2020 was predicted to be a great year for the Montreal real estate market, but once the provincial ordered shut-downs came into effect, many would-be buyers began to speculate that numerous homeowners would be financially-strained and have to sell their homes, easing prices and pressure on buyers. Many of these buyers have been house shopping for unusually long periods of time and confronting bidding wars, due to an already very reduced supply of homes for sale.
Unfortunately for those buyers, many sellers have consequently decided to stay in their homes and wait the pandemic out. This is causing a wide gap between supply and demand in the Greater Montreal real estate market as inventory levels have failed to keep pace. As competition for properties heats up, bidding wars are now even more common and many more homes are selling above asking price.
Moving forward, nobody can know if it will get easier for buyers or if prices will continue to rise at the same pace, but for now it has never been a better time to be selling a home in Montreal. Many safety precautions are taken by real estate brokers to ensure the health of their clients is protected and that only serious buyers are visiting their residences.
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Samara Wigdor is a Real Estate Broker with Royal Lepage Heritage in Westmount and has been assisting Montrealers with their real estate needs for over 10 years.
She can be reached at: 514-934-1818 or email@example.com