Month: July 2018

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24 Jul

Award Dominion Lending First 6 months in Quebec

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Posted by: Frederic Pichette

July 2018
Att: Fred Pichette
DLC – North East Mortgages
Dear Fred,

I hereby would like to acknowledge about your tremendous accomplishment that you have done for the 2018 mid-year
performance (ending June 30).

I am confirming that you have ranked in # 9 position in QC in regards to funded volume throughout 186 brokers. This is a great
reason to celebrate!

Again, I would like to congrats you and wish you another 6 outstanding months.

Congratulations!
Robert Perrier
Vice-president Quebec

17 Jul

No signs of cooling in hot housing market

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Posted by: Frederic Pichette

Realtors in the West Island and Off-Island have noted an increase in the number of buyers from other countries, such as the U.S. and China, as well as from other parts of Canada.

The West Island area is now among the hottest real estate markets in Canada, according to a new report looking at price fluctuations nationwide.

According to Royal LePage’s House Price Survey and Market Forecast Survey, released last week, the increase in prices in the West Island over the past year is among the highest in Canada.

In the West Island, overall prices rose 15.3 per cent over the same period, compared to 7.1 per cent downtown and 5.9 per cent in Greater Montreal. Nationally, prices increased by just two per cent.

Nearly one-quarter of homes in the West Island sold above asking price last year, according to data from the Quebec Federation of Real Estate Boards published in May. But, for now at least, it seems bidding wars are a phenomenon that all but stop at the bridge.

Although the market has picked up Off-Island as well, demand seems more closely matched to supply. The population in towns like Vaudreuil-Dorion and St-Lazare is booming, but prices are rising more slowly, up about five per cent year-over-year for detached homes and 1.5 per cent for condominiums.

Royal LePage spokesperson Georges Gaucher said low inventory of homes for sale is a problem in many parts of Montreal, but in the West Island, he said the market is especially tight.

“If you look at the market and how things are going, our biggest problem is inventory. I have brokers who usually have 20 to 25 houses for sale, but right now they have 10,” he said. “Not only is there less product but whatever comes on the market is sold and absorbed almost immediately.”

One of the factors contributing to low inventory in the West Island may be speculation related to the future Réseau express métropolitain (REM) rapid transit line. Some potential sellers are choosing to delay listing their homes until nearby REM stations are closer to completion, Gaucher said, in the belief that they’ll make more money later on than if they sell now.

Another influence on the overall market is that there are fewer people leaving the province. In 2016, Quebec lost nearly 12,000 people to other provinces, compared to only 7,600 last year.

Gaucher said realtors in the West Island as well as Off-Island have noted not only an increase in the number of buyers from other countries, such as the U.S. and China but also from other parts of Canada. Unemployment is low, wages are rising, and people are feeling more optimistic than in the past about their future within Quebec, he said.

“People moved to Toronto for business and now they’re coming back. I don’t think people are scared of Quebec anymore. They see the value, and they want to come back,” he said.

3 Jul

Montreal housing market not dominated by foreign buyers: report

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Posted by: Frederic Pichette

CTV Montreal
Published Wednesday, June 20, 2018 2:02PM EDT 

Despite fears of foreign buyers driving up prices in the Montreal housing market, a new report shows that only two per cent of those buying homes in the city are from elsewhere.

The housing report, which was conducted by the Canadian Mortgage and Housing Corporation, showed that while that number does jump to 10 per cent for downtown condos, the numbers have remained stable.

The report also confirms the suspicions of many in that Montrealers are more frequently purchasing homes and moving to off-island suburbs. For instance, one third of buyers of single-family homes in Laval over the past year were from Montreal.

Meanwhile, 80 per cent of those who bought on the island were already from the city.

Montreal Mayor Valerie Plante has said one of her priorities is not just attracting more families to the city, but retaining those that already live there.

To that end, the city announced earlier this month that two new elementary schools will be built in the downtown Montreal area. The schools are expected to open in three to five years.