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The economic recovery in Canada’s second-largest city has led to a revival of its real estate market: faster sales, fewer inventories and an influx of foreign buyers. Strict lending policies have restricted housing transactions in Toronto and slowed price growth, but Montreal has not been affected, with buyers flocking to the new housing market and sellers dominating the market.
In April, the trend continued, with housing sales in Montreal rising by 10% compared with last year. Toronto, by contrast, faces its lowest sales record in 15 years. Despite stable market prices, home sales in Vancouver fell by 27%.
The rise of the Montreal housing market is reflected in all aspects, large and small. Special adviser Marco Fontaine said in a telephone interview that Devimco Immobilier sold a record 1180 apartments in urban areas last year. At present, in the face of purchase demand from China, the company is expanding two houses in order to meet the demand of the market which is in short supply. He also pointed out that Montreal has always been a “forgotten child” on the topic of Canadian real estate, but now it is in the spotlight.
Economy is the biggest driving force for the development of the housing market. More jobs were created in Montreal between 2016 and 2017 than in the past eight years, including those created by Amazon and IBM to set up data and technology centers here, according to the Quebec Institute (Institut du Quebec), a think-tank. On the streets of Montreal, you will hear people speak French and English. The city has developed into an artificial intelligence center. Therese Group of France and Facebook both have research laboratories here.
Analysts have not yet found that the market is overheating. Montreal is famous for its food, culture and universities (such as McGill University, University of Montreal). Compared with Canada’s most expensive housing market, housing prices in the city are still very affordable. The median price for detached houses in Montreal is C $317000 (about 1.57 million yuan), according to the local real estate board. The corresponding prices in Toronto and Vancouver are C $870000 (4.32 million yuan) and C $1.4 million (6.95 million yuan), respectively.
Last year, sales of properties selling for more than C $1 million increased by 20 per cent, according to Sotheby’s international real estate data. The company expects Montreal to be the leader in Canada’s major cities in the luxury housing market this spring. This year, Montreal’s benchmark housing prices and the number of resale market transactions have both outpaced Toronto. Prices of detached homes in Montreal rose 7 per cent and apartment prices rose 3 per cent last year, according to a report released last week by Canada Mortgage & Housing Corp, a Canadian mortgage and housing company. Housing prices in the city will still rise this year.
“demand in the housing market is strong, the number of properties available for resale is decreasing, and the market is in short supply,” Francis Cortelino, an analyst with the Canadian Mortgage and Housing Corporation, said in a telephone interview. The housing market in Montreal is very active at present. ”
Daniel Koleva (Daniel Cholewa), chief executive of Keller Williams Urbain, which has more than 100 real estate agents, said trading volume in the first quarter was 45% higher than last year, the best market since he joined the business a decade ago. Competing bids and 48-hour deals abound.
“the housing market has been very depressed for a long time, and it has always been a buyer’s market,” he said in a telephone interview. Therefore, the current growth is taken for granted and necessary. The emergence of growth is really a good thing. “