Beaconsfield and Baie-D’Urfe Year in Review
The traditional pre-holiday slow-down has not materialized this year. The market continues to ramp up in the single-family sector with the number of sales in Beaconsfield now up 5% year-to-date compared to last year, and the median price is up 15%. Baie-D’Urfe sales, however, were up 50% year-to-date vs the same period in 2019, while the median price was up 15%.
With inventory continuing to fall (down 25% for Beaconsfield and down 54% for Baie-D’Urfe in November 2020 vs November 2019), and very strong buyer confidence propped up by interest rates around 1.8% for a 5-year term, we continue to see fierce competition among buyers in the under $1 million price ranges.
High-end real estate also took off in the West Island (and Montreal as a whole) with the number of sales over $1 million jumping 77% compared to 2019. Even the number of sales in the over $2 million price bracket tripled during that time.
We are seeing many homeowners decide to invest more heavily in real estate and either take on major home renovations, add pools and gyms, buy an investment property or move up to larger homes.
The West Island condo market began to soften with year-over-year sales down 11%. Inventory has been rising since the pandemic with the number of condos for sale up 30% compared to November 2019, however, prices are still on the rise with median price up 14% year-to-date compared to the same period last year.
We predict that interest rates will remain low for the foreseeable future and that we won’t see enough inventory hit the market to meet demand, so look for upward pressure on prices to continue for the foreseeable future.
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