Low inventory and steady demand from both local buyers and newly-arrived immigrants continue to be the main drivers of this trend, resulting in median price increases in every West Island municipality. Buyers are finding themselves in an increasingly competitive marketplace, with homes spending less time on the market, often receiving competing offers and selling for more than the asking price.
Seven out of 10 of our municipalities experienced double-digit growth in median sale price versus the same period last year. Municipalities that experienced only modest gains in the number of sales generally saw more important gains in price.
The announced mortgage rate increase is not expected to have any significant impact beyond creating a surge of buyer activity during the fall months as many buyers were able to “lock in” at the lower rate with a guarantee for 120 days. After that, we expect to see a slowdown over the winter holidays.
If you are thinking of selling, there may not be a better time than the present. Team Broady currently has dozens of pre-qualified buyers across all price ranges who are looking to purchase a home now.