The report predicts a 6.7% decrease for detached single-family house prices and a 6.5% decline for condos in 2021.
But the price reductions will vary depending on where you live. In Edmonton and Calgary, prices could drop about 10% due to an oversupply of new homes and a decline in the oil industry, states the report.
The effort to combat the spread of the COVID-19 outbreak left its mark on the Canadian economy.
Abhilasha Singh, Moody’s Analytics Economist
In Montreal, where real estate prices have been catching up with Toronto and Vancouver, the cost of a home is expected to drop a little less than 7%. Over in Ottawa, they expect a reduction of 3%.*
“Ottawa and Montreal have had the hottest housing markets in Canada for the last few years. Market conditions are extremely tight because of robust sales activity and low inventories,” states the report.
Though a decline in the housing market doesn’t sound so bad — especially if you’re a millennial whose dreams of owning property died long ago — it can be really bad for the economy as a whole (think the 2008 recession).
It can also be bad for first-time homeowners who can get trapped in something called negative equity, a situation where the amount of money a person owes for their mortgage is more than the value of their home.
However, the report concludes that if a pandemic-ending vaccine is found, home prices could come roaring back in a big way in 2022.
The event name, Sudbest, perfectly captures the goal of the event. Organizers call it the Sud-Ouest's "largest commercial revival initiative," bringing forward as many of the borough's merchants, artists and artisans as possible.
"The Market is intended to be a tailor-made economic stimulus tool for artists and merchants in the Sud-Ouest by giving them a commercial opportunity to promote themselves as part of an event reflecting the neighborhood," said restauranteur Gaelle Cerf, one of the event leaders, in a statement.
At the market, you can expect to find a 100% Quebec wine and cider bar run by the owners of the new convenience store Le Cinq à Sept (Ville-Émard), a bloody caesars bar at Lord William Pub and a "post-pandemic" beer made specially for the event by 4 Origines Microbrewery.
You'll find food trucks, a Perles et Paddock oyster bar, jerk chicken grilled by Boom J, Food'elles and more.
At this month's event, DJ Kelly (Rap Mommies) will be spinning on Saturday from noon to 10 p.m. On Sunday, you'll find Jazz St-Henri, 99 Wolves, and ELMNT at the DJ booth.
Fifteen stands are expected at the first Le Sudbest weekend, according to communications coordinator Julie Poulin. But Poulin told MTL Blog there are already 35 kiosks confirmed for the next event on August 28 and 29.
The third and final (for now) Sudbest weekend is scheduled for September 25 and 26.
Entry is free and dogs are allowed on a leash.
Sudbest Neighbourhood Market
Price: Free entry! No cash is accepted on-site (so pay by card or by scanning a QR Code thanks to the CHK PLZ app)
When: From noon to 11 p.m July 31 to August 1, August 28-29 & September 25-26
Address: 40, rue des Seigneurs, Griffintown, Montreal, QC (Behind Arsenal, along the Lachine Canal)
Why You Need To Go: Check out the SudBEST merchants, artists and artisans that the Sud-Ouest has to offer!
I must admit, I had never been to New City Gas (I moved here during the pandemic — please forgive me), so I had no idea what to expect. The first thing I thought was, "WOW, this space is so cool!" We walked into the lobby-bar and I was instantly taken by the exposed brick and hanging lights, which created a boho-chic Mykonos-esque aesthetic. Of course, that included a hanging bed.
We stepped inside and walked through the mysterious yet cozy and inviting interior complete with mirrors and candles galore. Before entering the restaurant, we passed through the artisanal marketplace, featuring goods from Meraki, a Laval-based boutique filled with handmade goods and imported treasures from Greece.
Next, we headed into the restaurant, which is so spectacularly done that it feels like one of the most high-end, chic spots on the Island of Montreal but with a totally relaxed and laid-back vibe. Thanks to the decor — complete with hanging baskets, long tables, neutral tones and vibrant greenery — you truly feel like you're in Tulum or in Greece.
We tucked ourselves in for a four-course meal by Chef Massimo Piedimonte of Le Mousso. We were told that the menu was "a tour through the Mediterranean": tapas, a fish course, a meat course, and dessert. Paired with drinks prepared by sommelier Maxime Laliberté of Maison Boulud and mixologist Lawrence Picard of Nectar & Co., I was in absolute heaven.
Between courses, we checked out the open-air gallery outside by S16 and the NFT Gallery by 0x Society, which is actually the first of its kind in Canada. Both of these will be available all summer long.
When the sun went down and the lights came on, the ambiance was even more spectacular. Co-owner Alex K. told me the team was inspired by their travels to places like Tulum and Mykonos, not just for their food and culture, but for the way they exude positive summer vibes. And that's exactly what I got from Bazart from start to finish!
Bazart at New City Gas
Address: 969, rue Wellington, Montreal, QC
Why You Need To Go: For a taste and the vibes of the Mediterranean right in the heart of Griffintown.
A new report from Royal LePage suggests that while Montreal's real estate market might start to cool down, home prices are still projected to increase more overall than any other market in Canada.
The company recorded a 21.7% year-over-year increase in the "aggregate price of a home" ("a weighted average of the median values of all housing types collected") in the Montreal area in the second quarter of 2021, bringing it to $514,000.
"Overall, the City of Montreal saw 990 $1 million–plus residential real estate transactions," including condos, attached and single-family homes, "in the first half of 2021, an increase of 112% from the same period in 2020," the report states.
Though sales in $2 to $4 million homes in Montreal rose by 138%, sales in $1 to $2 million homes made up the largest share of sales overall, with 807 Montreal properties sold in the first half of 2021, Sotheby's says.
Sales in properties over $4 million more than doubled between 2020 and 2021 — just six were sold in the first half of 2020, compared to the 14 properties sold in the same period in 2021.
The report said that according to the Quebec Professional Association of Real Estate Brokers, on average, selling a residential property in Montreal during the first quarter of 2021 took approximately 44 days, compared to the 68 it took to sell a home less than a year prior.