Fourth Quarter Canadian Mortgage and Housing Corporation Report:
In its fourth quarterly report, the Canadian Mortgage and Housing Corporation revealed that Montreal's real estate market has hit its peak. Market growth saw the average price of a single family dwelling jump about 50% in three years. Although average housing prices continue to rise, making it a seller's market, the market is cooling off, according to CMHC which also anticipates that the market will become 'balanced" in 2005. Active listings registered went up by 30% from the 2003 level. The Island of Montreal largely contributed to this increase. The CMHC estimates that prices will continue to rise but moderately as compared with the frenzied increases witnessed in the 2004 market.
In the news:McGuigan Pepin has sold over $21 million of real estate in Westmount and adjacent areas since December, including Westmount's Most Expensive Listing, situated at 4363 Westmount Ave. On January 18, 2005, McGuigan Pepin Realties closed on the sale of a 17 room French Chateau in Westmount for a $5 million price tag, the second largest sale price in Westmount to date. For over five years after three different listing agents the sale was finally accomplished by McGuigan Pepin. A rigorous marketing plan helped advertise the home using various luxury real estate media where the home was listed, such as the LuxuryRealEstate.com web site, and glossy high-end magazines, including Luxury Real Estate magazine.