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A Promising Spring Ahead

The real estate market is doing well

By Jacques Vincent. Spring looks promising for real-estate in the greater Montreal area.

Prével’s winter season was marked by sustained public interest in its many developments, and the company is seeing a rise in consumer confidence. Montreal real estate still serves as a healthy investment for those in the market for longer-term buys, as well as a place to call home. And while buyers are becoming more demanding, the market and its offerings are becoming increasingly diverse. When buyers find what they’re looking for, they don’t hesitate to sign.

A 2014 report by Altus notes that Prével projects account for 19 % of new residential units sold in the heart of Montreal. In Griffintown alone, 28 % of units sold were Prével’s. And while the pace of sales has slightly slowed from 2010 and 2011, there is continued demand for condos in Montreal. Moreover, the success of Prével’s S sur le Square project in autumn of 2014 demonstrates the strong demand for Montreal developments that respond to consumers’ needs. One-hundred percent of the project’s 84 units were reserved within 24 hours of the sales launch.  Last February, the launch of the 21e arrondissement project’s second phase attracted more than 350 people.

In general, the real estate market is doing well. You can read as much in an article published in La Presse last week, which stated “the recovery in the residential resale market, which began last summer, has continued throughout Quebec during the first 3 months of 2015”.

Positive economic indicators are also on the agenda for 2015. In fact, the Canadian Mortgage and Housing Corporation (CMHC) predicts that compared to 2014, in Quebec , GDP will rise by 2 % while the unemployment rate will drop by 0.2 %. The CMHC also believe that in Quebec there will be a total net migration of 39,000 people in 2015, roughly 4,000 more than in 2013 and 2,000 more than in 2014, a fact that should encourage activity in the residential market. In addition, “mortgage rates will continue to be supportive of housing demand”. (Source CMHC)

We are therefore quite confident that, as headlined in a recent Radio Canada report, “spring looks promising for real-estate in the greater Montreal area”.

 

Jacques Vincent

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