A public notice was issued by the Québec Federation of Real Estate Boards (QFREB), stating that it is making more revisions to its predictions for the remainder of the year. This is due to the robust performance of the Montréal property market, together with the strong availability of jobs, improved consumer confidence, and surge in migration.
For the remainder of this year, the QFREB is presently projecting a year-over-year sales increase of 2% in the real estate market. This would make 2017 the best year for sales in the province since 2010. The QFREB had expected a fall of 7% in sales for this year in January 2016.
The QFREB’s price estimate was also revised, with the average price of a single-family home expected to increase by 3% over the year, up to $242,000 throughout the province. From noticeable strength in the initial part of the year, the trend is “largely attributed to the Montréal area, which had the lion’s share of the jobs that were created since the start of 2016,” the QFREB said.
“The QFREB anticipates 41,500 transactions to be concluded in the Montréal CMA in 2017, a 4% increase compared to 2016. This would make it the best year in terms of sales since 2010,” the QFREB added.