The cosmopolitan and unique, predominantly French-speaking city of Montreal is on the most culturally and economically diverse cities in North America.
It’s the largest city in Canada, and serves as an important financial, cultural and educational center. The city also serves as a vital transport and railway hub for Eastern and Central Canada, and is a conduit for the transport of cargo on the ST. Lawrence and Ottawa rivers.
Are There Enough Homes For Sale On The Market?
According housing industry observes and real estate analysts in Montreal as well as in the eprovince of Quebec, there is currently a surplus of homes available on the local property markets, and this is being seen as a positive factor, as the market hasn't fully stabilized yet, and things could still progressively turn towardsa another downslide.
The housing market, however, is still quite far from turning around, because of a large inventory of homes and affordability levels still extremely weak. Pending home sales were surprisingly high in the month of December but those reports are have yet to be ascertained,on how they would affect home sales in 2008. This news is hardly an indicator of the health of the market, however.
The upturn in pending home sales had more to do with the unseasonably warm weather. Another major reason for the projected upturn in the housing market, could be credited to homeowner vacancy rate, which was way up from its normal rate. All these homes sitting unoccupied will predictably lead to lower selling prices lower in the near future.
What Areas Of The City Offer The Priciest Homes
Montreal, like most major metropolitan areas in North America, has districts and distinct communities that are relatively less expensive than others, and some neighborhoods have home prices that are truly upscale, and are affordable only to upscale,middle and upper income home buyers.
As the city is famous for its cosmopolitan mix of arst and culture venues,restaurants, diverse industries, shopping and boutique hotels, the housing market also offers an eclectic mix of townhomes,condos, estates and apartment developments.
The city's overall metropolitan area covers a region that is home to around 3.7 million residents. Based on present trends, there are more expensive and pricier homes located on the central part of Montreal than the outskirts, in areas like Senneville, Beaconsfield and St-Laurent to name a few.
There are, however, quite a few good homes on the Westmount district. The second most expensive district on the market is a grand stone manor in Westmount on the Boulevard, which is priced at $5,800,000. The average price of a property in the Greater Montreal area has increased by 50%, and many view this as a sign of healthy growth in the property sector.
Lower Interest Rates Are Helping the Housing Market Rebound
Currently, Interest rates on real estate properties these days are quite low, which will lead to a much easier access by home buyers to new property developments. The positive news for borrowers is that in the short-term, there are no indications of a major and significant interest rate increase.
(VDr.)
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