OPEN HOUSE WEEKENDS
With Montreal’s condo market booming like never before, many prospective buyers are expected to take advantage of this fall’s Open House Weekends event, happening Oct. 21-22 and Oct. 28-29, from 1-5 p.m. The biannual event, which brings developers together by organizing simultaneous open houses at projects throughout the city and surrounding areas, is a creative and efficient way of shopping for a home, according to local brokers.
“Consumers are discovering that fall is a great time to buy — or at least to explore the market for a future acquisition — because a considerable portion of new projects are announced in the fall, which usually means that buyers can take advantage of preconstruction prices,” said Jacques Beaulieu, the event’s founder and organizer. “Buyers often have a wider choice of locations and models, thanks to a larger inventory.”
This edition of Open House Weekends will feature close to 60 developments, with special attention being given to affordable housing solutions for first-time buyers, family-oriented residential projects, upscale luxury homes, and options for buyers age 55 plus.
Participating developments can be found in a number of popular neighbourhoods, including Ahuntsic-Cartierville, LaSalle, Plateau Mont-Royal, the Sud-Ouest borough, Mercier—Hochelaga-Maisonneuve, St-Laurent, Rosemont—Petite-Patrie, Ville-Marie, Pointe-Claire, St-Lambert, Laval, Candiac, Longueuil, St-Hubert, Charlemagne, Vaudreuil-Dorion, and La Prairie.
In addition to the vast range of available properties, another reason prospective buyers are entering the market this fall is rising interest rates. With the recent increases to the interest rate governing mortgages, many buyers obtained preapproval before the start of fall in order to lock in their rates for a given period of time.
“This increase has an impact on people and motivates them to buy right now,” Beaulieu said. “Especially considering the fact that the government could raise the rates again.”
Many brokers view the Open House Weekends event as a great opportunity for buyers searching for a home. The simplicity of being able to visit many properties in a short period of time enables buyers to get a good sense of the market, and what’s available for purchase.
“Whether you’re poised to make a purchase within the next couple of weeks, or just starting to dip your toes into the market, this event is a perfect opportunity,” said Kyle Shapcott, real-estate broker with the Bardagi Team. “Real-estate developers tend to put their best offers forward with certain promotions trying to finalize a few deals or attract new clientele.”
It also helps buyers explore different neighbourhoods, while learning about the perks offered by different developers.
“These tours are great for people who are new to the city because it gives them a taste of what to expect when looking at the bigger picture,” said Tristan Pungartnik, director of operations at Summit Property Management.
“They’re a great first step, but there are undoubtedly many great projects that are not included in these tours and they should not be overlooked.”
In addition to considering all available options, it’s also important for buyers to do their research ahead of time — especially when it comes to a developer’s track record.
“Whether it’s booking a vacation or purchasing a new car, research is always the key,” Shapcott said. “This event is also a great opportunity to ask for referrals and start a relationship with a real-estate broker, one who is familiar with the market you’re looking to purchase in.”
A broker can also offer the most personalized service out there when purchasing a home.
“This is very important because everyone’s priorities, needs, and living situation will vary,” Pungartnik said.
With a healthy demand for condos city-wide, event organizers and brokers alike are expecting the trend to continue, which should result in a positive turnout for the fall edition of Open House Weekends.
“The mid-range and luxury market has been performing relatively well and we believe it will continue to do so under these current market conditions,” Shapcott said. “The influx of foreign buyers in certain boroughs and an aging population selling their single-family homes to downsize to condos will continue to feed this segment of the condo market.”
The overall state of the province is helping bolster real-estate activity as well.
“The economic picture is very positive in Quebec and people’s spirits are much more positive as you can see in different opinion polls,” Beaulieu said. “The unemployment rate is the lowest in years, and there is healthy economic growth, so all these indicators incline buyers to act, and we’re happy we can help bring buyers and developers together through our event once again.”
For more information, and a list of projects participating in the Open House Weekends events, visit www.guidehabitation.ca/en/visites