Research released yesterday from DSR Asset Management shows that Quebec‘s housing market is holding up much better than elsewhere in Canada. It’s not only the housing market that is more resilient, the jobs market has also fared well.
Quoting figures from the Canada Mortgage and Housing Corp, Martin Foster, Risk Analyst for DSR, said that house prices in Quebec are forecast to rise by 1.4 per cent in 2009 compared with a growth of 0.75 per cent for Canada as a whole. And in the Greater Montreal area, average sales prices are forecast to rise from $258,000 last year to $264,000 in 2009 – a rise of 2.2 per cent.
Foster commented that “This resilience in the Montreal housing market comes as no surprise to us at DSR; in recent months we have seen a marked shift in enquiries towards stable economies such as Canada. Our properties in Montreal have been attracting lots of investors.” Foster went on to say that the strength in the Montreal housing market is under-pinned by a strong rental market, yields are high and developers are still offering guarantees on these yields.
The general economic outlook for 2010 looks bright, Canada Mortgage and Housing Corp. forecast economic growth to be a modest, but positive, 1.4 per cent with employment increasing by 0.4 per cent. This will further stabilise the market.
Investors looking for a stable, growing market should seriously consider Montreal.
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