RE/MAX Housing Market Outlook 2010: Greater Montreal

You might remember last week’s RE/MAX 2010 Market Forecast, where we briefly quoted some of the report’s outlook for the Canadian Market. Today we’ve outlined the Greater Montreal market forecast, taken from the same report. So far the news are excellent and there is a lot to expect from the new year. The following text is one big quote. I’ve highlighted the most important areas for a quick & easy reading. To view the complete report (PDF file) click here.

Greater Montreal Market 2010- According to RE/MAX:

Despite a slower than usual start to the year, the Greater Montréal’s residential real estate market continues to experience strong upward momentum.

Spurred by rock-bottom interest rates and growing consumer confidence levels, home sales are expected to top 43,000 by year end, a 5% increase over the 40,916 units sold in 2008. Average price is forecast to escalate further, recording a 3% increase to $266,000 in 2009, setting a new record for the city. There is more to read >>

In Canada: Real estate prices predicted to fall back to 2000 levels

Talking about media mixed messages, just after we get the news on local real estate saying that prices are up, they hit us now with this national forecast..

Property sales in Canada this year are expected to drop back to 2000 levels before rebounding in 2010, according to a new report from the Canadian Real Estate Association.
The Ottawa-based group, which represents 100 boards across the country, issued a new forecast for 2009 and predicted sales would fall to 360,900. That would be a 16.9% decline from 2008. Sales last year fell 17.1% from 2007. Read the complete article.

News Source: Property Wire

Montréal Real Estate Market Continues to Favour Sellers

According to the Greater Montréal Real Estate Board’s MLS® system, there were 36,955 transactions from last year until now.  4% less sales compared to last year.

In terms of property prices in the Metropolitan Area of Montréal, the median prices of single-family homes and plexes increased by 6% compared to the same period last year, condominium prices increased by 3%.

Compared to the first 10 months of 2007, condo sales grew by 5% in the Montréal Metropolitan Area. On the other hand, sales of single-family homes decreased by 7%, and plex sales decreased by 5%.

“The median price of a single-family home grew last month by 4 per cent, increasing from $220,000 in October 2007 to $228,000 in October 2008. The plex market retained a stable median price at $329,250, while that of condominiums fell slightly by 1 per cent. This decrease can be explained by the minor decline in median prices of condominiums on the Island of Montréal, the largest condominium market.
October’s resale market continues to favour sellers, despite a 9 per cent increase in the number of active listings in the MLS® system.”
Source: Montreal Real Estate Board

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