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Weekly Real Estate Market Recap: January 12, 2018

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This Week: Montreal residential sales statistics for December 2017, No housing bubble in Montreal according to latest numbers and more…


Montreal residential sales statistics for December 2017

Source: Shupilov Real Estate

December’s residential statistics by the GMREB (Greater Montreal Real Estate Board) indicate that Montreal’s real estate market ended on a high note in 2017. 2,781 residential sales were concluded in total, a 10% increase relative to December 2016. This was the most active December since 2009.

No housing bubble in Montreal according to latest numbers

Source: Financial Post

After reviewing the final numbers for Montreal’s real estate market in 2017, Montreal is not at risk of a real estate bubble unlike Vancouver and Toronto. 44,448 transactions on housing units were recorded in 2017, which was an 8% increase compared to last year. Housing prices increased by 6% year over year, reaching an average of $364,500. Still a bargain compared to Canada’s other metropolitan cities.

Bank of Canada data indicates stress testing will have a huge impact

Source: Better Dwelling

The new stress test in Canada will have serious impacts on capital flow, according to mortgage distribution data from the BoC. More than 40% of mortgage borrowers in 2017 pushed their personal limits to buy a home, which will no longer be possible under the new rules. The stress test will also affect homeowners and sellers: sellers of lower priced properties will find that there is more competition for their home, while owners of higher priced properties risk seeing less activity on their listings, due to a reduction of qualified buyers.

Montreal property taxes increase by 3.3%

Source: CBC News

Residential property tax rates in Montreal will increase by an average of up 3.3 per cent this year. This is a striking increase compared to previous years, and has been attributed to a hike in the water tax rate. Property taxes are used along with municipal evaluations to determine the amount due in municipal taxes.

 

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