Ask a Montrealer about the housing market and you'll get one of two answers: "It's better than Toronto/Vancouver/New York," or "It's really, really bad." They're both right, in some ways, but some believe that "really, really bad" answer will soon become the only one without further protections for Montreal tenants.
Montreal's housing market is not what one might call "healthy" or "affordable," with home sales at their lowest level in the last 10 years, according to a report from the Quebec Professional Association of Real Estate Brokers (QPAREB) using Centris data. This is partially explained by the fact that many first-time homebuyers struggle to qualify for loans, especially in the current economic climate.
So you don't want to spend $2,500 on a downtown studio with thin walls and no appliances. Okay, fair enough it's time to look outside the inner-city bubble and take a chance on a beautiful place that doesn't cost 60% of your monthly income.
The first thing you need to do when buying and selling real estate in Montreal or anywhere is to have patience, says real estate broker Luciano D'Iorio. This is especially true for "potential first-time homebuyers," he told MTL Blog over the phone.
House prices in Canada have been sweeping upward with inflation for at least a year, but a downturn is finally in the cards. RE/MAX Canada is predicting more than half of urban housing markets across the country to balance in 2023 with average residential prices decreasing by around 3%. Some cities are forecasted to see average residential sale prices drop as much as 15%. Quebec is projected to fall toward the tail end of positive housing trends, but some property types will benefit.