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canada real estate

It appears that American interest in Canadian real estate is on the rise as our southern neighbours gear up for today's 2024 U.S. presidential election, and so many of them are considering moving to Quebec.

A new report from Royal LePage reveals that U.S. residents have shown a marked surge in curiosity about moving to Canada. Visits to the company's website from Americans spiked by more than double back in June, right when the election season kicked off. That surge hasn't let up and is seeing renewed attention as election day arrives.

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The third-biggest city in Quebec just snagged a top spot in this year's ranking of Canada's best places to live based on home costs. It's a big deal for a spot that's often more in the background than the spotlight, marking a shift in Canadian real estate trends.

The new "Most Desirable Places to Live" ranking from KelownaHomes.ca suggest changing preferences in the national housing market, driven by factors like lifestyle balance, affordability, and quality of living.

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What Canada's second-tier cities lack in glamour they make for in affordability. Of Canada's three largest cities, only Montreal makes it onto a new ranking of the top 10 most affordable cities in Canada for first-time homebuyers.

The ranking, by Alberta-based real estate platform Edmonton Homes, is based on an evaluation of average home prices, property taxes and energy costs compared to median incomes. The platform quantified these metrics and gave each city a score out of 60.

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Home prices are down but the income you need to afford one is going up. According to a new assessment by mortgage brokerage Ratehub.ca, the income needed to purchase a home went up between $5,750 and $23,350 in Canada's eight largest cities in the last year.

Ratehub.ca calculates those incomes by evaluating average home prices in each real estate market and the average mortgage rate among the country's five largest banks. It then adds a "stress test," which measures whether a buyer can continue to afford their home if rates were to increase.

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The average home price in Canada could reach its lowest point in two years, according to a forecast by TD economist Rishi Sondhi published by the bank on January 10. The expert is predicting a decline of about 20% compared to the price peak in 2022.

According to the forecast, the national average home price could "bottom out" at around $600,000, down from an estimated $750,000-$800,000 high in 2022.

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Buying property in Canada just got harder for people who don't live here. New legislation that took effect on January 1, 2023, bans "non-Canadian" buyers from purchasing any residential property anywhere in the country. There are some reasons behind these choices, but first, let's get into what the ban actually means.

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RE/MAX has released its housing affordability report for the first half of 2022, ranking the most affordable cities in Canada based on analyses by brokers in 24 markets across the country — Quebec excluded. The report also includes a Leger survey on Canadians' outlook on real estate.

The report states that, for 64% of survey respondents, relocation is seen as a "top sacrifice they'd be willing to make in order to achieve housing affordability." Though many wouldn't go very far — RE/MAX says half of those people wanted to stay within a 100-kilometre radius.

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In the market for a home to call your own? Well, with housing prices on the rise in Montreal, finding a space that both fits your needs and that you can actually afford isn't an easy task.

Luckily, there are still a few affordable homes on the Island of Montreal, though they tend to be far from the city centre. But this $350,000 two-bedroom, two-bathroom single-family house is located in the Hochelaga–Maisonneuve neighbourhood.

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As we've all heard by now, the Bank of Canada increased interest rates by 50 basis points in April, following a 25-point increase earlier in the year. This is sort of a big deal, prompted by the mess that has been the early 2020s. Rising prices spurred by the war in Ukraine — on top of already-high inflation — affected the Bank of Canada's recent decision.

But what does that actually mean for young Canadians? Let's focus on two financial areas that are being directly impacted by increased interest rates: bank loans and investments.

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With record inflation in Canada pushing up the cost of pretty much everything, it’s no surprise the Canadian housing market is also absolutely bonkers.

In the most recent edition of the Demographia International Housing Affordability (DIHA) report, the cost of buying a home in many Canadian cities has become "severely unaffordable," Montreal included!

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With Montreal luxury home sales on the rise, we're diving into some of the city's most stunning properties on the market, including this Westmount estate that is giving us serious Gossip Girl vibes. The home is for sale through Martin Rouleau and Engel & Völkers and costs a whopping $7,500,000 — which wouldn't be much for Blair Waldorf or Serena van der Woodsen.

Located in "the flats" a very sought-after area in Westmount, this 5,400 square foot home is described as the perfect combination of traditional elegance and modern comfort, and we couldn't agree more.

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As Montrealers contend with higher gas and grocery prices, the cost of housing is also increasing – and they might not level off anytime soon, according to new data.

The cost of real estate in Greater Montreal has increased by over 20% compared to last year, according to a new report released this week by the Canadian Real Estate Association.

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