Have you been keeping an eye on the Canadian real estate market this year? We sure have been!
Our friends at Point2 Homes recently interviewed two experts in the Montreal and Edmonton areas. We’ve included some of the key takeaways below. Want to read the full interviews? Just click the titles to be taken to the original articles!
Montréal Real Estate Overview: 5 Key Highlights from Monique Assouline
1. Many neighbourhoods in Montreal have turned into a buyer’s market with an overload of houses and condos for sale and a scarcity of buyers. Buyers now have an abundance of choice and properties are taking longer to sell.
2. Buying in Montreal can be more advantageous (and affordable) than renting. If you were to purchase a $250,000 condo with 20% down, your mortgage payments would be around $910 per month. The rental of a 2 bedroom smaller condo varies but could cost around $1500 a month.
3. Even though it’s a buyers market, when buyers find what they are looking for, they should go for it, make the offer! Chances are other buyers are also looking at the same property. I always ask my clients if they hesitate to make an offer, would they regret losing the property if another buyer made an offer and got the property? This usually seals the deal.
4. The most important thing for first-time buyers in Montreal is for them to use a buyer broker to help them in their quest for their first home. There are so many variables to think about and so many questions to ask when purchasing a home in this area.
5. Purchasing a property should never be a stressful experience, it should be exciting! Make sure you hire the right broker to guide you through the process.
Edmonton Real Estate Market in 2015: Talking Prices & More with Sara MacLennan
Q: Will the year-over-year decrease in the number of home sales continue during spring and summer?
A: The simple answer is yes. So far 2015 has been a pretty good year in the Greater Edmonton Area as far as sales are concerned. The problem is that when you compare it to last year, it looks downright awful. The real story is that 2014 was a banner year for our market, while 2015 has been average to slightly above average.
Q: Even though sales are down, average prices are up. How long will they continue to increase?
A: I expect prices to peak in May or June of this year. The real estate market follows a predictable cycle, and it’s normal to see prices continue to rise on a year over year basis even when sales are falling.
Q: How will oil prices affect the Edmonton real estate market for the rest of 2015?
A: I think we’ve established oil prices are going to negatively impact the real estate market in Alberta. There are a number of other factors affecting our market at the moment as well. So, it’s going to get worse before it gets better. How much worse, and how long until it gets better is anyone’s guess.
What’s happening in your neck of the woods right now? What do you expect see by the end of the year?
