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Top Stories This Week – March 23, 2018

This week: CREA predicts declining home sales and prices this year, Mont-Royal sees highest appreciation rate in 2017, Montreal leads Canadian luxury market, and more...

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Spring is officially here, and as the sun emerges so do the “For Sale” signs and “Open House” banners. If you’re planning to purchase a home in 2018, or to sell your existing property, now is a great time to start reading up on the local real estate market. Here’s a summary of this week’s news and findings:

CREA Predicts Declining Home Sales And Prices In Canada In 2018

The Canadian Real Estate Association (CREA) updated their residential housing market statistics on March 15. The new report now expects home sales and prices in Canada to fall over the course of 2018. However, the national average is heavily skewed by sales in the Greater Vancouver Area and Greater Toronto Area, which are now responding to cooling measures implemented by their provincial governments.

Read a summary of the results here.

Pointe St Charles Voted Coolest Community In Montreal

Huffington Post recently launched a nation-wide survey to garner feedback on each Canadian city’s hottest neighbourhoods. In Montreal, Pointe St Charles was elected by voters as the city’s coolest community. Over the past few years, this affordable residential area has been gaining traction as new community projects and businesses emerge along Wellington and Charlevoix streets. Notably, it features two large parks, a rock-climbing gyma brand new micro-brewery, and a growing number of industrial lofts converted into waterfront residential spaces.

Montreal Boroughs Ranked By Condo Appreciation Rates – 2018

We pulled Centris data over the past four quarters to determine which Montreal neighbourhoods appreciated the most in 2017 (in the condo segment) and which areas appreciated the least. While some areas recorded skyrocketing prices, other areas saw their condo prices decrease over the past year. Ville Mont-Royal saw the highest appreciation rates in 2017, at 22% year-over-year, while City of Westmount saw the lowest at -6%. 

Read the rest here.

Montreal To Lead Canadian Luxury Real Estate Market: Spring 2018

A new Sotheby’s report on the Canadian luxury real estate sector names Montreal and Calgary as the fastest growing markets for homes over $1 million. This puts Montreal in a position to eclipse Toronto and Vancouver, where government policy interventions have cooled down residential real estate sales. Luxury sales in Montreal have jumped 20% over the past two months (January and February 2018), with total luxury sales amounting to 104 units. Sotheby’s CEO Brad Henderson attributes the spike in activity to infrastructural developments within the city, along with high consumer confidence and economic growth.

Read the rest here.

PQ Would Abandon REM Plans In Favour Of Bus And Tram Network

The Parti Québécois announced on Tuesday that they would scrap plans for the 26 station REM (light rain line) if elected, focusing instead on an ambitious transportation plan called “Le Grand Déblocage” — or the “big breakthrough.” The proposed network would consist of 21 public transit projects and 175 new stations, connecting tramways, express buses, and extensions to existing train lines in the Montreal region. PQ hopes to complete the project by 2025.

Read the rest here.

This article, Top Stories This Week – March 23, 2018, appeared first on Shupilov News.

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