The coronavirus pandemic brought the housing sales to a halt for a few months, but then sales rebounded. But will this rush last and what can we expect regarding Montreal real estate 2020 and beyond?
Concordia University’s Mosher Lander, an economics professor in an interview believes that the interest rates will remain low for the next year. But how do we prepare for what’s to come?
Montreal Real Estate in 2020
According to the CMHC (Canada Mortgage Housing Corporation) says that the pandemic will have an effect on the real estate market, causing some uncertainty.
But will this lead to the hot real estate market in Montreal to cool off? Will the bubble pop?
Well, there is the fear of the second wave, and no one knows what’s to come.
One thing’s for sure — the downtown core will be heavily impacted, as it has been for the duration of the pandemic.
For instance, there are lots of office towers going up but because of social distancing, people are working from home. So, what will happen to all that office space? It could become new residential condominiums or possibly mixed spaces.
The fact that people are working from home and not going to their downtown offices will also hurt nearby businesses that rely on those employees — restaurants, bars, shops, etc. If they lose their businesses, they will also lose their source of income, and the domino effect comes into play.
Watch the video for more…
What are your thoughts or concerns about Montreal real estate in 2020?