Montreal's real estate market expected to soar to new heights this year
Montreal’s real estate market continues to be one of the hottest in Canada.
The number of homes sold in December hit a record high.
Real estate broker Marc Lefrancois said that Montreal is finally catching up to the country’s other big cities.
“It's not surprising and first of all Montreal was lagging a lot,” he said. “We know Vancouver, Toronto went through the roof the last six, seven, 10 years.”
According to Sotheby’s International Realty, prices for luxury residential properties are on the rise in the city.
In a report, the agency said that almost 900 condos and homes sold for more than a million dollars in 2018, an increase of 150 from the year before.
The hot market can partially be chalked up to Quebec’s economic and political stability.
“Politically we’re very stable,” said Alfee Kaufman of Sotheby’s. “I think there are a lot of places in the world that look at Canada as a safe haven.”
One of Montreal’s advantages is that the city doesn’t have a foreign buyer tax.
“It’s had a significant impact in the marketplace in Vancouver and somewhat in Toronto,” said Liza Kaufman of Sotheby’s. “It has impacted us as well in a beneficial manner.”
The market is expected to remain hot through 2019.
So what should prospective home buyers in Montreal do?
“My advice is to get in now before it continues to rise,” said real estate broker Rebecca Sohmer.
Sohmer knows firsthand that competition is fierce for the homes that remain affordable.
“I was in a 14-way bidding war. I was in an eight-way bidding war,” she said.