Did you Know the Hottest Real Estate Market in Canada Right Now is Montreal

August 27, 2020 Facebook Twitter LinkedIn Google+ Real Estate News Ottawa

Montreal real estate prices

If you thought Toronto’s real estate market is burning hot, let me update you on what’s going on. The real estate markets in Montreal are the most popular in all of Canada today.

A recently released annual report from CENTURY 21 Canada reveals that following an early-spring decrease as a result of the COVID-19 pandemic, sales numbers are getting better, and house prices throughout the nation are holding their own. The research contrasted the cost per square foot of residential or commercial properties offered between January 1 and June 30 of this year, In comparison to the exact same period last year.

Prices holding steady in Toronto & Vancouver

In Toronto and also Vancouver, unsurprisingly, prices continue to be high. But while regions across the country see different stories when it pertains to their real estate market variations, Montreal stands apart. Montreal’s real estate prices have increased substantially Compared to 2019. While the numbers are still less than Toronto and Vancouver, the real estate market is one of the strongest in the country right now.

Prices are up in Quebec’s largest city

Prices have increased significantly since last year In Quebec’s largest city, especially in the downtown detached residence and also townhouse markets. For example, the price of a detached home in Montreal’s downtown area and southwest Increased 42.14% to $958 per square foot, while townhouses went up 44% to $768, and condos, 13.55% to $805. In comparison to Toronto and Vancouver, prices saw more modest increases and, in some instances prices went down.

Despite the fact that property in Quebec was not considered a crucial service, we have seen a strong demand and a jump in rates in 2020,” said He realtor from CENTURY 21 Immo-Plus in Montreal.

Market values in Canada

For people that are not interested in relocating east, the changes that have actually happened in Ontario, including Ottawa, might be more appealing. In Ontario, rates have steadily increased in neighborhoods all across the Province, however particularly in those smaller cities just outside the greater Toronto area.

The most significant increase since last year has been in and around the Newmarket, where prices for single-family detached houses jump 37.29%. Kitchener’s semi-detached homes increased 17% to $399 per square foot, while Ottawa is also showing strength, with increases and a low inventory of homes of about 20% — house prices jump up to $313 per square foot, while condos hit $577 per square foot.

In downtown Toronto, housing prices raised 8.9% per square foot, surpassing $1K to reach $1,083. These condominiums remain the second most expensive in the nation, following those in Vancouver. Hamilton, Ontario, on the other hand, saw a modest reduction in cost per square foot. Real estate thinktanks do not believe that that is going to be a trend.
With a work from home, alternative seems to be the popular option for most companies, consumers realize that they can obtain a more prominent home if they move a little bit further from Toronto. Even if their commute is a bit longer, they’re making the trip to an office much less frequently, which makes it more tolerable.

Market values & COVID-19 Pandemic

The COVID-19 pandemic impacted many sectors of Canada’s economy, and the real estate industry has not been an exception. Innovations, particularly those that allow for physical distancing and reduced contact, have been brought into the sphere; Real estate agents are embracing more technology, including virtual tours, Facebook Live open houses, and virtual home tours through EyeSpy360.

When the pandemic started in Canada in mid-March, there was a lot of insecurity about what would happen to the real estate market during the typically busy spring season.

What we have seen is that after a dip in the number of sales early in the pandemic, the pace of sales has returned to near-normal levels as real estate agents and companies adopted new ways of doing business. The real estate industry has proved resilient throughout the past several months. And even further, prices have held steady as well.

History predicts it’s never a bad time to buy

If you’re thinking of taking possession of a home sometime in the future, you should expect to pay more. It’s also a good idea to start your search much earlier than you think. It’s an excellent time to sit down with your real estate professional of choice to discuss the situation and your options.

We can explain to you how the market is reacting and why it is reacting. If you have an idea of what type of home you are looking for, your realtor can start tracking inventory and sales for you immediately. When the time comes for you to buy, you would have a better idea of the comps, Including what’s currently on the market, a record of what has sold and what you should expect to pay. Regardless of your location, history has proven that buying a home is an excellent long term investment.