With a strong start to the year; full of promise and bravado, the Montreal real estate market made its grand entrance into 2020 with flourish and grandeur. Rising prices and bidding wars became the norm and homes sold at a feverish pace.
“Following record numbers of Centris® sales in 2018 and 2019, data from the first quarter of 2020 showed the Montréal market continuing its ascent to new highs.’ according to the Canada Housing and Mortgage Corporation- CMHC.
Buyers grew frustrated with bidding wars, while sellers were highly rewarded for their efforts. It felt as if nothing could stop the pace. Nothing except Covid.
Just as dramatically as 2020 market began, Covid-19 ground everything to a sudden halt; frenzied home-buying, gave way to fear and uncertainty. “What would happen to property values? Could buyers still afford homes?” These were just a few of the questions professionals in the industry were asking. Home-owners and home-buyers were asking them too.
In mid-May, the business of real estate resumed. Market fear eased while pent-up demand and low mortgage rates created tempting opportunities. It appears savvy buyers were doing more than just baking bread and learning to cut hair back in April!
The Montreal real estate market is back… and back with attitude.
For realtors, the pace has been unimaginable as market activity has likened somewhat to a revolving door. June and July confirmed records in home prices and sales, as the strong sellers’ market has continued to forge. There is simply no inventory and we see it at every level in the industry, from starter homes to luxury properties. We have buyers. What we don’t have are properties.
Home buyers are literally scurrying; sanitized, masked and socially-distanced to showings and open houses all in hopes of being the first to pounce on that “newly-listed gem”.
And don’t think bidding wars are exclusive to downtown Montreal and West Island properties alone; we’re experiencing it as far and wide as Hudson and even Mascouche. Multiple offers, at prices over asking, have become de rigueur and showing little sign of stopping.
“Green Acres is the place to be ♫…“
Being confined at home, for months on end has led buyers to consider suburban, if not truly country living, where larger homes with spacious yards beckon. Where pool-side dining and freshly-tilled gardens have found their place on buyers’ wish-lists and where the “work from home” office has become an absolute necessity. Families have changed, needs have evolved, and the market is responding.
Prices could even exceed pre-pandemic levels
According to the CMHC, “Because of the scarce supply before the crisis, market conditions are not expected to change drastically, even if demand is weaker and the housing supply increases. Therefore, even though prices could decline significantly in the coming months, as economic and demographic conditions become more favourable, prices are still expected to trend slightly higher by 2022 and could even exceed their pre-pandemic levels.”
We need inventory. Opportunities exist everywhere in this market for both buyers and sellers. Working with a real estate broker is your key to finding them.
CANDIS NOBLE • Engel & Völkers West Island Real Estate Broker and Interior Designer 514.795.2610 firstname.lastname@example.org candisnoble.evrealestate.com
Candis’ solid experience in luxury real estate with her unparalleled designer-eye are an unbeatable combination. From her complimentary professional home staging, to promoting your property’s limitless possibilities with her portfolio of international and local buyers; Candis Noble not only provides vision, but brings outstanding results.
CANDIS NOBLE; luxury realtor and interior designer. Artfully selling your home.
*If your property is already listed please disregard this ad.