A Stabilizing Montreal Residential Real Estate Market Is A Good Sign For Quebec

Real estate professional Reza Tehrani and Quebec industry economists confirm that the city of Montreal should be enthusiastic about 2014 real estate possibilities.

Following an official press release submitted in February and the residential real estate market’s confirmed signs of stability, it is only the start to more positive shifts in the market, the pros agree.

With Montreal being the largest city in Quebec, the Montreal markets directly affect the entire province. With the residents of Montreal beginning to feel more comfortable and finding stabilization in the residential market, the remainder of the province will also begin to feel the same way. In short, if the people of Montreal are happy, then the entire Quebec population is happy.

 

The Residential Makeup of Montreal

Much of the city landscape was largely changed just over a decade ago with The 2002 Municipal Reorganization of Montreal. With this change, many of the outside independent cities were converted to become additional boroughs of Montreal. Today, the city is comprised of 19 boroughs with a host of neighborhoods to meet the needs of any and every demographic known to man. This dynamic makeup of neighborhoods is one of the many reasons that the city is now finding the desired level of stability in the real estate market.

Reza Tehrani has been very integrated into the Montreal real estate industry for many years. Thinking outside of the box he even ventured into the unknown by purchasing the Aviron Technical Institute in an attempt to preserve an institution in existence since 1937. Completely revitalizing this Institute and a host of other real estate endeavors over the years, he is intimately familiar with every neighborhood that makes up this city he finds so fascinating and full of hope. “Montreal is a vibrant and rapidly-evolving metropolitan area. The city offers enormous opportunities for modern property seekers,” Reza Tehrani confirms.

 

The Logistics of the Stabilization

According to the QFREB, the number of residential sales concluded through a real estate broker in the Montréal Metropolitan Area will increase by 3 percent in 2014 to reach 37,600 transactions. The median price of single-family homes will have a similar variation to that expected for the province, meaning an increase of 1 per cent for a median price that will reach $283,000. As for the median price of condominiums, it will remain stable at $227,000. (Québec Federation of Real Estate Boards)

At the end of the day, it comes down to the prices of single-family homes having rose 1% in January, while condo and apartment prices fell 4% and 8% respectively. Understandably, these numbers are not so revolutionary that it wipes the slate clean after several very troubling years. The numbers do, however, show that stabilization is happening, and that the future is looking brighter than it has in some time.

“2013 was marked by the beginning of a soft landing for the province’s real estate market. In general, there was a rebalancing of the market, accompanied by more moderate price increases,” stated the economists at the Market Analysis Department of the Québec Federation of Real Estate Boards. “This soft landing is expected to continue in 2014, even though – contrary to what was observed in 2013 – the number of residential sales is expected to increase slightly.”

With the first quarter coming to a close, all of Quebec is waiting to see the numbers in order to have a better projection of the residential real estate market for Montreal during 2014. It seems that the secret is out among Canadians about just how amazing it is to live, work and simply enjoy all that Montreal has to offer its residents.  Notes Reza Tehrani, “When it comes to real estate and providential property acquisitions, Quebec and the city of Montreal have much to look forward to in 2014.”