How Is the COVID-19 Pandemic Affecting the Montreal Real Estate Market?

by Anthony D’anello | May 20, 2021

Over the past several months, the world has changed drastically ever since the coronavirus pandemic upended people’s daily lives around the globe. But as we all start to get used to our “new normal,” many people are starting to think about the tasks they wanted to accomplish before the pandemic threw all their plans off course. Those tasks include buying or selling a home. But since things have changed, you may wonder about how the COVID-19 pandemic is affecting the Montreal real estate market. Before you get ready to buy or sell, consider these changes in the market.

Demand Bouncing Back

In the early days of the pandemic, the real estate market (just like every sector of the economy) came sputtering to a stop. At that point, many people just didn’t know what was going to happen in the real estate market. But months down the line, it looks like demand is picking up again. People want to go out and buy houses, and some may even be more inclined to find a home with a bigger yard or more outdoor space.

Prices Going Up

At one point, many assumed that the coronavirus pandemic would encourage home prices to fall. Some thought this might even be a good thing in very expensive urban areas like Montreal. However, that has not really happened during the pandemic. In fact, home prices have not gone down, but they’ve actually continued to climb. Real estate prices are going up as people scramble to find the best homes for them and their families. There has also been a rise in homeowners looking for intergenerational housing.

Pent-up Activity

There’s no saying how the Montreal real estate market will move forward from this point. While it does appear to be growing significantly now, many experts have assumed that that’s largely due to pent-up demand. People wanted to go out and buy houses, but it just wasn’t an option during the lockdown. Now that things are loosening up, all those people who would’ve bought houses in March and April are beginning to see that now is their chance to do so.

Home Offices

Workers around the world are fielding phone calls from inside their own homes now. That has led many to think about purchasing a house with a home office. That’s especially true now that so many companies are thinking about letting their employees work from home indefinitely. It just makes sense that buyers would want to have more rooms in their homes if they’re trying to stay indoors more.

It’s clear that the COVID-19 pandemic has had a significant effect on the Montreal real estate market. Still, we’ll probably continue to see changes to the market for months or even years ahead. Because of that, you’re going to need a good real estate agent who can help you figure out the market, whether you’re buying or selling. Just contact Anthony D’Anello for all of your Montreal real estate needs.