We know, it’s been a busy week – tax season has descended upon us, and with everybody scrambling to meet the annual RRSP deadline (amiright?), you haven’t had much time to catch up on Montreal’s real estate news. Luckily, we’ve compiled a cheatsheet of this week’s top stories:
2018 Federal Budget is out, outlining new measures for the Canadian housing market
The Federal Budget this year maintained a strong focus on providing safe and affordable housing in Canada. Notable new policy and objectives include:
- Providing affordable rental options, by launching the Rental Construction Financing Initiative in April 2017, which aims to create more than 14,000 newly constructed rental units in Canada.
- Creating safe and affordable housing for visible minorities – The budget specifically targeted the needs of Canadian woman, and Canadian First Nations women, who are disproportionately affected by a lack of housing security.
- Aggressive strategies against tax avoidance – New policy cracks down on tax avoidance by international investors, such as circumventing passive income into offshore accounts.
The first Canadian real estate sale by Bitcoin was completed this week.
Derryn Shrosbee and his real estate agent Brett Starke completed the first successful property sale via cryptocurrency in Canada (that we know of) when his Mississauga condo was purchased for 35 Bitcoin. To mitigate risks associated with volatility, the seller modified the list price daily on MLS. What does this mean for the future of cryptos in real estate?
The Greater Montréal Real Estate Board released its latest report on Montreal’s residential real estate market.
Key takeaways for the February 2018 report include:
- A total of 4,081 residential sales concluded in February 2018
Sales transactions increased by 5% on the Island of Montreal since February 2017
- Condominiums lead the way as the best-selling property type
- Single family homes showed the highest annual appreciation rate – 6%
Montreal reached an all time high on Teranet’s January house price index report
Of the 11 Canadian metropolitan areas, only four showed gains – Toronto (.2%), Victoria (.2%), Vancouver (.1%) and Montreal (.1%). For Montreal, it the 13th consecutive month to record an increase. Montreal and Vancouver were the only markets surveyed whose index reached an all-time high in January.
In other news:
- Valerie Plante has proposed a controversial plan to ban vehicle traffic on Montreal’s Mount Royal. A petition against the idea has amassed more than 18,000 signatures.
- Real estate prices in Greater Toronto have dropped more than 35% compared to February 2017, according to the Greater Toronto Real Estate Board.
- The median price of single-family homes, condominiums and plexes registered a moderate increase of 3% year over year, according to the latest QFREB stats.
This article, Top Stories This Week – March 9, 2018 appeared first of Shupilov News