Were you born in Montreal?
Yes, I was born and raised in Montreal, in the municipality of
Westmount.
Every real estate market has its own opportunities and
challenges. How does Montreal stand out?
Many factors affect the real estate market. Financial,
political, market trendseach province in which we operate has its
own unique situation. In Qubec, specifically Montreal, we have
always been blessed by a stable market for many reasons but none
more important that the fact that it is located in a
French-speaking province. Why does that have an impact? Because
unless you speak French, are willing to live in a French
environment or work for a company which operates in French, you
probably will notmove to Montreal. This means prices will always be
lower than other cities with much more turnover, such as Toronto or
Vancouver, but you will also have more qualified buyers, as there
is a more serious thought processtakenbefore making the move.
Secondly and historically, the major contributing factor to the
price of homes in Montreal is politics. The fear of a separation of
the province from the rest of the country has always had a negative
impact on prices. When the political is stable, as it currently is,
the market is strong and more importantly, stable.
In Montreal in 2018, sales volume grew, prices increased
and the average time on market steadily dropped. Will the hot
streak continue in 2019?
The one thing we do not have in this business, but desperately
need, is a crystal ball. For now, with a freeze on interest rates,
no foreign buyers tax, unemployment at an all-time low and more
attractive pricing than Toronto or Vancouver, it is safe to say
that the first quarter of 2019 will remain strong for the Montreal
marketand we will take it from there.
Other Canadian housing markets reflected a lot of
restraint in 2018. Why should people be optimistic when looking
forward to the year ahead?
Everyone needs a place to live. The question is how much they
are willing to pay for it.Certain programs in provinces we operate
in outside of Qubec, notably British Columbia and Ontario, have put
programs in place to balance out the high year-over-year increases
in real estate prices (foreign buyers taxes, speculation taxes,
vacancy taxes, and more). But with a country like ours, which was
voted the best place to live, as well as government intervention in
regards to interest rates and mortgage rules, buying a home in
Canada still remains the best investment anyone can make.
Why do you value Sothebys International Realtys global
network?
For us, where across the country we have seen a spike in foreign
investment, having a truly global network like Sothebys
International Realty is a key asset to our agents. More
importantly, we see the value in the relationships. In my ten years
with the company, I have built strong working relationships, as
well as friendships, with people all across the network. There is
very low turnover and this is proof positive that people not only
appreciate the brand, but believe in it and its culture.