How To Buy Montreal Real Estate

According to a survey made on behalf of the Greater Montreal Real Estate Board (GMREB) at the end of 2003, it was reported that an estimated 213,000 households were planning to buy a home in the next five years.

This trend has proven to be correct because during 2004,and onwards, almost 50,000 units of real estate properties were sold through the GMREB MLS system, and almost 28,500 during the first six months of 2005.

According to real estate analysts these numbers match those obtained in the first survey that they conducted in 2001. According to local realtors, the family worth has increased since 2000, as the average price of a property in the Greater Montreal area has increased by 50%, which is a healthy indicator of growth.

Factors That Helped In The Growth Of Montreal’s Real Estate Market

- Interest Rates

Currently interest rates are considerably low, which means easier access to a property. The good news for home borrowers is that in the short-term, there are no indications of a major and significant interest rate increase.

- Increasing Consumer Confidence

The economy has grown by 14% since 2000. The higher the level of confidence, the more consumers invest and buy properties. This has a positive influence on the real estate market.

- More Job Creation

Since 2000, 353,000 jobs have been created, which means that Quebec is in a period of prosperity. When you are employed, you have the means of buying a house.

- Increasing Numbers Of Baby Boomers

Many baby boomers today have reached retirement age. They are at a stage when they sell the family residence in order to buy properties which better meet their needs, and they could either buy a condominium or a cottage.

At the same time, the 25 to 35 year old generation is getting into the real estate market and is actively looking for a property for them to settle down in. The effect is an increasing number of transactions and a growing interest of families in the real estate market.

- Rental Unit Vacancy Rate

The Greater Montréal rental vacancy rate in 2006 stands at 2%. The option left to consider is to buy a house, an apartment or condominium. It is definitely advantageous to trade up from being a renter to a homeowner,thanks to low interest rates and incentive programs such as the Home Buyers Plan (HBP).

How To Buy Property In Montreal

In order to smoothen the process of buying a home in Montreal, start by getting yourself a professional real estate broker. In doing so, they will help you save you time, money, as well as protect your interests. Purchasing a home without a realtor may put you in a situation where you may be taken advantage of.

You may also check out the offices of the Greater Montreal Real Estate Board (GMREB) for assistance in finding accurate info on the local property markets, as well as contacting the offices of the Canadian Real Estate Association (CREA). Another good way in finding good real estate choices here, is to look at MLS sites, or Multiple Listing Services.

http://www.montrealrealtyfinder.com – Montreal Real Estate

How To Buy Montreal Real Estate