Market Updates

What a market these past 6 months have been!  Keeping up with the trend, sales are still up and listings are down.  The good news is that there are more listings on the market which is creating more active properties to choose from. All sections, houses, plexes and condos are up across the board.  Condos are making a comeback and have reached a high, which we haven’t seen in a long time!

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The trend continues as a buyer’s market. It’s even infiltrated condos, which has been stagnant until now. This does not mean that you just have to put up a sign and you’ll receive multiple offers. Due diligence of maintenance, repairs, cleaning, and staging your house is still very important. As well, creating an appealing listing with professional photos. This is what will make your house that much more desirable over the competition. Pricing your house competitively will also play a large role. Getting the buyers in the door is the first step!

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We’re continuing the trend of sales moving upwards and listings downward.  The condo market is starting to pull away and, besides the South Shore, isn’t doing too well. In the last few months, condos have been trailing behind a bit in sales, however now we are seeing a much larger gap between the homes and multi-doors and condos.  I’ve been predicting that condo sales were going to continue the downward trend, and that’s exactly what is happening.  Too many listings and not enough buyers.  Homes and multi-door on the other hand are thriving. As soon as a descent house is listed, Buyers are running to them with offers in hand, which is driving prices high with quick turn arounds. There are always exceptions of course.  For example in the Vaudreuil Soulanges area, homes between $500-650K, seems to be slow and lacking Buyers.

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It’s a perfect storm for the market to keep moving to a seller’s market in the Greater Montreal areas.  Overall sales are up 15% and listings down 15%. Montreal and Vaudreuil-Soulanges wins at an all-time high of 22-25% for sales. All across the board, home, condo, and plex prices are up. To give you an example of what is happening in the well sought-after areas…I tried to book a visit for my buyer to see a house in Pointe-Claire South.  The house was listed for $449K on a Monday night at 11pm and had received an offer the next morning at 8am. The real estate broker told me that these buyers had already lost 2 other deals due to multiple action. These statistics are for May, however I feel they still hold true today.

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Well there seems to be more of a trend of prices up, and listings and sales down.  Listings are down by quite a lot.  That’s probably the driving factor of the prices going up. Talking to a lot of brokers with buyers, it is slim pickings out there.

South Shore and Vaudreuil Soulanges seems to be doing alright with sales.  Condos are still taking a bit of a hit all across the board.

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This is the first year in a very, very long time that we’ve seen sales and prices up and listings down…across the board. Sales are up 10% and listings down 14%.  Each area fluctuates a bit, however this is the trend. When there isn’t much to choose from, buyers will pay a bit more for top quality that is on the market. We’re seeing properties selling faster and with multiple offers. The only area where prices stayed neutral was Vaudreuil-Soulanges. Even though sales are up and listings down, they are a newer community with a lot similar homes in the same era. Their quality and features and style are more similar so as a purchaser there still is a lot of competition compared to a place like NDG where there is more of a mix of styles, renovations and features.

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Let me just start by saying, sales are up 2%, 3788 and active listings are down 13%, 30,187. Loud and clear! Collectively, prices are all up, including condos. Breaking it down though, there are some areas that took a bit of a hit. Condo prices are down in Laval and the North Shore. Not too bad since sales are up. South shore sales are down, and so are listings, which brings balance.

Sales and listings are down in Vaudreuil Soulanges. In this area houses over $500K are not moving much at all. Not a lot of visits or buyers.  Watch Video


 

Sales are up and active listings are down. Not only are we seeing this through the Greater Montreal Real Estate Board statistics, but in our weekly meetings we're all noticing that there isn’t much out there for our buyers to choose from. This type of market results in properties selling for more than they might be worth, driving up the market, and creating a turn in the market. There are some areas that are busier than others, that’s for sure, however the general feel of the market is that for homes and plexes, it’s leaning towards a seller’s market.  Watch Video


 

The Island of Montreal is hot hot hot right now. Sales are up, and listings are down. It's a great time for Sellers. The condo market is still relatively flat with a lot of choices in all areas. Condo construction is still very active. This market jump may be due to investors comparing our market to a lot of other active cities like Vancouver and Toronto. Let’s face it, you can’t find anything in Toronto for under $500K. Compared to our market, you can find a triplex in some areas for that price! 

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The Greater Montréal Real Estate Board (GMREB) has just released its most recent residential real estate market statistics for the Montréal Census Metropolitan Area (CMA), based on the real estate brokers’ Centris, provincial database. In total, 2,685 residential sales were concluded in July 2016, which is a 3 per cent increase compared to July of last year.

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