Montreal exodus declining

Photo: www.mypaint.ca

A report released Monday morning shows the real estate market in Montreal has softened by about 25 percent down which means more families can afford to live here and fewer are moving to the suburbs.

It says in 2013 there was a loss to the 450 area code of about 17-thousand families.

That's the lowest figure since the forced mergers.

Montreal Real estate broker Tatiana Londono says prices have come down and people could afford homes on the island of Montreal, because of the economy and political uncertainties.

“When people are afraid the market softens, if you take a look at the statistics in a few months, you’ll see that there’s probably a huge drop in sales right now."

She says oversupply is also a problem.

“Gone are the days of ten bidding wars on a property, like 10 years ago. Because times were great, people were building left, right and centre.”

The report shows the north shore was hit the hardest.

The number of Montrealers moving to Laval has gone down by 35 percent over the last four years.

The report shows immigration in Montreal is up, two thirds of immigrants in Quebec choose to live in Montreal, which represents 37 000 people, only 3400 have left to live abroad.

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