OPEN HOUSE WEEKENDS
Spring event is set for April 7-8, 14-15
With the Montreal real estate market performing incredible feats quarter after quarter, many experts are advising would-be buyers to bite the bullet and get in while they can. If you’re considering purchasing property in the near future, then you’d be well advised to check out the upcoming Open House Weekends event (April 7 and 8, April 14 and 15). The 22nd edition of this popular event gives buyers the opportunity to visit a range of units, from condos to single-family homes, in upward of 70 developments all over Montreal and surrounding areas.
“We’ve always said it: the Open House Weekends give people the opportunity to become well informed in a fast, simple and friendly way,” said Jacques Beaulieu, the event’s founder and organizer. “Every year, some of the best promoters and competitors in the business come together in what is known as the most important event dedicated to new housing in Quebec; it’s the best showcase in the industry.”
The event is a great opportunity for buyers because it allows them to explore different neighbourhoods, and different types of properties at a range of price points and specialized needs. The weekends are especially ideal for newcomers to the city, who don’t necessarily know what to expect from the market. It’s an event that can facilitate the buying process for many.
“This edition of the event will be held under ideal conditions for buyers: mortgage rates are still low, the employment rate is rising, and positive net migration are supporting demand in greater Montreal,” Beaulieu said. “But the anticipated increases in mortgage rates could quickly change the situation, which gives real meaning to the campaign’s theme It’s time to buy! Especially with the unparalleled supply of new styles of housing currently on the market.”
Montreal’s real estate market has been steadily increasing over the last few years, and today it’s common for properties to sell above the asking price, with buyers often engaging in a bidding war. With no end in sight for this trend, many brokers are advising buyers that now is the time to buy in and around the Montreal area.
“I would say that sooner is better because Montreal area prices have risen in general and will keep on rising steadily since the Canadian government hit Vancouver and Toronto with the 15 per cent tax on home sales, which has driven many of those potential foreign buyers our way,” said Michael Zwonok, real estate broker at Royal LePage. “It has become a sellers’ market in many areas and many buyers get stuck in a bidding war and pay over asking price, but chances are that the $10,000 or $30,000 premium they’ll pay will be covered within a year or so, the way prices are rising.”
Buyers should also take advantage of current interest rates, which are still historically low even though they have risen slightly over the past two years, he added.
As for the condo market in particular, Zwonok said that the range of properties available today makes it an ideal time to purchase a unit.
“Going to open houses is a great idea, especially for first-time buyers; they should go to as many of them as possible in as many locations as possible and compare quality, builders, areas, and more,” he said.
“These events educate buyers on the process, they learn what they can get for their dollar, and will also realize that the closer they get to downtown, the more they’ll pay per square foot; same goes for the new trendy upcoming areas or condo towers.”
This spring’s Open House Weekends event will feature a range of projects, including a few noteworthy categories: environmentally friendly developments, seniors’ living projects, buildings constructed using a brand-new modular construction technique developed in Quebec with CLT solid wood panels — and, for only the second time ever, a handful of rental units.
“Many people are choosing to rent now to take the time to find a property that they can afford and not rush into anything,” said Tristan Pungartnik, director of operations at Summit Property Management. “We are seeing this mostly with young professionals and young families. Then you have older people who are downsizing and don’t want some of the responsibilities that come with owning a home — things that a landlord will often handle with a rental property such as landscaping, snow removal, maintenance repairs, and so on.”
In addition to the event itself, organizers also have a bilingual website through which people can obtain helpful information about the process of buying a house.
“We also have a brochure — Mon habitation neuve — which is distributed all over the city,” Beaulieu said. “Our goal is to serve as a onestop resource where buyers can gain an understanding of several projects that meet their needs, and speed up their decision by visiting dozens of participating addresses.”
As in previous events, the weekends will feature fun competitions in which designers will strive to win a slew of awards, including best overall design, best young interior designers, best backyard pool design, and more.