Thursday, 16 January 2014

Price Stability Returns to the Quebec Real Estate Market

New information from the Québec Federation of Real Estate Boards  indicates that the median price of detached homes will reach $226,500 in Québec for the year 2014. This is a 1% rise in prices when compared to 2013 when it reached $225,000.

There is pressure on costs and this is now much lower since in most big cities of the province, the real estate market is no longer in the sellers favour which had been the case previously.

Other information from the Quebec Federation of Real Estate ( QFREB) shows that future growth will see  a further 73,500 residential sales will be concluded across the province in 2014 through the real estate brokers' Centris system.

This will represent a 3 per cent increase compared to 2013. Sales decreased by 8 per cent last year primarily due to stricter mortgage rules, their lowest level in seven years. "The economic environment will remain generally favorable to the real estate sector in 2014," added Mr. Cardinal. "Although we anticipate a slight increase in five-year mortgage rates in the second half of the year, other factors support the idea of an increase in demand, the main one being a growth in population in recent years due to an improvement in net migration. Finally, economic growth and job creation is expected to accelerate somewhat in 2014," he added.

Excavation Begins on Icon Bay Halifax (Bedford) Nova Scotia

Word has spread online that the developer has received word from the developer that excavation has begun for Icon Bay Halifax, Office Condo Development. This 21 floor condo tower is going to be located across the way from the Fairview Container Terminal on the edge of the urban/suburban landscape of Halifax. 

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