A recap of the latest happenings on Montreal’s real estate market:
BMO’s Affordability Report Records a Healthy Market in Montreal
House prices are healthy in most Canadian real estate markets, according to BMO’s spring report on housing affordability released last week. Key findings of the report include a drop in the price of detached homes in Toronto and Vancouver, while condos continue to climb, and price growth in Montreal and Toronto.
West Island and North Shore Rank As Top Seller’s and Buyer’s Markets
To rank Montreal’s buyer and seller’s markets, we examined two market factors: months of inventory and inventory (average over 12 months). Our data is sourced from QRFEB’s barometer for all four quarters of 2017. The South End of West Island recorded the best conditions for sellers (a seller’s market). In such a context, price growth is generally high, and buyers have little bargaining power. Offers above asking price and bidding wars are common, since demand is higher than supply. North Shore recorded the best conditions for buyers. In such a context, price growth is usually low or negative. Supply outpaces demand, so buyers have more bargaining power and price drops are common.
A Third of Canadian Millennials Use the Bank of Mom and Dad When Buying a Home.
Canadians still believe homeownership is still a good investment, but are hesitant to take the leap, according to RBC’s 2017 Home Ownership Poll. Behind the decision to delay their purchases respondents cited lack of affordability, belief that home prices might come down, and economic unpredictability. Just over a third (35%) of Canadians have received – or plan on receiving -financial assistance from their families for a down payment. An near-equal proportion (36%) plan to purchase a home on their own with a dedicated savings account.
Mortgage Rate Update: Montreal, April 2018
A current list of posted fixed and variable mortgage rates, updated on April 5, 2018.
This article, Top Stories This Week – April 6, 2018, appeared first on Shupilov News.