Property in the Greater Montreal area is selling quicker than last year due to high demand.
The rising demand for homes in Greater Montreal has boosted the average price to be 7% higher than last year. Single-family homes have been selling faster in October and have become increasingly advantageous for the sellers.
In October 2017, sellers were able to sell their single-family homes in 78 days on average which is two weeks less than last year.
Buildings having 2 to 5 units sold in 81 days – 3 days quicker. Condominiums took the longest, on average, selling in 103 days and still 17 days less than before.
Such high demand for property can be attributed to some new lending guidelines that are expected to be implemented by the start of 2018. Among those amendments is a requirement that if there is a rise in interest rates, buyers not requiring mortgage insurance will need to show proof that they can still pay their payments.
The real estate board said that this October was the most active one in eight years increasing the average price from $347,281 to $367,512.