According to the GMREB’s (The Greater Montréal Real Estate Board) July real estate report, property sales in Montreal are up by 16% in July and the residential real estate market continued to gain momentum in July, as sales rose by 16% compared to July of last year. “For single-family homes, market conditions for resales are increasingly favouring sellers, which explains why price increases have been more sustained in recent months,” said Mathieu Cousineau, President of the GMREB Board of Directors.
Home sales & prices continue to rise, while inventory remains low. Luxury home sales are soaring. With housing inventory at such a low, the demand in the luxury real estate market is continuously outpacing supply. In the luxury real estate market, single-family homes at $1M or more in Quebec are growing at a steady rate.
Last month little known Home Capital Group Inc, one of Canada’s most successful non-bank mortgage lending enterprises, took a $2-billion emergency loan, with an interest rate of more than 22%, causing major concerns whether the impact would trigger a housing crisis in Canada. While the mortgage provider is a fraction of the size of Canadian banks, it is an important player for those who do not qualify for a mortgage from a bank.“Canada’s reputation as a boring-but-stable financial system took a bit of a hit this week,” Alex Bellefleur, head of global macro research and strategy at Pavilion Global Markets Ltd. in Montreal, wrote in a note Friday. He predicts lending will slow across the industry, hurting cash flow into housing, and weakening inflation and the Canadian dollar. Read more here.“A plunge in Home Capital and other stock prices isn’t any indication of house prices, and even if there’s some shift in Toronto and Vancouver, it’s very easy to liquidate property in those markets because supply is so tight, said Paul Taylor, CEO of industry group Mortgage Professionals Canada.” Read more here.The same can be said for Westmount with such low inventory of homes on the market and steady sales.As we continue into the peak of the spring market, there are only 66 single-family homes for sale in Westmount as of May 1st, 2017.This is a sharp decrease from:73 available listings in April 201780 available listings in March 2017.The numbers we see going into May are a further indication of how low inventory is driving many buyers to jump on properties right away with multiple bids, and deals being done with no conditions.The Greater Montréal Real Estate Board (GMREB) has just released its most recent residential real estate market statistics for the Montréal. In total, 4,798 residential sales were concluded in April 2017, a 1 per cent increase compared to April of last year. This was the most active month of April since 2012.“Price increases were more sustained for single-family homes, as market conditions for this property category once again give sellers the upper hand,” said Mathieu Cousineau, President of the GMREB Board of Directors. “The number of active listings has dropped significantly over the past year for single-family homes, which helped create a certain rarity,” added Mr. Cousineau.
Westmount has ended the year with a 50% increase in residential sales over last December. According to a new press release from the GMREB (Greater Real Estate Board of Montreal), Montreal ends 2016 with an increase in residential sales. A total of 2,476 residential sales were concluded in December 2016 in the Montréal CMA. This is a 3% increase compared to December of last year. This was the most active month of December since 2011.
Canadian professional tennis player, Eugenie Bouchard’s childhood home in Westmount at 68 Forden Crescent is on the market for $1,468,000. Located on one of Westmount’s most exclusive streets (Prime Minister Mulroney lived around the corner), the 3,700+ square feet home is offered at more than $500,000 below its municipal evaluation.
Find out what has been happening in the Westmount Real Estate Market. We are 3 months away from closing out Real Estate Sales in 2016. The 3rd Quarter Real Estate results are in! There have been 131 Sales in Q3 of Single-Family Westmount homes.At October 1st, there were 131 sales of single family homes. The total number of sales in this category for 2015 was 146 but the heavy sales volume in September, combined with buyer activity in the area is suggesting that demand is high at the moment so we may exceed that figure this year.How has the Westmount Real Estate Market performed this past month?– September brought many new listings to the market, in fact at 28 new listings. This almost triples new homes on the market from last month, yet sales have remained steady.– The average asking price at $2.809M this month has increased significantly over last, almost $200k in part to a new listing at $18.5M– There are 6 luxury Westmount homes on the market listed over $7M.While the Westmount market remains steady, a recent article in The Montreal Gazette says that “Montreal’s hot real estate market appears to have cooled, according to the latest assessment roll released by the city. The average home on the island saw its value increase by just 5.9 per cent in the last three years. In the city of Montreal, excluding the suburbs, the average increase was 6.2 per cent.” Which is the exact increase of single-family homes in Westmount. The article continues to explain that “the suburbs on the island with the highest increases were Westmount, Town of Mount Royal and Pointe-Claire, while the suburbs with the lowest increases were Senneville, Baie-d’Urfé and Hampstead.” Read more here.Need more insight? Read highlights direct from CENTRIS.ca on Montreal’s Second Quarter 2016 real estate results! Read more here.
Go inside a luxurious family-friendly home in Westmount that’s an oasis in the city. When the chaos of back-to-school activities returns each September, one of the calming factors for both kids and parents can be retreating to the tranquility of their home at the end of the day. While, many Westmount family homes enjoy that quality, one house is kicking it out of the park! Meticulously renovated, designer planned & seamlessly integrated with modern enhancements, this 6-bdrm, 4+1-bath home at 3180 The Boulevard is the ultimate in family friendly living in the city.
What are the trends taking shape in Westmount’s real estate market? Sales are predictably lower given that July is holiday time for many Westmount families. Surprisingly 11 homes were listed during the month of July vs only 3 for the same month last year. There are 17 listings over $4M!Historically we never had that many homes over this price point. Is foreign ownership likely to surge Montreal’s real estate prices? According to a report released in July, Montreal is not feeling the effects of foreign investors in the real estate market. “Foreign ownerships has been a growing focus of attention among those concerned about surging prices in markets such as Vancouver and Toronto.” explains The Globe and Mail’s Alicja Siekierska “As Canada grapples with the impact of foreign investors in the country’s two hottest real estate markets, Canada Mortgage and Housing Corp. says international purchasers have very little impact on housing prices in Canada’s second largest city – Montreal.” Read more from The Globe and Mail here. Active listings are down 16% from last year on single family home inventory. Inventory is lighter and homes are selling a little faster than last year. There were 9 sales in Westmount in July: 3 under $1M 4 between $1-2M 1 at $2.6M 1 at $3.3M The AVG. sale price was $1,548,000 and the Median sale price was $1,349,000, largely affected by the fact that 2 sales were over $2.6M Save