Montreal Real Estate Reviews

OTTAWA, August 11, 2009 — The seasonally adjusted annual rate¹ of housing starts decreased to 132,100 units in July from 137,800 units in June, according to Canada Mortgage and Housing Corporation (CMHC).

“The slight decline in July’s housing starts is mostly attributable to the volatile multiple starts segment,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. “Although July registered a decline, housing starts are expected to improve throughout 2009.”

Over the next several years, housing starts will gradually become more closely aligned to demographic demand, which is currently estimated at about 175,000 units per year. Continue reading…

Increasing Withdrawal Limits Under the Home Buyers’ Plan

Saving the down payment for a home can be a challenge for many first-time home buyers.

The Home Buyers’ Plan (HBP) allows first-time home buyers to withdraw up to $20,000 from a Registered Retirement Savings Plan (RRSP) to purchase or build a home. Unlike regular RRSP withdrawals, HBP withdrawals are not included in income when withdrawn. Amounts withdrawn under the HBP must be repaid over a 15-year period, starting the second year following the year of the withdrawal, or included in the individual’s income if not repaid.
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Would like to inform the buyers that the program of backing the purchase of an apartment is financed by la Société d’habitation du Québec and by the city of Montreal and is directed to assist in purchases of dwelling on the island. La Société canadienne d’hypothèques et de logement also helps low income families.

In order to be entitled to get a sum of $ 6500 the price of new house should not be higher than $180,000 (including the tax and additional services). Or $235,000, if at the moment of buying a house you have children under 18 years in the family. In this last case financial help of $10,000is going to be provided. Besides if the dwelling is certificated by the Novoclimat (l’Agence d’efficacité énergétique du Québec), the highest price of the apartment to be subsidized, will be increased by $2500. This financial help is extended as one transaction. The buyer has to provide all documents before the 31st of December 2009.
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According to the results of the research, which was published on july 7, 2009 in the Royal LePage, in 2009 future owners of the real estate in Montreal on average will pay $ 263 500 for a private house. This is the consequence of the increased quantity of buyers by 2,1%.

“We analyzed the sales during the first 6 month of 2009, it shows that the market was really quiet in January and February. Obviosuly the buyers have reacted to the instability of the economy”, notes Dominic St-Pierre, the director of Services immobiliers de Royal LePage. The housing market shot up in spring, when there were buyers who were ready to pay upto $ 200 000. In May and June there was noted an increased demand on all kinds of real estate, and it gives an opportunity to predict good sales for the next 6 month.

The years from 2001 to 2007 were successful for salesmen, as houses were being sold quickly and easily. The end of 2008 and the beginning of 2009 is effected by the difficult condition of the economy and the housing market turns around in a favor of the buyer.

At present time the housing market is more stable and should be taken advantage of. Salesmen offer great prices and this is the perfect time for a buyer to choose the best house according to the needs and for a reasonable price.

The dealerships of buying and selling of the real estate will be more intensive first of all in the districts of Montreal like Dorval, Lachine, Beaconsfield and LaSalle/Verdun. But the increased amount of transactions will result the growth of prices for the real estate.

However, in more expensive districts like Saint-Bruno, Côte-Saint-Luc, Notre-Dame-de-Grâce or Westmount, prices will be kept more stable and probably will go down.