immeubles

Real estate will not stop in Quebec for 2018

Despite the tightening of mortgage rules, the housing market is not rife in Quebec. On the contrary, after the surprise increases of 2017, economists predict that the level of activity and real estate prices will continue to climb in 2018.

According to the Quebec Federation of Real Estate Boards (QFREB), which held its annual conference Thursday, the resale market for houses, plexes and condominiums should, for the first time ever, shatter the threshold of 85 000 residential real estate transactions next year.

Not only should the level of activity grow by 3%, to reach 85,400 transactions, but the median selling price of homes (all types) should increase by as much (3%) to reach some $ 251,000. next year.

“Despite the anticipated rise in interest rates and another tightening of mortgage rules, (…) the demand for housing will be strong, explained this morning, the economist Paul Cardinal, director of the CFIQ Market Analysis Department.

At the same date in 2016, the latter warned the market on the risks of slowing real estate activity. “Things will have ended differently, had to admit the economist. I was seriously wrong.

 

In 2017, based on data from the first eleven months of the year, it is estimated that the median price of homes will have increased by 4% to $ 243,000. And sales should, for their part, be around 82,600 transactions, a surprise increase of 6% compared to 2016.

This upward trend is expected to be even stronger in the greater Montreal area, which, against all expectations, will have experienced an increase of 8% in the number of transactions in 2017 (compared to 5% in 2016), and by 7% the median selling price of single-family residences.