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Montreal Real Estate Market Update: September 2017

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Montreal students build sustainable home for Chinese competition

Source: CTV news

Students from Concordia and McGill universities have been selected to show off their designs for an energy efficient homes in the 2018 Solar Decathalon competition in China.  The project has been 18 months in the making, and brings together students from engineering, design, and architecture faculties to compete against other schools around the world. The goal is to envision solutions harvesting solar energy and reducing use of non renewable energy sources.

The Gazette launches new segment dedicated to Montreal neighbourhoods

Source: Montreal Gazette
 Last week the Montreal Gazette launched a series of maps exploring Montreal’s 19 boroughs. The first instalment focused on “The Village,” Montreal’s diverse neighbourhood in the South-Central part of Ville Marie. In the summer months, a section of the Village on St Catherine’s street becomes a pedestrian walkway, lined with cafes, bars, and music venues. Find real estate opportunities in the Village here.
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Westmount sees influx of younger luxury buyers

Source: Mansion Global
 The affluent neighbourhood of Westmount, generally inhabited by an older population averaging the age of 75, is now seeing a shift towards a younger demographic. Young professionals and families are increasingly choosing to relocate to Westmount and benefit from the area’s private schools. Often, even young buyers with high salaries will still need to rely on additional help from family members, to raise the hefty deposits required to buy in the area.
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City of Montreal launches new app and website with digital services

Source: Gazette

This week, the city of Montreal unveiled the beta version of a digital platform that aims to help its residents stay connected. Users will be able to register up to 5 addresses and receive notifications on snow removal, neighbourhood events, and emergencies. It also allows Montrealers to report problems such as burnt out street lights, potholes, cleanliness issues, and to request tree branch collection. The platform will work in conjunction to the 311 phone line, which currently handles more than a million requests a year. According to the mayor, the app is another step towards Montreal’s transformation into a smart, digital city.

Montreal Emerges as Canada’s New “Luxury Hotspot”

Source: Shupilov Real Estate

According to a new report by Sotheby’s International Realty, Montreal is emerging as a luxury real estate “hot spot,” while Toronto and Vancouver are experiencing a sluggish period expected to pick up after the fall. Sales of condominiums and homes over $1 million have jumped by 60% in Montreal between July and August. Industry forecasts predict Montreal will emerge as leader in the Canadian luxury real estate landscape, in the following months. Montreal’s affordability and high quality of life accounts for its uptick in momentum in this arena.

Another Bank of Canada rate increase predicted for this fall

Source: TD

Experts believe that the Bank of Canada is likely to hike its influential rate again this fall, after already having increased the overnight rate twice since the beginning of 2017. The central bank’s Deputy Governor Time Lane has hinted towards this occurance during a recent speech, says TD Senior Economist Brian DePratto. The overnight rate influences mortgage rates, and has sat at a historically low level of 0.5% this year, followed by two hikes of 25 basis points in July and early September.

Chinese homebuyers still investing in Canada, despite foreign-buyer taxes

Source: Buzz Buzz Home

Vancouver and Toronto’s foreign buyer tax has done little to stall foreign interest in the cities, according to statistics pulled from a Chinese property search website. Chinese investor inquiries on Juwai.com have seen a 30% increase in 2017 compared to a year ago, with Canada as one of their preferred destinations. In the first half of this year, the top Canadian cities searched for by Chinese buyers were Toronto, Montreal, Vancouver, Ottawa, and Victoria.

Homeownership: The Greater Montréal Real Estate Board Wants Cities in the Metropolitan Area to Draw Inspiration from Team Coderre’s Program

Source: Shupilov.com
 The Greater Montréal Real Estate Board (GMREB) is on board with Team Coferre’s goals regarding homeownership in Montreal. These measures have become essential given the city’s increasing property prices. Team Coderre wants to invest $17 million into Montréal’s first-time buyer program, so that family households with children under age 6 are included, and so that divided co-ownerships become eligible as a property type.
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Montreal chosen As a contender for the futuristic “Hyperloop” train

Source: Tech Crunch

Transpod has cited Montreal as a possible choice for a Hyperloop train; a system of transportation in a which a solar powered train is pushed at high speed through a tube, using air pressure. The Montreal-Toronto route is being seriously considered as the strongest candidate for Hyperloop One route. The train would run between Montreal and Toronto in under 30 minutes, pairing the speed of airline transport with the frequency of a metro system.

Further rise in luxury home sales in Montreal

Source: Wall Street Journal

Luxury condos  are seeing a burst in development and sales, as Montreal shifts from a buyer’s market to a seller’s market. While Montreal has long been considered underdeveloped compared to Toronto an Vancouver, the city is now seeing more high end sales thanks to a booming economy.

Rise in Montreal household incomes, especially for those earning six-figures.

Source: Better Dwelling

Statistics Canada released a report providing insight into the consumption patters of Canadian households. The median income in Montreal showed getter gains than the national Canadian average, with median household incomes rising by 6.8% over the past year. The city’s median income is currently at $70,336. After tax median income grew by 5.32%, and the number of Montrealers making over $100,000 more than doubled between 2015 and 2016. The report also reported the highest and lowest earning neighbourhoods, with Westmount leading at a median income of $347,376, and Avenue Lincoln and Saint Mathieu at the bottom of the scale at $34,000.

 

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