GMREB Video: Condo Sales Increases in January 2010

Last month, just as the month before that, there was another record breaking sales for the condo market. The new video of the GMREB explains the numbers as well as the so called “Real Estate Bubble” that people are talking about.

Michel Beauséjour, the CEO of the GMREB, clarifies the rumors about another real estate bubble by defining what the bubble means.

” (A bubble) Is supported by massive especulation in the market, which means that people are just buying houses or condominiums to resell it very quickly after and make money. We have no evidence that this is happening in the market right now. ”
“The condominium market is supported by first time buyer.”

Based on a survey in 2010, 43% of those first time buyers are renters

RSS readers: If you are not able to view this video, click on this link

Montreal MLS Barometer: Residential Market

The complete report on Montreal Market for the fist quarter 2009 is now available for download. This new report, now called the “Montreal Barometer”, has a detailed description of each section of Montreal, with 38 pages of up to date information on prices, sales, and average days on the market.

If you want to be informed on your neighbourhoods market analysis, this is a good document to have. Although a few areas don’t have exact information, it will still give you an idea of how much activity your area has in terms of real estate.

Here is the link to the document online, it take a little while to view due to its size. Or you can download it here.

Property Hunting: Diligence is The Key to Your New Home

Even when the numbers from the last couple of months show otherwise, the sales in March are increasing. I’m not saying this because I have access to the stats (yet), but because I’ve been extremely busy working with buyers, visiting properties and trying to make offers. Yes, trying.
Let me explain: By the time the visit’s over and we’re deciding on the purchase price, I get a call from the listing agent saying: “Just to inform you, we have just received an offer on this property”.

Bummer. And then they say we’re in a slow market.

On many occasions, even before getting to see the place, we are notified that the property is already under negotiation, thus a visit isn’t possible until we know the outcome of the offer.

I have to admit, I am not the pushy type. All my clients receive their listings and a little walk-though the description sheet, with the advice to: “Look it over and let me know when you’re available to visit”
But because of the demand and the fact that a lot of properties are getting sold-pretty fast, my new motto is:

If the property meets your requirements, if you like the images, and if it has the WOW effect on you, don’t waste any time: Make yourself available to visit it ASAP.

If after the visit, you are still in love with the property, don’t hesitate to make a conditional offer. There have been times where a buyer takes a few (too many) days to think it over, and while they’re meditating on it, another more decisive buyer comes along with an offer that will leave everyone else out.

Get all your questions clarified before making an offer: Average sold price, conditions to include, etc. And after that: Be diligent. Be decisive.

It will be very sad to see your dream home going to another person.

Despite a Drop in Sales, Prices Continue to Climb

It’s déjà-vu all over again.

With the market updates being so identically close to the ones from November and December, January’s market news are no news at all. Still, let’s give the breakdown, to keep the tradition.

Here we go:

• Compared to January 2008, last month we had an increase of 12% of properties listed in the market.
• New listings decreased by 14%
• Overall actual sales decreased by 37%
• Prices are still increasing:
  Condos: +4%
  Single Family Homes and Plexes: +3%

If you take a look at the past reports you will see that not much has changed.
The prices have not decreased, and sales continues to be slow.

Michel Beausejour, FCA, Chief Executive Officer of the GMREB, notes:

“It’s obvious that the sales decline is mostly due to a drop in consumer confidence.  It’s not surprising to see this decline, even though the real estate market has been quite solid for the last 30 years or so, which is as far back as our statistics go.”

Get market updates delivered! Subscribe to the Montreal Real Estate Blog

Montreal Real Estate Prices Up, Sales Down

Last month’s MLS® residential sales in the Montréal Metropolitan Area decreased by 31 per cent compared to November 2007.
A 6% decrease in year-to-date sales compared to the same period last year, according to the Greater Montréal Real Estate Board (GMREB). While sales have decreased, single-family home median prices are up by 6% year-to-date.

“Montréal’s real estate market has done quite well this year especially when you consider that prices are up and we’re comparing today’s sales with 2007, the year that broke all sales records,” said Michel Beauséjour, FCA, GMREB’s Chief Executive Officer. “All being said and done, Montreal’s market continues to be a good investment, particularly when comparisons are made with other major Canadian cities such as Toronto, Calgary and Vancouver where sales of single-family homes have dropped by as much as 37 per cent year-to-date, whereas we’re only at a decrease of 9 per cent,” he said.

Source: CIGM

Get market updates delivered! Subscribe to the Montreal Real Estate Blog

Financial Post reports: Value of new homes goes up

At last, the housing market starts to look a lot better. This article was published by the Financial Post, some of the interesting parts as follow:

The value of new homes in Canada barely grew in June, with many regions posting annual declines once adjusted for inflation, new figures show. But despite forecasts for more soft readings ahead, economists say Canadians are not expected to experience a major U. S.-style correction because prices are still historically high.

(..) It was the slowest yearly rate of growth since March, 2002, and barely outpaced headline inflation, which rose to 3.1% in June.

Growth has slowed since peaking at the unsustainable pace of 12.1% in August, 2006. However, it still averaged a high 7.8% in 2007.(..)

(..) Growth in Toronto picked up slightly to 3.8% compared with 2.5% a year earlier, while in Montreal, prices rose by 5.6%, up from 3.9% in June, 2007.

If you have been following the Canadian Market trends, you probably realized by now that even with the slight increases of sales (quarterly), we are still facing a very volatile market. Checking back with previous Market News, in April we had a report from the Canadian Housing Corporation giving us the details a low market. Canadian Housing was down by 16.3% – with the exceptions of British Columbia.

For those who are wondering when is the best time to put your home for sale, this is one of those times we all can say: We just don’t know.

But, we keep on watching the trends, and take it from there.

Montréal Resale Market Trends

According to the MLS® system data, the resale market in the Montréal Metropolitan Area is bucking the trend in comparison with other large Canadian cities, says the Greater Montréal Real Estate Board’s (GMREB). In June 2008, residential transactions were on the rise by 2%, which brings the decrease of sales since the beginning of the year to only 3%.

“Unlike the general trend elsewhere in Canada, the resale market in the Montréal Metropolitan Area is doing well,” says Michel Beauséjour, FCA, Chief Executive Officer of the GMREB. “Other large Canadian cities are seeing slower activity, with sales in Toronto decreasing by 14% since the beginning of the year, by 32% in Calgary and by 20% in Vancouver.”

For the Montréal Metropolitan Area, 25,519 transactions were recorded in the MLS® system during the first six months of 2008, a decrease of 3% compared to the 26,430 sales during the same period last year.

“Condominiums go against the tide recorded since the start of 2008 with a cumulative increase of sales of 7% compared to the first six months of 2007, while single-family homes show an equal decrease of 7%,” says Michel Beauséjour.

MLS® Residential Statistics Montréal Metropolitan Area – January to June 2008
		Variation
Active listings New listings Total sales Single-family Condominiums Plex (2 to 5 dwellings) Volume of sales Median price Single-family Condominiums Plex (2 to 5 dwellings)	24,771 42,791 25,519 15,232 7,330 2,693 $6,506,683,671 $225,000 $183,000 $336,950	+2 % +6 % -3 % -7 % +7 % -6 % +1 % +6 % +3 % +7 %

Source: The Montreal Real Estate Board

Next Page »