Hang in tight Montreal, 2018 still has a few snowstorms to throw our way before the sunshine rolls around. Make good use of the obligatory indoor-time by catching up on Montreal’s latest real estate news:
Teranet’s February report revealed a decreasing home price index across Canada
The Teranet–National Bank National Composite House Price IndexTM ticked down 0.1% since January, interrupting an upward trend in January 2018 and December 2017.
- In Montreal, the home price index decreased by -0.3%.
- The retreat comes as an interruption to a 14 month upward trend.
- That being said, the Greater Montreal Real Estate Board reported the strongest sales record in six years for January and February.
Construction Begins On Third Phase Of Tour Des Canadiens
Cadillac Fairview has launched construction on Tour des Canadiens 3, their third condo project in Downtown’s “Quad Windsor” neighbourhood. The TDC3 project will include 565 residential units, including a row of townhouses, as well as several retail and recreational spaces such as cafés, restaurants, boutiques, exhibition halls, and game rooms. Notable, the design plans for an above-ground skybridge connecting to the Montreal metro network, and the new REM train network, which is scheduled to launch in the summer of 2021.
An RBC report published on March 6th looks at the direct consequences of Canada’s latest mortgage regulations.
The question of how much the new mortgage regulations implemented earlier this year would impact real estate sales is finally gaining concrete answers, as new data on the Canadian housing market emerges.
- National home sales have dropped steeply since the introduction of a stress test for all (insured and uninsured) borrowers earlier this year.
- Sales in Toronto have dropped by 25% relative to a year ago. When adjusted to a seasonal basis, this is the lowest February sales record in the past 8 year.
- Montreal on the other hand recorded a 5% year-over-year gain in February, albeit a slow-down compared to the 13% rise in January. The seasonally-adjusted basis declined for the second month in a row. Prices have remained intact despite a slight increase in supply and decline in demand.
Condo Sales Are Growing Faster Than Any Other Property Type In Montreal
According to the latest JLR Solutions Report on residential real estate, condo sales volume increased this year, while sales of every other property type have decreased. When it comes to median prices, single family homes showed both the highest average price and the highest annual appreciation. Condos showed a smaller year over year appreciation, a 4% annual increase to an average of $263,500. Condominiums were the only property type to show an increase in sales volume – 13% up to 1,177 units in February 2018.
In other news:
- CREA expects real estate sales to drop across Canada in 2018. Follow our Facebook page for further updates.
- Numbers from the Bank of Canada (BoC) show that mortgage debt in Canada has now exceeded 76% of the country’s GDP.
This article, Top Stories This Week – March 16, 2018 appeared first of Shupilov News