Rising prices and limited inventory set Montreal homebuyers up for a competitive spring home-buying season this year.
According to the latest Centris statistics, sales on Montreal Island have decreased by 6% compared to March 2018, while active listings have dropped by 15%.
If you’ll be on the market to buy or sell a property this spring, here are a few things you can expect:
A hot market favouring sellers
Along with a sharp decrease in active listings, Montreal’s market has seen a drop in its average selling time across the board. This is a good indication of heated marketconditions, which could stem from high demand, low inventory, high consumer confidence, or a combination of all three.
When shopping in a seller’s market, it is advised to:
- Prepare all your documents including your pre-approval beforehand, to avoid unnecessary delays down the line.
- Work with an experienced broker who can quickly and effectively advise you during the negotiation process, while steering you away from risky investments.
- Set up a property alert to be immediately advised of new listings. Acting fast is a priority in a seller’s market, so you will want to be one of the first to visit the property as soon as it hits the market.
Homes vs Condominiums
Two storey homes are currently most popular in the Greater Montreal Area. Prices increased by 6.4% to reach a median of $514,412.
In comparison condominium prices increased by 5.2% to a median of $328,488. In Montreal Centre, the price of condominiums is just below the $400K mark, at $396,942.
The most desirable neighbourhoods according to price growth are: Montreal East, and the North and South Shores.
Montreal Centre and the South Shore recorded the strongest price growth for two-storey homes, where the average home rose by 11.8% (reaching $739,032) and 7.2% (reaching $462,497) respectively.
Bungalows are most popular in Montreal East, where median prices rose 7.9% to $372,500. Certain parts of Montreal East are expanding rapidly and attracting more buyers, such as Rosemont and Hochelaga-Maisonneuve.
Condominiums saw notable price growth in Montreal East (8.3%), the North Shore (6.9%), and the South Shore (6.4%). Condo prices were highest in Montreal Centre, where the average condo appreciated by 4.7%. Montreal West was the only area to show a year-over-year price decline (-2.8 per cent) across all property types surveyed this quarter.
This article, What To Expect From The Spring Real Estate Market In Montreal – 2019, appeared first on Shupilov News.