Autumn news of the Montreal real estate market

I finally got numbers for real estate sales in October 2022, so I can look at what is happening in the Montreal real estate market and the surrounding area.

House prices have been dropping, as they usually do in the autumn, after the end of the spring and summer home buying season.

However, the market is still in favour of the sellers. Unfortunately, the choice of good houses in good areas of Montreal and on the South Shore (Longueuil, St-Hubert, St-Bruno, etc) remains poor. Detached houses no older than 30 years, are sold in Longueuil for more than $600000, in Montreal – $800000 and more.

Compared to October last year, prices for single-family houses in Quebec have increased by 9%, and for 2-plex and 3-plex by 21%. But this is already lower than prices were this spring.

Prices began to decline for “illiquid housing markets”, i.e. badly located or in need of major repairs. Such houses now “hang” and if someone wants to make renovations to his style, he can bargain and buy such a house.

At the present, the buyers have the chance to buy a new, more spacious house by selling the existing one.  In the spring, it was impossible to do this because there were multiple offers on every house, with 20 or 30 buyers for one house.

November and December are historically 2 of the 3 best months to buy a home if you want a deal.

Economists predict that the Bank of Canada will raise its interest rate again this year before interest rates stabilize. If the Canadian economy falls into recession, we could see mortgage rates drop starting in late 2023.

Of course, life does not stop and, as always, in the spring, a revival in the real estate market will begin. Therefore, buyers would be wise to obtain a pre-approval letter and lock in today’s mortgage rate for 90 days, then attempt to buy a house or condo in January, when prices will be lowered.

I wish to remind you that under the new law of 2022, the buyer is required to have their own real estate agent. The seller’s realtor is not authorized to represent the interests of the buyer and the seller at the same time.

Some proverbs give good advice, like “Luck is what happens when preparation meets opportunity.”

Please contact me, and I will be happy to help you become the owner of a new house or condo.