{"id":895,"date":"2011-03-09T16:18:48","date_gmt":"2011-03-09T22:18:48","guid":{"rendered":"http:\/\/www.montreal-realestate.ca\/english\/?p=895"},"modified":"2019-03-11T21:10:14","modified_gmt":"2019-03-11T21:10:14","slug":"where-to-find-real-estate-and-its-market","status":"publish","type":"post","link":"https:\/\/www.montreal-realestate.ca\/english\/where-to-find-real-estate-and-its-market\/","title":{"rendered":"Where to Find Real Estate and It\u2019s Market"},"content":{"rendered":"

This past week I attended an RBC breakfast presentation. There were two important Guest Speakers who talked about the Quebec and Canadian Economic and Real Estate Market.<\/p>\n

The first guest was representing CMHC. He talked about Real Estate sales statistics, what type of market we are in and forecasted what will be happening in 2011.<\/p>\n

The second presentation was from Dave Richardson, VP of Global Financial Services. He talked about the Canadian market, our current situation and gave his predictions for 2011.<\/p>\n

CANADIAN MARKET UPDATE<\/strong>
\nDave Richardson, VP of Global Financial Services. and some of his future predictions and thoughts on the market:<\/p>\n

These are some of his quotes: <\/strong>“We are not going to see a dramatic increase in interest rates like most people expect.” -referring to the next couple of years.<\/p>\n

“Quebec market had a modest, stable, increase.” -referring to the last 10 years of real estate sales explaining that it wasn’t a bubble like the US had.<\/p>\n

“2009-2010, stock markets nearly doubled in the US and in Canada.”<\/p>\n

“There is more money sitting aside in cash now more than we’ve ever seen.” -talking about how people are still nervous over the Dec 2001-June 2009 drop in market, which he refers to “the biggest setback since the depression.”<\/p>\n

MONTREAL MARKET UPDATE<\/strong>
\nMarch 2011 on the Island of Montreal, we are in a Sellers Market and some areas a Balanced Market (how do I know?). Looking at the statistics, the average days on the market has shortened, there is less product, multiple offers and the price is still increasing. For revenue properties, the banks are using economic value formulas and not market value formulas for determining the value, which reflects the high prices.<\/p>\n

TYPES OF MARKETS<\/strong>
\nBalanced market:<\/strong> Paying market value based on sold comparables- win\/win situation.
\nSellers Market:<\/strong> Lack of product and multiple offers will drive the prices up.
\nBuyer’s Market:<\/strong> We haven’t seen for a while, lots of product, very negotiable, prices coming down or staying stable.<\/p>\n

WHERE TO FIND REAL ESTATE <\/strong><\/p>\n