Real Estate Forecasts 2020December 30, 2019 Tags: immobilier, immobilier, Montréal, Real Estate, Real Estate agent
In 2019 the real estate market was booming. Sales in Greater Montreal grew by 3% for single-family homes and 9% for condominiums, compared to 2018. Sales outside the city were also strong with a 7% rise in single-family home sales between December 2018 and November 2019. It’s safe to say that Quebec is experiencing significant growth for all home types. Will 2020 keep pace? Here are our predictions.
A seller’s market
With its thriving economy and prosperous job market, Montreal is attracting more and more young workers and families. But there are not enough properties on the market to meet demand. Buyers often end up in a bidding war. This is likely to continue in 2020 because although price increases should be more moderate, there is every indication that the real estate market will continue to favor sellers.
Condos in the spotlight
Foreign buyers turned off by the tax rates in Toronto and Vancouver are increasingly looking to invest in Montreal. Many of them want to buy condos, and they’re not the only ones. An aging population is driving demand for smaller homes. What’s more, first-time buyers often choose condos for their affordability. It’s looking like condos will be a hot item in 2020!
Other growth indicators
Montreal is banking on big urban redevelopment projects like the new Champlain Bridge, the REM, and the Blue Line extension. These improvements will definitely have an impact on property values in the area.
Likewise, today’s investors are rushing into certain long-neglected neighborhoods. Such is the case for the Parc-Extension district, currently in high demand thanks to the new Université de Montréal campus nearby, on the former Outremont rail yard.
Low interest rates, home-ownership programs like the HBP, and higher salaries are encouraging first-time buyers to save enough for a downpayment on a real estate investment. The home-ownership index is on the rise!
There’s no denying it. Montreal will still be in demand for years to come!