Homebuyer confidence returns in Montreal, as Bank of Canada maintains key lending rate at start of spring market
Royal LePage revises its 2023 house price forecast upward for the Greater Montreal Area’s residential market to reflect a softer and shorter-than-expected correction
Greater Montreal Area forecast revised upwards
In the Greater Montreal Area market, Royal LePage is forecasting the aggregate price of a home will increase 3.0% in the fourth quarter of 2023, compared to the same period in 2022 to $560,629.
The company revised its previous forecast upward to reflect stronger-than-expected buyer demand in 2023 and an expectation that inflation will continue to improve. The correction of property prices in the region was short-lived. The condominium segment is expected to perform better than the single-family segment given buyers’ limited purchasing power as mortgage rates remain relatively high.
“Soaring inflation is behind us and consumer confidence in the housing market has rebounded. We remain cautiously optimistic about property values, as economic indicators, full employment levels and limited supply of homes in the market appear to be in favour of a recovery, rather than a slowdown in demand over the medium term.”
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Royal LePage Canada Real Estate Company