À qui la chance?

Oh, that recession- the one currently plaguing our neighbours to the South.

Well, folks, the media are always delighted to report all kinds of dreadfulness in order to make some headlines- bad news sells papers. The real estate news coming in from the US is especially gloomy. But this weekend’s news reports all show a sunnier side peeking out from behind the dark curtain of that most troubling word, recession.

For those readers too young to recall what a recession is, or feels like, you will find this page rather enlightening.

While the US is literally sinking, thanks to that subprime mortgage mess, funding a certain overseas war, and a decline in consumer spending, Canada and Quebec are enjoying healthy employment figures, with Quebec reporting a 33-year low unemployment rate of 6.9%. We’re now enjoying better incomes and a stable economy, despite the trouble caused by the mighty loonie (I know, that still sounds completely weird). Subprime lending in Canada is practically unheard of, accounting for maybe 5% of all mortgage loans granted. Our economy might not grow as much as it has in 2007, analysts say, but it doesn’t look like that dirty r-word is coming up here, either.  Plus it looks like the head of the Bank of Canada may further drop interest rates by 50 points. We nice Canadians will be buying more American stuff, helping them recover and rebuild. Makes you feel all warm and fuzzy, huh?

What does this all mean for the Laval-area real estate market?

The Greater Montreal Real Estate Board reported that the area’s residential market is still tops, prices going up by 5% and beating inflation. This is sort of mixed news, depending on what side of the fence you’re on. This is a seller’s market for the most part. Of course, that depends entirely on where you’re buying. You might be buying less house for more money in, say, Outremont, than you would be in Fabreville. That being said, the Laval market has been doing great, thanks to its lower average price per home. Lots of (younger) people have been flocking here to take advantage of this benefit (including yours truly!)

Service Canada says that Laval is doing great on the economic front. More people moved here, more companies set up shop here, and people just don’t need to commute to Montreal to make a living.

Interested in making the jump to the not-so-far-North? Drop me an email at catherine@mar-vo.com to discuss your needs and options.