Market Update - Spring 2017

by Valerie on Tuesday, April 4, 2017
Red hot housing markets have been in the news a lot lately. With government intervention taking place in BC last year and recently in Ontario to cool extremely hot markets, we are now seeing some early signs of this here in the West Island.

With house prices having jumped by as much as 14% in Beaconsfield (17.5% in Lachine!) compared to the first quarter of 2016, we are certainly seeing some incredible sales activity in almost every local municipality. Unless you happen to live in Ile Bizard (bridge woes and traffic north of the 40 have been hurting this area for quite some time), your home’s market value has increased significantly over the last 6 months.

Sales are up in nearly every area. Add to that, the decrease in inventory, and we are really seeing some telling numbers as we emerge from our busiest quarter in years. Lachine, Pointe-Claire, Beaconsfield and Kirkland lead the pack with median price increases of between 8% and 17%. Kirkland has seen the number of sales jump by 40%!

We are continuing to see brisk activity from both local buyers and from newly arrived immigrants that seems to be ramping up demand while inventory remains low. This simple supply and demand equation will continue to put upward pressure on prices as multiple offers become the norm in many segments of the market. We are seeing" hot" properties selling in a matter of days instead of weeks and often receiving multiple offers well over the asking price.

If you are thinking of selling, now would be a good time to meet with our team to discuss your options and get some straightforward advice on how to maximize your home's value in today's red hot market.