Do we really want to be like Toronto?
That’s the question on the minds of many Montrealers these days when they take a look at what’s going in their city’s housing market, one that Canada Mortgage and Housing Corp. (CMHC) said this summer is close to “overheating.”
With Toronto slowly emerging from a real estate slump that has bitten into prices and sales over the past year-and-a-half, and Vancouver’s housing market “in the dumps,” Montreal is emerging as the country’s hottest major city housing market.
Watch: The extreme measures Canadians go through to buy a home (story continues below)
Home sales in the city jumped 11 per cent in October from the same month a year earlier, the city’s real estate board reported on Wednesday. The condo segment was particularly strong, with sales up 22 per cent in a year.
Compare that to Toronto, where October sales were up a modest 6 per cent, after the city saw a slump in the first half of the year. In Vancouver, October sales were down 34.9 per cent from a year earlier.
Montreal’s condo market “has moved from a buyer’s market to a seller’s market in just one year,” Nathalie Bégin, president of the board of directors of the Greater Montreal Real Estate Board, said in a statement.
Earlier on HuffPost Canada:
Vancouver’s Real Estate Market Ranks As Least Affordable In Norh AmericaCanadian Government Used ‘Fake News’ To Drive Real Estate Borrowing … SeriouslyCanadian Homebuyers Will Finally Get To See Houses’ Previous Sold Prices
And while some homeowners may enjoy the boost to their wealth, the prospect of Montreal following in Toronto and Vancouver’s footsteps to million-dollar bungalows and half-million-dollar condos is alarming to many in a city that has long focused on …read more