Real Estate industry in Canada is still thriving in some cities particularly in Vancouver and Toronto. However, there are other cities that have shown potential in flourishing its real estate market. Montreal is one of these cities are.
Canadian Real Estate Magazine reports investors are looking forward to a brighter 2016 in terms of Canada's housing market. It has already been noted that despite inflation, chances are the economy will become better.
Report states that although Vancouver is already dubbed as Canada's real estate MVP, Quebec specifically Montreal has also a fighting chance to get the title. According to according to Phil Soper, the president and CEO of Royal LePage, the province of Quebec has already been "well-poised to be the most improved player year-over-year."
In addition, Soper has also advised "investors who are able to take a more long-term approach" to weigh also the province of Alberta. He thinks that Calgary is certain to have "an eventual rebound" in its economy even if as of the moment it is still suffering from inflation. He predicts that mid 2016, Calgary will have a lot of investment opportunities.
As for Montreal in particular, Business Financial Post also states that there is already "an improvement in Montreal's job market in spite of Canada experiencing a recession during the first two quarters of 2015."
Report says that Paul Cardinal, manager of the QFREB's Market Analysis Department, said after disclosing the result of the recently conducted residential sales statistics for the province of Québec, that "the residential real estate market's upturn in 2015 will continue in 2016, at least during the spring period, which is the most active time of the year for buying a property."
It is noted from the data of the cities' real estate boards that there's a "3% bump in Montreal-area housing prices, to an average of $295,000, a timid increase compared to Toronto and Vancouver." Last year, Toronto and Vancouver had an increase of 9.8 per cent and 18.9 per cent, respectively.
Do you think Montreal will be able to compete against Vancouver in term of its real estate industry? Share your thoughts in the comment box below
