A Slow Spring Season in Real Estate

Low interest rates, lots of choice and the $2,500 renovation tax rebate will spur the market recovery

Dear Montrealers, The Real Estate market has been a little rocky so far this year. Though it is true I received many phone calls early in January and closed some deals before the Spring Market started, the market seems to have slowed down. I, with many other Real Estate Brokers, thought the market would become stronger following the election.

The confidence has been taken from the market and this will take time to return to a “Normal” state. We remain in a Buyer’s Market and this will not change right away. With the number of properties we have on the market right now, Buyers have a variety of properties to choose from. I do however believe that Buyers have a great opportunity at the moment. Not only do they have many properties to choose from, but they can also benefit from low interest rates at the moment. Not to mention that the majority of people that purchase will have a project in mind for their new property before moving in and the $2,500 tax rebate in our new budget for renovations will come in handy.

I would also like to point out that previous years we have been in the same situation, 2012 and 2013 where two years that had a late start, where the fall season made a huge difference in he market. Selling the same number if not more homes after the summer doldrums. Let’s look at Montreal West for one moment; to date we have sold a total of 14 Properties this year, with an average selling price just below $600K. In 2013 at this time we had sold only 17 homes and we still finished the year with 3 more sales than 2012.

In conclusion, I am optimistic that our Real Estate Market will turn around; there is an opportunity there for People seeking to purchase their next home. The help of a Real Estate Broker could be useful during this transition to help you narrow down your search, find a property that will gain value over the years, and that will be the right fit for your family. Let me know if I can be of any assistance.

Philip Clement 514-708-4056