Real eState

‘Montreal is sexy’ and its housing market is expected to break records in 2020

Published

5 years ago

January 23, 2020

Quebec as a whole is outperforming the rest of Canada. Yet housing affordability has deteriorated and is now approaching “critical levels,” an economist warns.

Full employment, rising disposable income, low interest rates and government incentives for home ownership are all contributing to the expected growth in real-estate demand.

John Mahoney / Montreal Gazette file photo

Get ready for another strong year in Montreal real estate.

Residential property sales in the greater Montreal area are set to climb six per cent this year to a record 54,600 units, according to a forecast released Thursday by the Quebec Professional Association of Real Estate Brokers. The group, which represents more than 12,700 brokers and agencies, is also forecasting six-per-cent increases in condominium and single-family home prices for 2020.

“Montreal has entered a phase of exuberance,” Charles Brant, the association’s head of market research, said Thursday at a presentation attended by property brokers and reporters. “There is a clear lack of supply.”

A record 51,329 properties were sold in greater Montreal last year, a 10-per-cent jump from 2018, the association said, citing data from the Centris system. This marked the fifth consecutive annual increase of more than five per cent. The transactions had a combined value of $20.3 billion, 15 per cent more than in 2018.

Full employment, rising disposable income, low interest rates, positive migratory flows and government incentives for home ownership are all contributing to the expected growth in real-estate demand. Still, an anticipated slowdown in economic growth — combined with labour shortages — could negatively impact job creation and prevent Quebec’s economy from reaching its full potential, the association said.

Activity last year was particularly sustained in some outlying municipalities, as evidenced by increases of 21 per cent in St-Jean-sur-Richelieu, 15 per cent on the South Shore and 14 per cent on the North Shore. Sales in Laval jumped 13 per cent, outstripping the four-per-cent gain posted by the island of Montreal.

All major property types recorded price increases. Plexes, defined as properties of two to five dwellings, rose seven per cent to a median price of $550,000. Single-family home prices advanced six per cent, to $340,000, with condominium prices climbing five per cent to $267,900.

Housing affordability in Montreal has deteriorated and is now approaching “critical levels,” Hélène Bégin, economist at Mouvement Desjardins, told attendees. The city’s residential market is showing signs of overheating, and “a risk of overvaluation exists, though we’re not there yet,” Brant added.

Bidding wars are now an inescapable reality, especially in the central neighbourhoods. Thirty-nine percent of single-family homes sold in Rosemont last year elicited bidding wars, while the proportion in Villeray was 36 per cent, Brant said, citing QPAREB data.

Non-residents now account for about 15 per cent of all residential transactions in the downtown core, Brant said. The figure reflects Montreal’s newfound popularity among foreign investors, according to Patrice Groleau, who owns the McGill Immobilier and Engel & Volkers real-estate agencies.

“There’s never been this much money in Montreal,” Groleau said at the event. “Montreal is sexy. People from all over the world want to come and live here.”

Anecdotally, Groleau said one of his brokers recently took on his first $1-million property mandate in Hochelaga-Maisonneuve, which has traditionally been one of Montreal’s poorest districts.

Quebec as a whole is outperforming the rest of Canada. Residential property sales in the province rose 12 per cent last year, with median prices for single-family homes climbing four per cent, compared with increases of six per cent and 2.5 per cent respectively for all of Canada.

More than 96,500 residential properties changed hands in Quebec last year, a new record, and QPAREB predicts the 2020 total will top the 100,000 mark for the first time as median prices for single-family homes advance five per cent.

Active listings across the province fell 12 per cent in 2019, settling at the lowest level since 2010. It took an average of 97 days to sell a home in the province, the smallest figure since 2012. Montreal-area properties sold even faster, averaging 71 days on the market, amid a 19-per-cent plunge in active listings.

Those numbers firmly put Montreal — and all of Quebec — into “seller’s market” territory. A region or area is deemed to be a seller’s market when fewer than eight months are required to sell the housing inventory.

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Real eState

Two Quebec real estate brokers suspended for using fake bids to drive up prices

Published

4 days ago

September 11, 2024

Anne Joseph

MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.

Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.

Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.

She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.

The two brokers were suspended in May 2023 after La Presse published an article about their practices.

One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.

This report by The Canadian Press was first published Sept. 11, 2024.

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Real eState

Montreal home sales, prices rise in August: real estate board

Published

1 week ago

September 6, 2024

Anne Joseph

MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.

The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.

The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.

The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.

QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.

Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.

This report by The Canadian Press was first published Sept. 6, 2024.

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Real eState

Canada’s Best Cities for Renters in 2024: A Comprehensive Analysis

Published

2 months ago

July 24, 2024

Harry Miller

In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.

Here are the top 10 cities that emerged as the best for renters in 2024:

St. John’s, NL

St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.

Sherbrooke, QC

Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.

Québec City, QC

Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.

Trois-Rivières, QC

Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.

Saguenay, QC

Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.

Granby, QC

Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.

Fredericton, NB

Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.

Saint John, NB

Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.

Saint-Hyacinthe, QC

Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.

Lévis, QC

Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.

This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.

Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.

Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.

For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.

While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.