Is Montreal’s real estate market cooling down? The answer is yes and no. In some areas we are still seeing multiple offers. In other pockets not as much. The condo market has definitely cooled down as there is a lot more inventory than buyers looking to purchase.

The single family home market is different. If you are looking to purchase property under $600,000 in West Island, Laval, Brossard, NDG, Montreal Ouest, Westmount, etc PLUS it is in good shape, be prepared for a multiple offer situation in many cases. However even if that is not the case, also be prepared to pay close to the asking price if the property is listed at fair market value.

Cooling down does not mean prices are going down. BIG difference! Now with interest rates going up, it is a great time to lock down that pre-approval rate before they go even higher (which they are). I work with only the best mortgage brokers in the business who get things done!

You can wait and see but definitely be prepared to pay more monthly because the interest rates will dictate what your budget and monthly payments will be. Right now you can still lock in a reasonable rate and term.

If you are not working with a Mortgage Broker or need to see your options, get in touch with me and I will introduce you to the best mortgage brokers in the business!

Danny Kohli
RE/MAX HALL OF FAME
CHAIRMAN’S CLUB
514 907-9477