Terry Kilakos (pictured top), president at Montreal-based North East Real Estate & Mortgage Agency, told Canadian Mortgage Professional that the continuing strength of home prices in that city surprised many would-be buyers who had decided to wait until property values declined before entering the market.
Some prospective buyers who had been preapproved were ready to make offers in January and February but decided to hold off in the expectation that prices would be much more favourable in the subsequent months, he said.
“If you look at markets like Toronto [and] maybe even some pockets of BC, a lot of the homes have dropped in value,” he said. “But Montreal hasn’t. The Montreal market is still relatively strong. Houses are still going over, [and] there are still people looking right now.
“It’s just you’re not getting as many offers…