Montreal homes sales back to 2008

March 4, 2010 | 09h17

Louis-Pierre Côté

Money

The number of home sales in February in the Montreal area rebounded in February, compared to last year, returning to the level before the recession.

The Real Estate Board of Greater Montreal (GMREB) said Thursday that 4465 sales were concluded in February, an increase of 45% compared to February 2009. But compared to February 2008, growth is only 1%.

In February 2009, while the Montreal real estate market was affected by the recession, sales were down 31% compared to February 2008.

All classes of property are returned to a level similar to 2008, says GMREB.

The condominium has led the way with sales increases of 55% in February 2010 compared to February 2009 and 5% compared to February 2008.

Sales of single-family homes and plexes are, meanwhile, remained relatively stable compared to February 2008 when they were respectively decreased by 1% and increased by 1%.

Compared to last year, sales of single-family homes and plexes have increased by 41%.

In terms of prices, the median price of a single family home in the Montreal area was set at $ 245 000 in February 2010, a growth of 9% compared to February 2009.

The median price of condominiums increased by 5% to $ 197 000, while that of plexes increased 15% binding to 378 500 $.

“The decrease in the number of properties for sale, or -19% in the Montreal area in February 2010 explains the increase in prices, especially for the plex,” said Michel Beausejour, CEO of the GMREB.

He said the declining number of properties for sale also follows the many sales that were caused by the recession last year. By cons, “there was no fire sale” last year, and the value of homes has not decreased.

He concedes that there is currently a problem of overheating, but he refuses to say it is a housing bubble. “With the next increase in interest rates, people ahead of their decision.” This explains his view that the time of sale went below 10 days and that some sales are made with multiple offers, resulting in a higher bid.

A total of 22 528 properties were listed for sale in the Inter-Agency System (MLS), with 7694 new registrations for the month, up 6% compared to February last year.

Geographically, the five major sectors of the Montreal region have managed to reach the level of sales recorded in February 2008 with the exception of the South Shore of Montreal, which saw a slight decline of 2%.

In Laval, the number of transactions increased by 6% in February 2010 compared to February 2008, while the island of Montreal, the North Shore and Vaudreuil-Soulanges rather have recorded sales increases of respectively 1 %, 2% and 1% compared to February 2008.

The month of January had also been very active in terms of sales, with increases of 98% compared to January 2009, which had been the worst month of the last recession. The number of transactions had represented an increase of 7% compared to January 2008.

http://argent.canoe.ca/lca/financespersonnelles/quebec/archives/2010/03/20100304-091735.html

Property market: many buyers…

Steeve Duguay / Métro

The housing market should remain strong in Quebec until 2011 or 2012.

By the numbers

CMHC expects a gradual rise in mortgage rates from summer 2010. He forecast the rate posted by financial institutions for loans lasting three to five years should range between 4.4% and 6% in 2010, and be within the range of 5.1 to 6% , 7% in 2011.

JENNIFER GUTHRIE

METRO

02 mars 2010 18:19

Buyers will be many on the market for resale and new homes in early 2010, according to forecasts from the Canadian Mortgage and Housing Corporation (CMHC) released Tuesday. Buoyed by low mortgage rates and economic recovery, the housing market should remain strong in Quebec until 2011 or 2012.

“The housing market has experienced a downturn in late 2008 and early 2009, said the senior market analyst at CMHC, Bertrand Recher. What we observed in 2010, is a strong residential demand because demand has been suppressed in 2009. There is a rebound effect. ”

This should subside during the second half of 2010, a period in which a gradual increase in mortgage rates is expected. “Many have preceded their purchase to take advantage of good rates, said Mr. Recher. The rise in rates will eliminate some of the demand and help stabilize the market. ”

Prices

The housing market should be to the advantage of sellers in early 2010 because of demand exceeding supply. The balance, however, should be restored before the end of the year, which should influence home prices.

Between 2008 and 2009, home prices rose 4% in the province and 5% in Montreal. According to Bernard Recher, this increase should be limited to about 3% for the current year, which still remains above the level of inflation. In 2009, the average price of a single family home in Montreal was $ 277 590. That of a condominium (condo) was $ 226 227.

http://www.journalmetro.com/ma% 20vie/article/466965–marche-immobilier-les-acheteurs-sont-nombreux

McGill real estate broker. McGill real estate, real estate agency sales & condo project marketing in Montreal.

www.mcgillrealestate.com

Real Estate: the market will continue to rise, say experts

Jean-Francois Cloutier. les affaires.com. 16-02-2010

GOOGLE TRANSLATE

The Canadian housing market is experiencing a strong start this year.

The three new measures put forward by Ottawa to prevent the outbreak of a housing bubble in the country will have the effect of reducing the market strong, but they should not have the effect of a significant decline in prices homes, at least in the medium term.

Such at least is the opinion of many economists, who now respond to Ottawa’s decision to tighten the conditions for obtaining a mortgage.

PLUS: Ottawa tightens rules for buying a house

In a note published this morning, the strategist Eric Lascelles, TD Bank, welcomed the decision by Ottawa to tighten the rules for obtaining a mortgage, because it will allow the market to grow more sustainable the future. The measures announced are deemed either too radical (which would hinder economic recovery taking shape), or too weak to have a real impact.

“The economic implications of these changes to the rules for granting loans should not be severe, and we expect the housing market slows its progression, but not collapsing,” he writes. In the short term, Mr. Lascelles sees the market to grow rapidly, while some buyers will rush to take advantage until the last minute looser criteria currently in force for a loan (the new measures come into force Ottawa April 19).

Thereafter, prices should fall in the short term, before returning to altitude, although less rapidly than at present, according to Mr. Lascelles.

Similar view with Doug Porter, chief economist at Bank of Montreal, who believes it is likely that the market will cool as the year progresses. This is due to new measures of Ottawa, but also to other factors such as increased likelihood of interest rates from mid-2010, an increase in the supply of homes, and tax hikes in Ontario and British Columbia.

There remains the possibility that the market is shrinking dramatically is unlikely, according to Mr. Porter.

“To have a lower overall market, it takes a very special situation, we need a set of negative factors all occurring at the same time,” noted he.

However, the gradual improvement of the economic situation in 2010 and 2011 should provide a counterbalance to the negative pressures on the market and allow the estate to grow moderately, according to Mr. Porter. This is especially true in Quebec, he said, where the housing market has not experienced the same exuberance in Ontario and in British Columbia, pre-t-il.

Mr. Porter is among those who deny the idea that we are already in a bubble situation in regard to the Canadian real estate. “There may be pockets of speculation here and there, but not across Canada as a whole.”

In turn, the deputy chief economist at TD Bank, Craig Alexander, noted this morning that changes the rules for granting mortgages would not affect the cost of mortgages.

“All it will do is limit the size of the mortgage that a person can enter. This will not stop people from buying houses, it will not exclude new real estate buyers and this will not lead to higher payments, “he said.

“It simply means that if you thought buying a house $ 400 000, you may need to select one of 350 000 $.”

http://www.lesaffaires.com/secteurs-d-activite/immobilier/immobilier-% 253A-the-march-will-continue-to-253Fapprecier% s% 252C-disent-des-experts/510253

February 10, 2010 | 09h37

GOOGLE TRANSLATE

Carl Renaud

Argent

A large number of households moving into a condo in the coming months. Sales of this type of housing has nearly doubled last month compared to January 2009.

According to the Real Estate Board of Greater Montreal, 866 condominiums changed hands in January in the Greater Montreal. It jumped 98% over last year and 20% from the historic summit sets well before the recession in January 2007.

“These new peaks for the condominiums are mainly due to the presence of new buyers,” expressed by statement, Michel Beausejour, CEO of the Real Estate Board of Greater Montreal.

The total number of transactions recorded in the metropolitan area grew by 70% in January 2784. Note that the increase reached only 7% compared to January 2008.

The majority of properties sold were single-family residences. According to data from the Real Estate Board, 1638 single-family homes changed hands in January. It is a leap of 60% in one year but only 1% compared with sales recorded before the recession in January 2008.

Sales of plexes also experienced a significant increase in transactions amounting to 277 in January, a gain of 57% in 12 months and 3% in 2 years.

Prices up

Property values increased again last month. Condominiums have experienced the sharpest appreciation with a median price rise of 12% to $ 201 500.

The median single-family residences for its share rose from 4% to $ 235 000 while that of plexes increased 7% to $ 365 000.

http://argent.canoe.ca/lca/financespersonnelles/quebec/archives/2010/02/20100210-093716.html

Montreal and Quebec City drive starts up

GOOGLE TRANSLATE

André Dubuc. the affaires.com. 08-02-2010

The year started well in terms of housing starts in Quebec. The number of units whose construction began in January is up 46% compared to January 2009 in the urban centers of 10 000 and over the province show the data made public this morning by the Canadian Society of Mortgage and Housing Corporation.

PLUS: Sharp rise in housing starts in British Columbia and Quebec

In total, 2911 homes have been initiated in the first months of the year throughout Quebec, including 1786 in the census metropolitan area of Montreal. and 333 in the region of Quebec.

Montreal is experiencing a 55% increase in housing starts in Quebec and more than 300%.

Part of the increase in activity in January 2010 due to the low level of activity recorded a year earlier, in January 2009, while the economic crisis was in full swing.

Strong residential construction also comes from an overflow of demand from the resale market, said David L’Heureux, senior market analyst for CMHC.

Buyers have difficulty finding the desired product on the resale market, they turn toward the new.

The most affordable products are also the most requested. No less than 800 condominium units were started in January in the Montreal area, half on the South Shore.

“It’s been a month since we see the sites activated in the condominium on the island so that ¹ suburbs,” the analyst said L’Heureux.

Another category of product affordable, semi-detached houses and townhouses are popular with 205 starts in January in the Grand Hotel.

The Canadian market for real estate is experiencing a resurgence of life through resales

GOOGLE TRANSLATE

From Luann Lasalle (CP)

MONTREAL – The Canadian market for real estate is experiencing a resurgence of life through resales expected to reach record levels this year, while housing construction has increased since the beginning of the year, according to two reports released Monday.

The Canadian Real Estate Association (CREA) requires the sale of homes to reach the figure of 527 300 units across the country in 2010, an increase of 13.3 percent compared to last year.

If confirmed, this represents a new annual record, the previous mark, less than 1.2 percent, having been established in 2007, according to ACI.

Low interest rates and purchases of people wishing to avoid the harmonized sales tax before it takes effect in Ontario and British Columbia propel home resales in the first half of the year, the agency said in a release.

“Given the improved financial market and the recovery of the global economy, it is unlikely that in 2010 home sales tumble at the same point at the end of 2008 and early 2009,” said the chief economist at CREA, Gregory Klump.

Housing starts are also up, according to data released Monday by Canada Mortgage and Housing Corporation (CMHC).

The seasonally adjusted annualized housing starts for homes in Canada rose from 176 100 in December to 186 300 last month, an increase of 5.8 per cent, CMHC said.

The data show that the actual number of starts of dwellings amounted to 149 081 in 2009 and activity has improved month by month during the year.

The seasonally adjusted annualized housing starts in urban centers across Canada rose by 4.4 percent in January and reached 165 200. It rose 5.7 per cent in the multiple starts and 3.3 per cent in the private houses, where it amounted respectively to 76 300 and 88 900.

Also in January, seasonally adjusted annualized housing starts in urban areas rose 19.8 per cent in British Columbia, 7.3 per cent in Quebec, 2.3 per cent in the Atlantic and 1 , 5 per cent in Ontario, but declined 4.8 per cent in the Prairies.

An estimated 21 100 The seasonally adjusted annualized housing starts in rural areas for the month of January. (…)

Copyright © 2010 The Canadian Press. All rights reserved.

Resale houses: dealers still optimistic

GOOGLE TRANSLATE

Posted on 09 février 2010 at 06:37 | Updated at 06h40

Martin Vallières, La Presse

(Montreal) The market for resale homes in Canada and Quebec could reach new records in 2010, says the Canadian Association of the building, the main spokesman of the 98 000 staff across the country.

The volume of transactions as the average house prices should grow at a good pace this year, the Association provides, especially in markets that have experienced moments of weakness for two years.

In Quebec in particular, with the dynamism of the market last month, the number of houses sold would grow by more than 10% to a record 87 950 transactions.

According to the Association building, it was not until 2011 to see a backlash of the Quebec market, the order of 2.8% for the number of transactions.

As the average resale price, the Quebec market could increase by 6.7% in 2010, according to the Association. If it is such an increase would be greater than two percentage points to that observed in 2009.

Moreover, the Real Estate Association expects a moderation of price increases in 2011, which would still be still around 3.6%. Average prices could even decrease in Ontario and British Columbia, the two most expensive markets in Canada.

But soon set yesterday, these forecasts have raised doubts among analysts over goals.

“These estimates seem too high for the number of transactions, especially in Quebec. It is a little push to establish a new record of 87 950 transactions in 2010, which is 6000 more than the previous record of 2007 before the financial crisis and recession, “said Marc Pinsonneault, economist at the real estate market the National Bank.

“The Association forecasts of the building seem to rely on the tendency of the last few months, which was good because of low interest rates. But this trend is unlikely to last with the next rise in rates, which could begin as early as April in Canada. “In return, the Association forecasts the building about prices seem a little more reasonable, according to Pinsonneault.

Published January 30, 2010 at 06:00 | Updated 06:00 AM

The resale market is in full boil in the city (…)

Maxime Bergeron

La Presse

(Montreal) The resale market is in full boil in the metropolis, but Michel Beauséjour, president of the Real Estate Board of Greater Montreal, ensures that no bubble was not on the horizon. “Montreal is still the least expensive city in North America,” says the veteran real estate market.

Bubble or not, it is clear that the city has experienced a strong year 2009. The number of transactions rose by 3% over the previous year, marked by economic crisis. The median price of single-family homes rose 4% to $ 235 000, the condos of 5% ($ 194 500) and plexes, 4% (349 000).

Searching for duplex become particularly difficult in central areas, as noted by Stephanie Neveu, a young professional in the telecommunications sector. She began her research last spring, and after several unsuccessful bids? Always beyond the asking price?, She decided to put the package. Big bucks.

In November, the 31 year old woman and her partner have extended $ 430 000 for a duplex in the Villeray district … $ 45 000 more than the listed price! “And there were six people who were willing to bid,” recounts Ms. Neveu.

Michel Beauséjour, the Chamber believes that it should not worry about overheating in Montreal, especially with the expected increase in rates.

“When the interest rate will start to rise, and it will happen later this year, you will see a slowdown in growth in house prices.”

The real estate prices rose 110% on average in Montreal since 2000, according to a report released this week by Scotiabank.

http://lapresseaffaires.cyberpresse.ca/economie/immobilier/201001/29/01-944526-pas-de-bulle-immobiliere-a-montreal.php

GOOGLE TRANSLATE

The financial investigators. 26-01-2010

LESAFFAIRES.COM

BLOG.

A reader recently suggested on this site, it is often said that the stock yields more than real estate. We doubt that such statement was written in one of our blogs, but our repeated warnings about the risks related to real estate may have been interpreted.

Firstly, we must say we love real estate! One of us has interests in real estate. And the most convincing example is our purchase of the security Becker Milk Company, which is a real estate company whose main customer is the company Alimentation Couche-Tard. We also preferred shares of NorthStar Real Estate and our investment in our small U.S. banks depend heavily on real estate.

We see no difference between buying real estate directly or through the stock market. Saying that the stock market is more profitable than real estate is insane, as several real estate companies are publicly traded. The stock market is therefore an investment vehicle, not an investment as such.

We know people who have made a fortune in real estate. And we expect that their net worth will grow by 5 or 10 years. However, the key is the”knowledge”of how it is invested. The player in question probably knows the market well and know how profitable his business, which is not the case for many people.

Real estate is risky for those who buy now at high levels only because the industry did well during the last 10 years (here in Quebec). For example, buying a triplex at 14 times earnings has a significant problem. At this rate, the initial yield before any expense is 7.14%. Add the expenses and interest on the mortgage, and often there is little left. Any unforeseen can hurt. And too often, the buyer expects that the building will grow in value, thereby avoiding having to be profitable with the current conditions for achieving good performance.

If you are successful in real estate long, and you take precautions to survive if interest rates rose to 10%, then you probably have the experience and expertise to succeed. This is not true for everyone!

PS: In Montreal, it is true that the scarcity of locations may limit the downside risks. However, this’’scarcity”must be reflected in rents! A building at a high price to 14 times the rent means two things: either the rents are too low, the building is too expensive. If rents soar, the buyer can sleep in peace.

McGill real estate broker. McGill real estate, real estate agency sales and condo project marketing in Montreal.

The home prices continue to climb

Thursday, January 7, 2010 14:45

Source: Astral Media Info

The average house prices to continue rising in coming months, in Montreal.

(…), The price of a house on one level currently stands at $ 245 000, up 3% in the fourth quarter of 2009.

A two-storey house sells for $ 346 000, up 12%, while a condo sells for $ 217 000, up 16%.

The increase is expected to continue due to measures announced by Ottawa on the introduction of substantive basis and maximum amortization period for mortgages.

The housing market remains robust

Posted on 07 January 2010 to 08h12 | Updated 08 January 2010 to 06h45

Estate agents have brewed good business last fall and …

Rudy Course

La Presse

Estate agents have brewed good business last fall and the table seems set to keep them busy at least until summer.

Data from the MLS Real Estate Board of Greater Montreal show a record number of 2819 transactions last month. The previous record for the month of December was recorded in 2006.This rookie of activity at year end will be possible to achieve modest growth of 3% of sales in 2009 compared to 2008. This increase “shows that the resale market in Montreal was not really affected by the recession,” said the Chamber.

Another element that proves, median prices have not fallen for all categories of property, they are calculated using the average method or cumulatively taking the price differential between December 2008 and December 2009.

According to this method more frequently used, the median price was up 4% annual. That of a single family passes $ 240 000, that of a condominium to $ 200 000 and the multiplexes (two to five units) to $ 353 000. Contrary to what has been observed elsewhere in the country, the median price of homes has not decreased during the fall of 2008 when Canada entered into recession.

The market remains a seller because enrollment was down 19% at 31 December compared to that recorded a year earlier.

Low interest rates, economic recovery and growing confidence of households will still support the market activity, according to another study (…).

In addition, Ottawa will tighten the conditions for mortgages are guaranteed by the Canada Mortgage and Housing Corporation, while the Bank of Canada does not undertake to keep its key rate at its low of 0.25 % beyond the June 30 The downpayment is from 5% to 10% of the purchase price and the amortization period could be reduced from 35 to 30.

“There will be possibly a craze in the housing market in 2010 before the entry into force of these new regulations” (…)

GOOGLE TRANSLATE

Real Estate Board of Greater Montreal

07 Jan 2010 09h00 ET

Residential Statistics MLS ® of Greater Montreal

ILE-DES-SOEURS, QUEBEC – (Marketwire – January 7, 2010) – According to data from the MLS ®, Real Estate Board of Greater Montreal (GMREB) indicates that the number of transactions in the metropolitan area of Montreal in 2009 increased 3% compared to 2008, with 41 802 sales.

“Having experienced a downturn during the first four months of the year, the housing market has rebounded in the Montreal area to finish the year in positive territory,” says Michel Beauséjour, FCA, Chief Executive Officer of the GMREB. “The sales increase of 3% in 2009 compared to 2008 shows that the resale market in Montreal was not really affected by the recession.”

All classes of property have registered an increase of activity in 2009, the family house leading the way with sales growth of 4% compared to 2008. The condominiums and plexes followed closely with an increase of 3%.

In terms of prices, the median price of a single family home in the Montreal area was set at $ 235 000 in 2009, a growth of 4% compared to the previous year. The median price of condominiums increased by 5% to $ 194 500, while that of plexes increased by 4% binding to 349 000$.

“Not only the market was more active in 2009 in terms of sales, but prices continued to rise in the Montreal area, slowly but surely proving that real estate remains a good investment,” says Beausejour. (…)

Currently, the City of Montreal makes a single value per building when it is occupied by undivided co-owners.

DATE OF THIS ARTICLE A FEW YEARS BUT IT IS INTERESTING TO SEE HOW AN AUTHORITY ON THE SUBJECT (GAIL CIMON) HAD A GOOD IDEA OF WHAT WAS GOING TO ARRIVE IN THE INDIVISION YEARS TO FOLLOW …

Nicolas Saint-Pierre

La Presse

“Property taxes are generally lower if there is undivided co-ownership rather than condos, says Gail Cimon, Notary on the Plateau Mont-Royal. It can go from one to four! ”

Currently, the City of Montreal makes a single value per building when it is occupied by undivided co-owners.

To do this, appraisers rely on the sales prices of comparable neighborhood multiplex, but with only one owner.

By contrast, an apartment building divisions are subject to separate assessments.

“However, the value of a duplex is generally lower than the value of two condo together,” says Mr. Cimon. Where property taxes lower.

According to the notary, this advantage translates into current growth in popularity of the undivided co-ownership.

“At Notre-Dame-de-Grâce Outremont and people begin to find it more beneficial not to convert to condos,” says she.

At the City of Montreal, also was noted that the appeal raised by this form of ownership.

“We’re beginning to see that there are apartments that will sell even if they are undivided co-ownership,” said Francine Godin signatory assessor roles. Normally, it does not sell like that. ”

The interest of the Department of Property Assessment to the phenomenon could be costly to some taxpayers Montreal.

Ms. Godin acknowledges that the City is currently considering to evaluate different condominiums undivided.

“We’re trying to build a case that will be large enough to be able to say, for example: I am certain that in the case of these properties then, there was an increase of 15% on the market compared to ordinary duplexes themselves have experienced an increase of 10%. ”

Even if the city does not change its method of evaluation, owners of condominiums undivided expect to pay higher property taxes in 2007.

The statistics show that the value of the multiplex has increased more than other types of buildings over the last three years.

According to the Real Estate Board of Greater Montreal, the average sale price of properties from two to five units rose 61% between the first half of 2002 and first half of 2005 from 186 000 to $ 299 000 $.

For comparison, the value of single-family homes rose from $ 221 000 on average to $ 313 000, an increase of 42%.

Divided or undivided?

The property undivided

The owner owns a share of any building in which is his apartment. In legal terms, it is a part owner of the apartments occupied by its neighbors.

A single notice of property tax for the whole building.

Property divided

The owner owns only the apartment where he lives, but has a right of access to common areas, such as the stairwell.

A notice of property tax per condo.

http://montoit.cyberpresse.ca/habitation/200507/25/01-867221-montreal-a-les-coproprietes-indivises-a-l039oeil.php

Investing in a condo in a rental point of view

Patrice Groleau explains that duplex, triplex and multi-plex are not the only rental investment option.

Condo… Who are the tenants in Old Montreal ?

Patrice Groleau explains who are the different groups of tenant interested in Old Montreal.