Quebec’s real estate market is expected to further sales increases in 2016 following a solid 2015, according to the Quebec Federation of Real Estate Boards.
“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,” said Paul Cardinal, Manager of the QFREB’s Market Analysis Department. “Historically low interest rates have been reached, and marginal increases are expected by the end of the year.”
Last year saw 74,207 home sales, a 5% increase year-over-year. 2016, meanwhile, is expected to see 76,000 sales.
Home sales will be supported by low interest rates, migration, jobs gains and solid consumer confidence in Le Belle Province, according to the real estate board.
And real estate players are noticing the improving market.
“Montreal got beat up over the last couple years because of condo oversupply, but it’s bouncing back,” Walid Hammami, a broker with Dominion Lending Centres, told Real Estate Professional. “So far this year is looking good and I think it’ll remain stable for the rest of the year.”
It may not be the country’s hottest market but agents experienced a solid business bounce back in 2015 – and it’s one that’s expected to carry through the next year.