Monday, June 8, 2009
There's Still Room To Move In Montreal
MONTREAL -- In an urban world running out of room, Montreal offers relief. To be sure, the past decade has seen the city go condo crazy, with home buyers flocking to trendified districts such as Notre-Dame-de-Grâce (NDG) and Saint-Henri to the west and Plateau Mont-Royal to the east. But, unlike other cities of similar or larger scale, there’s still room to manoeuvre.
The recession has not had a dramatic effect on housing prices, but it has changed the dynamic of a market that has long favoured sellers. Astrid Joseph, analyst at the Canadian Mortgage and Housing Corp. (CMHC), says that listings in the city and its outlying suburbs will go up by 19% this year.
Despite the expected glut, prices will only go down by 1%.
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