Why It’s the Right Time to Sell a House in Montreal

by | Jun 21, 2021

In the world of real estate, several things occur. First, it is a neutral market. That means that both buyers and sellers have pretty much the same chance of finding a home to purchase and selling one. Second, it is a buyer’s or seller’s market. For this, current market conditions favor one over the other.

For example, when it’s a buyer’s market, potential buyers have better opportunities than those selling. That includes a much larger inventory of existing and new houses. Also, it’s common to find more lenient lenders and competitive interest rates. Because of favorable conditions, this is typically a time when first-time buyers take action.

As for a seller’s market, the opposite is true. The housing inventory in a particular area or region is thin. As a result, sellers have more potential buyers looking at their homes and a higher chance of closing a sale.

In a seller’s market, sellers can ask for a full price for their properties. Often, bidding wars ensue, which results in a seller getting even more than initially requested. In some instances, buyers will even forgo having a seller make non-mandated repairs just so they can close the deal before someone else grabs the home they want.


Selling a House in Montreal 

This part of Canada is currently a seller’s market. There are several reasons for this.

  • COVID-19 – Last year, a lot of people felt compelled to buy a house. With so much devastating news throughout North America, they wanted something that felt normal and safe. That resulted in an influx of home purchases, which significantly reduced the number of available houses for sale. 
  • Low-interest Rates – At the same time, interest on mortgage loans dropped to incredible lows. Even today, people with good credit can lock into a rate of 2.5 percent. That further motivated individuals to buy now instead of later. Again, that impacted the available housing inventory. 
  • Staying Put – Of the houses still available in Montreal, a lot of homeowners want to stay put. With remaining uncertainty regarding the pandemic, this offers them a sense of comfort and security. 

It all comes down to supply and demand. With demand currently high, supply can’t keep up.


Considerations When Selling

If you’re thinking about selling your house in Montreal, you want to keep a few things in mind. For instance, as a seller’s market, you have more control during negotiations. In other words, you have more power to set the terms and conditions of the sale to ensure they favor you.

Also, there’s an excellent chance that the value of your home rose significantly over the past 12 months. So, you can get more for your house now than last year. Experts predict that Montreal will remain a seller’s market for some time. However, if you’re serious about selling, you want to make sure you don’t miss an incredible opportunity.

To gain more information about current market conditions and particularly what you could get from selling your house, be sure to work with a reputable real estate agent.