Montreal's top spots to buy and sell a home may not be all good news for house hunters
Montreal's real estate market is starting off strong after a record year in home sales. But that could mean bad news if you're looking to upgrade or buy your first home.
The Greater Montreal Real Estate Board says Pointe Claire, CDN-NDG, and Kirkland are among the top seller's markets for single family homes whereas Île Bizard, LaSalle and downtown Ville Marie are the best places if you're looking to buy.
But such a hot market is not all good news.
"The problem is that, unfortunately, people that are on the lower end of the spectrum are kind of getting pushed out," said Terry Kilakos, president of North East mortgages.
Kilakos said with the new mortgage rules, many homeowners looking to upgrade are waiting it out, meaning fewer options on the market.
"Anyone that's earning an income of anywhere between $45,000 to about $65,000 a year, where they were expecting to come into the market and buy a house in the two's or even low three's, now they no longer qualify," said Kilakos.
Kilakos said 2019 will likely see fewer homes on the market and more condos up for sale.
"You need to sit down with your bank, you need to sit down with a mortgage broker, and basically re-run the numbers and recalculate things and figure out the new prices you can actually afford," said Kilakos.
"If it makes sense for you, then go for it. If not, then maybe continue saving and maybe rent for the time being."
Top seller's markets for single family homes according to the Greater Montreal Real Estate Board (fourth quarter data from 2018):
- Pointe Claire
- St. Laurent
- Verdun/Nun's Island
Top buyer's markets for single family homes:
- Downtown Montreal
- Old Montreal
- Île Bizard
Top seller's markets for condos:
- Plateau Mont-Royal
Top buyer's markets for condos:
- Pointe Claire