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I wonder if Ontario will expand the real estate market in the footsteps of British Columbia.
By contrast,the real estate market in Montreal is quite lovely.
Greater Montreal,one of Canada’s hottest real estate markets last year,recorded the best increase in apartment sales in the region in a decade because of low unemployment and economic growth.Total sales rose 8 per cent to 44448 units,and sales in five hot areas of the city grew by more than 20 per cent.By contrast,sales in the greater Toronto area are down 18%and those in the greater Vancouver area are down 10%.
During the year,more than 14000 apartments were successfully traded in Montreal and nearby communities,an increase of 17%over 2016.
Paul Cardinal,market analysis manager of the Quebec Real Estate Federation,said:”the overall sales growth of Montreal real estate far exceeded his expectations.Even the last growth rate exceeded the growth rate of Toronto and Vancouver in 1998.”
Sales of detached houses rose 3 per cent to 25601,while sales of townhouses rose 6 per cent to 4336.
Demand for luxury homes is particularly strong.Sales of more than 1m homes increased by 20 per cent,while apartments priced above 500000 increased by 42 per cent.Total sales rose 13 per cent to 16.2 billion,of which about half were on Montreal Island.
The average price of housing in greater Montreal rose nearly 6 per cent to$364510.This is the biggest increase since 2010,and the prices of detached homes continue to rise.Prices on Montreal Island rose 6.1%to$467,496,including Canada’s second largest city and suburbs.
Cardinal says more and more Chinese buyers are choosing to invest in affluent neighborhoods and downtown areas.He said Montreal is attractive to foreign buyers because of its high quality of life,rich humanities,affordable housing,low-pollution environment and world-class universities.
And last year it was rated as the most suitable city for students in the world.In particular,the addition of direct flights to two major Chinese cities has also made family visits more convenient.
Cardinal expects another strong year in 2018 to increase the number of sales transactions by 5 per cent.Average prices are also expected to rise by nearly 5 per cent.
Throughout the national real estate situation in Canada,house prices in Vancouver and Toronto are already high,and there are fierce regulatory policies from the government.At present,the Montreal real estate market is in a healthy and stable state,gradually rising year after year.It is not hard to imagine that Montreal,Canada’s second largest city,is a safe choice for Chinese buyers under the influence of the real estate market boom in Windor and Windor.