Have Quebec Properties Become Unaffordable? Read This!
This is one of the most informative articles on quebec Housing economy published this year. The FCIQ released the latest Window on the Market newsletter, in the section “A word from the Economist”, this month’s issue discusses the price increase in Quebec’s market since the 1980′s until the present date (and then some forecasts).
Get the ultimate answer to the perennial question:
How affordable are properties today compared to previous decades?
Here are some snippets from the article, along with graphics to illustrate the market changes over the past 3 decades. I highly encourage you to read the original article, to save it and/or print it. It will make a great Market Reality Check. Knowledge rules.
“Many people believe that the dramatic increase in property prices in Québec in recent years has made residential real estate unaffordable for first-time buyers (the average price of single-family homes increased from $110,849 in 2000 to $247,054 in 2011, a 123 per cent increase).
However, household incomes have also increased over the years and historically-low borrowing costs have helped to significantly reduce the financial outlay required to purchase a property. Ultimately, how affordable are properties today compared to previous decades?
Calculating the mortgage carrying cost, meaning the proportion of income that must be allocated to the monthly mortgage payment in order to buy a property, will help us accurately answer this question.”
Source: FCIQ.ca
Posted By: Deya Bautista - Real Estate Broker working as part of the McGill Immobilier team. Specializing in high end condos in downtown and Old Montreal. For buying or selling contact Deya at: 514.917.7889 http://montrealrealestateblog.com/
How’s the Market: February 2012 – MLS Sales Stats
It is that time of the month when numbers and percentages are released by the MLS and Montreal Real Estate Board database. According to their latest report, there was a 9% sales increase throughout the Montréal Metropolitan Area as compared to February 2011. The ninth consecutive increase and the strongest one since April 2010.
Here is the point-form scoop:
- Active listings grew by 13%
- Condos are still on the sales lead, for the 23rd consecutive month
Continue reading: How’s the Market: February 2012 – MLS Sales Stats
Posted By: Deya Bautista - Real Estate Broker working as part of the McGill Immobilier team. Specializing in high end condos in downtown and Old Montreal. For buying or selling contact Deya at: 514.917.7889 http://montrealrealestateblog.com/
Time to list: Income Property
You’ve probably heard before that September is the Income Property Month.
And why is that?
Summer time is usually slow in Real Estate, people take vacations, kids are off school, etc. etc. Then comes September. But before we go on, lets rewind a bit, so I can explain why is best to list after the summer.
As you already know, Montreal official moving date is on July 1st each year. Most residential leases end then. So when an income property is listed after July [New leases are signed, old ones renewed, etc], as an owner, you will know exactly how many tenants remained and how many are gone. The vacancy rate is very clear. Then you can price and market your place according to it.
This information is crucial for those looking to invest, because it gives them the certainty of the income expected from then until june of the following year.
It will be clear for buyers to know what they are getting into, whether they want to repossess one of the units, rent the whole building or renovate a few apartments to later increase the rent.
Buyers who are looking into income property for just an investment, they will be happy to know that there are still plenty of new listings that come out in february. So, for sellers the timing is quite flexible: List in September or wait until the winter time. Either way, there will be buyers.
If you are interested in selling or buying an income property, contact me today.
Posted By: Deya Bautista - Real Estate Broker working as part of the McGill Immobilier team. Specializing in high end condos in downtown and Old Montreal. For buying or selling contact Deya at: 514.917.7889
Related Articles:
- How to repossess your income property
- Buying an Income Property to Live in
- Repossessing your Income Property