The Future Of Luxury Real Estate In Montreal as Envisioned by Hershey Rosen
Hershey Rosen, the owner of Hershey Rosen and Associates, is no stranger to media attention as this company carries a bright name in real estate in Montreal, Quebec.
Given that Hershey Rosen and Associates is the premier luxury real estate agency in the province and is responsible for over 30% of Montreal’s new condo sales, Hershey Rosen is often consulted for housing market forecasts.
When asked about the Montreal real estate market, he says that a slowdown in the Montreal real estate market might occur in the coming months as a result of rising inflation in Canada and the consequent rate rises from the Bank of Canada. Rising mortgage rates in Montreal and Quebec City are discouraging potential homebuyers in the province.
Housing prices in Montreal and throughout Canada have been boosted by the large amounts of cash held by Canadians as a result of the country’s rising net wealth since the epidemic began. Quebec homebuyers may think twice about tapping into their TFSA or RRSP funds to finance a property purchase if they fear inflation or interest rate spikes.
When asked about his outlook on the sale of luxury real estate in Montreal, Quebec, he says “After two record-breaking years of new building sales, we anticipated a slowdown this summer as many individuals took time off to vacation.” He claims further that online registrations and sales have increased since the beginning of the school year.
Furthermore, he anticipates a revival of brisk business in the second half of 2023. Some customers are waiting for the economic news to change before making a decision at this time. However, they will need to act swiftly when things speed up, which they will, since demand for homes far exceeds supply.
Despite the statute prohibiting the acquisition of residential property by non-Canadians coming into force on January 1, 2023, Hershey Rosen predicts that national and international investment in Montreal will continue to increase over the next several years.
In contrast to the situations in Toronto and Vancouver, the great majority of foreign purchasers in Quebec are excluded from the new rule since they are individuals who had come here to work and study. When added to the effects of immigration, this trend will make it crucial for brokers and sellers to cater to a wide variety of purchasers which includes immigrants.
Also, French is the sixth most spoken language in the world, and the province of Quebec is the only French choice in the Americas for native speakers of French.
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