WEST ISLAND REAL ESTATE MARKET
With acres of green space, conveniently located amenities of all sorts, and picturesque familyfriendly streets, the West Island offers a paradise of options for buyers seeking out the suburban dream.
From Dorval to the tip of Senneville, the West Island encompasses a handful of cities and Montreal boroughs with a wide range of properties for sale. As a popular choice for homebuyers of all ages, it’s no wonder that the market in the area has remained relatively healthy over the last 10 years.
“It’s a very attractive place for families relocating either from the downtown core or from another city,” said Jay Deakin, certified real-estate broker and owner of Deakin Realty. “There are many services available and the quality of life offered is unmatched.”
It also has an abundance of important facilities for families, such as public and private daycares and schools that serve both the French and English populations.
“The fact that English is spoken throughout much of the West Island also makes it a popular choice with people moving from other parts of Canada,” said Yona Corber, real-estate broker with ReMax Royal Jordan.
For all of these reasons, the realestate market in the West Island over the last decade has experienced what Deakin describes as aggressive growth. But the pace has been waning in the last couple of years.
“We have seen a gradual cooling of the local market since early 2013,” he said. “Price increases in single-family homes have moderated to approximately two to three per cent per year, and are projected to continue at this rate for the next little while.”
But given the historically low Jay Deakin, at his office in Pointe-Claire, predicts serious sellers will adjust their prices in the fall so as to sell their homes before the market’s annual slow period in winter.
interest rates we’re seeing, don’t expect home prices to drop much lower than that.
“The interest rate plus the relative scarcity of land in the West Island helps to support demand and value,” Deakin said. “That’s why, overall, we’re finding ourselves in a more balanced market where buyers and sellers both share negotiating leverage.”
Generally, a balanced market makes for a pleasant transaction on both sides because neither party feels like they are being taken advantage of, or that they are at the mercy of the market, he added.
The most activity in the West Island is currently in the more affordable home bracket: the $300,000 to $500,000 range.
“That’s because there are still not enough homes for sale to meet the demand,” Deakin said.
“What this means for buyers is that you still have to be quick to move on lower priced properties.”
As for the higher priced homes, the trend appears to be moving toward a buyer’s market. In fact, buyers for homes over $700,000 now enjoy the upper hand, meaning there is more supply in the market than there are buyers shopping, he said.
“Overall, the market picked up late in the spring and remained very active through late June and most of July,” Deakin said.
“In speaking with colleagues at other agencies, mortgage brokers, and building inspectors, it seems this trend was felt across the board.”
Multiple factors contributed to this shift, including a long, cold winter that made buyers slower to explore the market and make purchase decisions.
“It seems like many buyers delayed their purchase to the last minute,” Corber said. “Perhaps they expected the prices to drop as well as mortgage rates, or maybe they were concerned about the job security.”
Buyers taking a long time to make a purchase decision led to a slower sales cycle and pushed the surge in the market later into the summer.
“That’s why, after a slower first quarter, sales volume for the second quarter in the West Island was up approximately 15 per cent over the same period last year,” Deakin said.
It appears the outlook for the coming months is equally positive.
“Inventory level of homes for sale is still on the high end,” Deakin said.
“However, I think we will see serious sellers adjust their pricing expectations in the fall to conclude a sale before the annual slow period between late November and February.”
The interest rate plus the relative scarcity of land in the West Island helps to support demand and value. That’s why, overall, we’re finding ourselves in a more balanced market where buyers and sellers both share negotiating leverage.