Have Quebec Properties Become Unaffordable?


This is one of the most informative articles on quebec Housing economy published this year. The FCIQ released the latest Window on the Market newsletter, in the section “A word from the Economist”, this month’s issue discusses the price increase in Quebec’s market since the 1980′s until the present date (and then some forecasts).

Get the ultimate answer to the perennial question:

How affordable are properties today compared to previous decades?

Here are some snippets from the article, along with graphics to illustrate the market changes over the past 3 decades. I highly encourage you to read the original article, to save it and/or print it. It will make a great Market Reality Check. Knowledge rules.

mortgagecost1980-2011

“Many people believe that the dramatic increase in property prices in Québec in recent years has made residential real estate unaffordable for first-time buyers (the average price of single-family homes increased from $110,849 in 2000 to $247,054 in 2011, a 123 per cent increase).

However, household incomes have also increased over the years and historically-low borrowing costs have helped to significantly reduce the financial outlay required to purchase a property. Ultimately, how affordable are properties today compared to previous decades?

Calculating the mortgage carrying cost, meaning the proportion of income that must be allocated to the monthly mortgage payment in order to buy a property, will help us accurately answer this question.”

Source: FCIQ.ca



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Minto Westside Condo in Toronto now registering


By the way the real estate market is reacting it looks like it will be a hot year for the condo market in 2015. Several developers have already announced huge master community planned developments, which is just adding to the buzz. So are you looking for a pre construction condo or perhaps an investment for the future. With mortgage rates so low it is a no brainer, especially if you have the 20% down payment. This will reduce your mortgage payments significantly and make condo living much more affordable and potentially more profitable in the future. Of course it also when you buy and where you buy.

Registration for Minto Westside Condo Now Available

Well if you have set your eyes on a condo let me be the first one to introduce the Minto Westside Condo coming to Front Street and Bathurst Street. Located in the hottest area in the city known as King West, you will be surrounded by some of the hippest shops and coolest night life. King West has been a much sought after location for approximately a decade and it gets growing to everyone’s delight. The project will be launching in late February 2015, so now is the time to register if you are looking to get the best deal possible and potentially saving yourself thousands of dollars.

Minto Westside Condo will be built in two phases and expected completion date will be late 2017. The address will be 578 Front Street West between Fort York and The Fashion District. The development will be a mid rise condo which will feature two 20 storey towers housing just over 1250 units. Units will be starting from the low 225,000’s for a one bedroom to $590,490 of a 2 bedroom plus den.

Minto has 70 years of experience as a condo developer and has built over 10,000 units. In addition they have won numerous awards for their quality of work all around the world. You know you will be living in a quality condo when you purchase with Minto.

Take this opportunity to register and gain access to pre construction incentives. The VIP sales representative has many years of experience in the condo market and will help you purchase the unit of your dreams at the best possible price.



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