or drop us a line!