The 2011 Montreal Real Estate Market in Review

Posted on January 11, 2012 by Stacy Bouchard-Burns

With the start of a new year, it is time for us to review and sum up the Montreal real market for 2011. Low interest rates ensured a very active year in the number of real estate transactions in the city of Montreal.

Single family homes did very well on the Montreal real estate market last year. There were a total of 5180 single family homes listed on MLS that sold between January 1st to December 2011. These single family homes sold for an average of price of $463,904. On average these Montreal homes took 64 days to sell. In the same period in 2010, there were slightly more sales with a total of 5355 homes sold listed on MLS and at an average price of $425,811.

2011 was a great year for the sale of condominiums in Montreal. In the period from January 1st to December 2011 there were a total of 7986 Montreal condo sales registered on MLS. This total was up slightly from the 7782 sales registered in 2010. The average price of condominiums that sold in Montreal for 2011 was $294,532. This number was about $10,000 above the preceding year’s average selling price of $284,044.

The average selling price of revenue properties in Montreal went up considerably in 2011 from the preceding year. For example, the average selling price of a Montreal duplex in 2011 was up over $26,000 from those sold in 2010. However, the number of sales from 2010 surpassed those of 2011. There were a total of 3516 revenue properties sold that were listed on MLS as opposed to 3948 in 2010.

2012 promises to be a great year for real estate sales in Montreal. Low interest rates are sure to motivate first time buyers and seasoned investors alike. Throughout the year I will keep you updated on the progress of the Montreal real estate market.

Posted in Real estate in Montreal | Tagged | Leave a comment

The Real Estate Market and the Holiday Season

Posted on December 17, 2011 by Stacy Bouchard-Burns

With the approach of the holiday season and the year winding down, one would tend to believe that the it is not a good time to buy and sell real estate in Montreal. However this is a common misconception. The exact opposite is true. In fact the Montreal real estate market really does not take any time off.

For buyers, the approaching holiday season is a great time to take advantage of possible deals on a variety of properties including condos, single family homes, and revenue properties. Certain listings have been on the market for a few months now and a sense of desperation usually develops in those sellers. This is because they often think that the period following the holiday season, the cold month of January in Montreal, will not bring many buyers through their doors. This leads them to believe that their property most likely will not sell until the spring. This is a difficult idea to swallow for a seller who has been on the market since the past summer. In comes the desperation and possibly the willingness to accept less money than they normally would have for their property. Therefore this is an ideal time for buyers to get out there, visit some properties, and write up some offers.

For sellers who have been contemplating placing their property on the market in the new year, there is not a better time than the present. There are a number of reasons why sellers should place their property on the market during this holiday season. For starters, there is generally a lack of inventory during this time of year. Coming on the market now ensures that the property is not lost in a sea of other listings coming on the market. The competition from other vendors is much weaker. Also, seeing that the interest rates are currently fairly low, they will probably be going up. This means that property values will generally be on the decline. These and other reasons strongly demonstrate that placing a property on the market now as opposed to later is a good idea.

Posted in Montreal Luxury Real Estate Market | Leave a comment

Luxurious Old Montreal Loft For Rent

Posted on November 15, 2011 by Stacy Bouchard-Burns

There is currently a wonderful Old Montreal loft for rent on rue St Paul. This furnished Montreal rental loft is located in the Cité du Nouveau Monde building. The Cité du Nouveau Monde building is a loft conversion project which was completed in 2004. The historic building which houses the project was originally built in 1876. The project houses lofts that range from modest sizes to huge penthouse Old Montreal lofts. It is one of the most exclusive and sought out addresses in Old Montreal and in the entire city.

The Old Montreal loft for rent in the Cité du Nouveau Monde building is a dramatic 2110 square feet unit featuring an open concept living space joining together the kitchen, dining room, and living room. This furnished Montreal rental loft has two bedrooms and two bathrooms. This Old Montreal loft was tastefully furnished and decorated by a leading Montreal designer. The furnishing are exquisite and luxurious. This furnished Montreal rental also features huge arched windows which allow for plenty of natural light to sweep through the main living space. The two bedrooms are well separated within the loft space and thus allow greater privacy for the occupants. The tremendous quality of the construction in the Cité du Nouveau Monde building means that the unit is extremely well soundproofed. This makes this furnished Montreal rental an oasis of tranquility amidst the bustling streets of Old Montreal below. This Old Montreal loft rental comes fully furnished and equipped and includes electricity, heating, cable television, high speed wireless Internet and local telephone. The asking price of the unit is $5000 per month.

There are often wonderful Old Montreal lofts for rent and for sale in the Cité du Nouveau Monde building. For updated information regarding this and other Old Montreal real estate opportunities, please contact me directly.

Posted in Fully furnished rental Montreal, Old Montreal loft for rent | Tagged , , | Leave a comment

Wonderful Pointe-Saint-Charles Condo

Posted on October 15, 2011 by Stacy Bouchard-Burns

There is a great condo currently for sale on the Montreal condo market located at the wonderful Windhau building. The winner of an architectural design prize in 2004, this Montreal condo building is surely one of the top locations in Pointe-Saint-Charles. This Montreal condo loft features a contemporary open concept living space and has numerous windows on two sides offering a great amount of luminosity. This Montreal condo also features a lovely private patio, and a huge storage locker. It is located steps from the Atwater Market and the Lachine canal. It is very competitively priced compared to the average Montreal condo in the sector. This Montreal condo building is located on Argenson street. Please contact me for more info.

Posted in condo in montreal, condo montreal | Tagged | Leave a comment

Buying an Investment Condo in Montreal

Posted on October 11, 2011 by Stacy Bouchard-Burns

Montreal is a great city in which to buy an investment condo. The Montreal real estate market offers many options for prospective investors in all prices ranges. A good investment condo in Montreal can be purchased for as little as $200,000.

When looking for a great investment condo in the Montreal real estate market, it is important to try to stay centrally located as much as possible. This will make it easier to rent the unit and for good income. If possible, always try to buy a unit that has parking included as this will increase the rental value and make it once again easier to rent.

There are different approaches that can be taken when renting out Montreal condos. It is important to decide what type of rental you are willing to offer prior to purchasing an investment condo. There are basically two options for renting out an investment condo. It can be rented fully furnished for short or long term or it can be rented out semi-furnished for long term. Different buildings have different rules when it comes to renting out private portions so it is important to verify those rules prior to making a purchase. Some building will not allow leases of less than 1 year.

There are advantages and disadvantages to both types of rental approaches. When renting out a condo in the Montreal real estate market as semi-furnished (includes appliances only) the term of the lease will normally be for 1 year or more. This approach is somewhat less work as the tenant will stay for long term and the owner will not have to look for prospective tenants too often. However, the rental income will be substantially less than if the Montreal condo is rented as a furnished short term rental. A fully furnished condo will come fully equipped and will normally include heat, electricity, cable, and internet. The income generated by a short term and fully furnished rental in the Montreal real estate market will be superior to that of a traditional rental. However, the owner will have to look for prospective tenants more often and risk having vacancies for certain periods out of the year.

Posted in Montreal Investment Condos | Tagged | Leave a comment

Montreal Real Estate Home Inspections: A Critical Step in the Buying Process

Posted on September 20, 2011 by Stacy Bouchard-Burns

When buying Montreal Real Estate, buyers will almost always include a home inspection as one of their conditions. This is very important and no buyer of Montreal real estate should ever purchase a property without having it properly inspected by an professional building inspector. This is especially true when purchasing a single family home or a revenue property.

First of all a buyer of Montreal real estate should chose an inspector accredited by the AIBQ. (L’Association des Inspecteurs en Bâtiment du Québec) The inspection will cost approximately $500 and it is worth every penny. Inspectors will do a visual inspection of the Montreal real estate property and will look at everything from the roof down to the basement. A few days following the inspection, the buyer will receive a detailed inspection report. This will outline, among other things, any problems found with the building as well as estimated costs for fixing the problems. A substantial problem found during an inspection may give a Montreal real estate buyer the cause for a price reduction or, in some cases, a dismissal of the offer all together.

An exception to the inspection rule can apply when purchasing certain condominiums. When purchasing a recently built condominium, for example, an inspection of the co-ownership documents will usually suffice. A physical inspection of the interior of the condo by a building inspector will not really be necessary. Instead it is important in this case to add a clause in our offer that allows the buyer to inspect co-ownership documents including financial statements and meeting minutes. Reading through the minutes will allow us to ascertain any problem with the building that may have been discussed while the financial statements will give us an idea of where money has been spent and where it will be spent in the future. It also gives us a clear indication of the state of the reserve fund.

Posted in Home Inspections, Montreal Home Inspections | Tagged | Leave a comment

First Time Buyers Step By Step Guideline

Posted on September 2, 2011 by Stacy Bouchard-Burns

We are now in September and the summer months have come to an end. This usually marks the beginning of a very active couple of months for the Montreal real estate market. During this period, many first time buyers will be looking to purchase their first Montreal real estate. The whole buying process can often be an intimidating or even downright scary process for first time purchasers. I will therefore try to clear the air, so to speak, by explaining the process from start to finish.

The first thing that any prospective first time buyer of Montreal real estate should do is figure out how much they can afford to spend. This is easy to do. They simply have to contact a mortgage broker and ask to get pre-approved for a mortgage. Once this is done the first time buyer knows how much they can put down and how much the bank has approved them for. Armed with this knowledge, the first time buyer knows what price range to shop in and where to look in order to stay within budget. This can bring a lot of peace of mind to first time buyers entering the Montreal real estate market.

Armed with their pre-approval, the first time buyer can now start looking at listings and visiting properties. At this point it is best to start working with a knowledgeable real estate broker. The broker can send listings to the first time buyer based on search criterias and book visits. Of course, the buyer does not have to pay for this service since the vendors pay all commissions to the brokers. This is often not known by first time buyers of Montreal real estate. Another important fact that these buyers do not know about is that they should normally try to avoid contacting listing brokers directly. This is because listing brokers represent their clients, the sellers. Needless to say, trying to buy a property through them creates a conflict of interest. The bottom line is, you will normally get a better price if you negotiate with the help of a broker who is working exclusively for the buyer, and not for the seller as well.

Once the first time home buyers have found the Montreal real estate property of their dreams, it is time to make an offer. The broker they are working for will show them comparables at this point in order to figure out a fair price for the property. Once a price is determined, the broker will write an offer for the prospective buyers. The offers are written on standard forms supplied to them by the OACIQ. These forms ensure that buyers are protected and include clauses for inspections, examination of co-ownership documents, (in the case of a condo purchase) and financing time frames. Other clauses can also be added by the broker including things like a satisfactory visit. (for instance if the buyers have a parent who they want an opinion from on the property)

Once an offer that written up for a property in the Montreal real estate market is accepted by the seller, certain delays will begin. In general this is usually the timeline: you have 7 days to have the property inspected and10 days to get mortgage approval without conditions. Once these conditions are met, the act of sale normally takes place 30 days following the acceptance of the promise to purchase.

The last step is the signing day. That is when the buyer becomes the new owner of the Montreal real estate. At this point the buyer will have to bear extra costs such as notary fees and adjustments for taxes, etc. Eventually the buyer will also have to pay the land transfer duties, also know as the welcome tax.

If after reading this article aimed at helping first time buyers in the Montreal real estate market, has not answered all your questions, just contact me directly and I will help you.

Posted in First Time Buyers, Montreal Condos | Leave a comment

The Quartier International: Montreal’s Most Desirable District

Posted on August 12, 2011 by Stacy Bouchard-Burns

Montreal is home to many great neighborhoods. The Montreal real estate market is diverse and has many significant areas. In recent years one specific neighborhood has seen a lot of change and development: le Quartier International. This sector of the Montreal real estate market is situated just northwest of Old Montreal between University and St-Urbain and between de la Gauchetière and rue St-Jacques.

The Quartier International is a very recent name for this neighborhood and many Montrealers are still unaware of its existence. The development of the area into the new Quartier International began in 1999 with massive investments from the public and private sectors totalling close to 3 billion dollars. Prior to the development, this sector of the Montreal real estate market was dilapidated and pretty much unused. It that state, Old Montreal was essentially cut off from downtown Montreal. The new development has transformed the Quartier International into a link between Old Montreal and downtown Montreal both above ground and via the underground concourses.

The development of the area and its public spaces has attracted many new restaurants, bars, and boutiques and has turned the area into a very sought out residential location. This wonderful neighborhood is teeming with new Montreal real estate development. Le Quartier International is home to a mix of office buildings and luxury residential buildings which attract many of young professionals. There are wonderful Montreal condo buildings here including Unity 1 and 2, Gillette Lofts, and the Europa Places d’Armes. This sector of the Montreal real estate market also offers some great residential rental buildings which include 1009 de Bleury.

Currently there is a new residential condo building under development called the Southam Lofts at 1070 Bleury. This transformation of the historic Southam building will house luxury lofts ranging in size from 600 to 2000 sq ft.

Posted in Le Quartier Internatioal, Southam Lofts, The Europa, The International District, Unity Lofts | Leave a comment

A Healthy Month of July for the sale of Condos in Montreal

Posted on August 10, 2011 by Stacy Bouchard-Burns

The month of July was very good for Montreal condo sales. The total MLS sales in the market on the island of Montreal were up by 18% this month of July in comparison to July of 2010. There were 1183 sales in July 2011 as opposed to 1002 sales in 2010. This marked a second consecutive month for increases in sales in the Montreal real estate market. This increase in total sales was due in most part to the strength of Montreal condo market, which saw a 23% increase in sales from last year.

The Montreal condo market is more attractive to buyers than ever and leads the residential real estate market. In July of 2011 there were 587 condos sold on MLS. In the same period there were 385 single family homes sold and only 211 plexes. (2 to 5 units)

By simply driving around Montreal, it is easy for us to see the popularity of the Montreal condo market. Everywhere we turn we see new Montreal condo projects going up. In fact the number of sales of Montreal condos that are under construction or to be built was 59 for the month of July. That amounts to 10.05% of the total Montreal condo sales for the month of July. The average price paid for a new construction in this period was $258,434.

The Montreal condo market has seen a healthy increase in value over the last year. The median price paid for a Montreal condo for July of 2011 was $268,900. This was an 8% increase over the median price of $250,000 for a Montreal condo in the same period for 2010.

So far the month of August is off to a good start. We will check back in September to round up this month’s Montreal condo activity.

Posted in condo in montreal, condo montreal, Condos in Montreal | Leave a comment

Pointe-Saint-Charles Real Estate Summer Update

Posted on July 26, 2011 by Stacy Bouchard-Burns

It is the middle of the summer and this generally means a very slow time for real estate and for the arrival of new listings. However the neighborhood of Pointe-Saint-Charles is nonetheless seeing some interesting activity recently.

Since the start of June there have been 5 single family homes sold in the Pointe Saint Charles real estate market. The average selling price for these Pointe Saint Charles homes was $317,900. Selling prices started at $258,000 and went to $446,500 at the top of the price range.

Currently there are very few Pointe Sainte Charles homes for sale with only a total of 7 on the market. Prices for these single family homes start at $299,900 and go to $539,000. The current average price of a Pointe Saint Charles home for sale is $410,814. We should see new listings coming on the market sometime in September.

The summer months have thus far seen some very interesting activity for Pointe Saint Charles condos market. Since June 1st there have been 36 condos sold in Pointe Saint Charles with selling prices starting at $154,000 and going to $399,000. The average selling price for this period was $239,073

There are plenty of opportunities currently available for buyers in Pointe Saint Charles with 107 condos for sale on the market. Prices for these Pointe Saint Charles condos currently start at $140,000 and go all the way to $795,000. The average price of a condo in this neighborhood is currently $269,332.

The Pointe Saint Charles revenue market has seen little activity since the start of the summer with only 6 sales on record. Selling prices started at $259,000 and went to $440,000 while the average price of a Pointe Saint Charles revenue property was $313,500.

As of today, there are only 16 revenue properties available for buyers in the Pointe Saint Charles real estate market with prices starting at $275,000 and going to $1,350,000 at the top of the price range.

If you need more information about the real estate in this neighborhood, please contact me directly.

Posted in Pointe Saint Charles Condos, Pointe Saint Charles Homes for Sale | Tagged , , | Leave a comment