In Quebec City, the number of properties for sale is falling while price increases accelerate

Quebec City Real Estate Market

Residential Sales – September 2020
Residential Sales – September 2020
Residential Sales – September 2020

QUEBEC CITY, Oct. 07, 2020 (GLOBE NEWSWIRE) — The Quebec Professional Association of Real Estate Brokers (QPAREB) has just released its most recent residential real estate market statistics for the Montreal Census Metropolitan Area (CMA), based on the real estate brokers’ Centris provincial database.

In total, 943 residential sales transactions were concluded in September 2020 in the Quebec City CMA, a spectacular increase of 72 per cent compared to September of last year. This was also the strongest increase in sales ever recorded for the region, all periods combined.

“Active listings of single-family homes have fallen by almost half in the past 12 months in a context where the number of transactions has seen historic growth. The Quebec City market has therefore gone from a slow recovery mode to one of accelerated growth in all

Read More Read more

Mortgage rates keep falling, but will rising home prices push some buyers out of the market?

Despite the economic downturn, home prices have continued to increase this year — largely because mortgage rates have remained below 3%. But will home buyers reach a breaking point where they’re priced out of the market en masse?

The 30-year fixed-rate mortgage averaged 2.88% for the week ending Oct. 1, down two basis points from the week prior, Freddie Mac

reported Thursday. A few weeks ago, the average rate for the 30-year loan fell to an all-time low of 2.86%.

The 15-year fixed-rate mortgage dropped four basis points to an average of 2.36%, while the 5-year Treasury-indexed hybrid adjustable-rate mortgage held steady at 2.9% on average.

Low mortgage rates have been a boon to home buyers and sellers alike. The low-rate environment has given buyers a boost even as the economy has remained in a coronavirus-fueled downturn and home prices have risen.

“In the pandemic-driven recession of 2020, we’ve

Read More Read more

Mortgage holders falling through gaps in safety net

More than 1 million homeowners are at least 30 days behind on their mortgage payments despite aid from the CARES Act, a sign that the law meant to ease financial stress and ward off foreclosures has let many fall through the cracks, data from real estate analytics company Black Knight shows.

Misconceptions and a lack of awareness have led to the pitfall, say housing counselors, leading some in both the House and Senate to call for automatically enrolling borrowers who are 60 days behind on their mortgages into forbearance, or a temporary reduction or pause in payments. A disproportionate share of minorities were failing to take advantage of forbearance, according to Census data.

On Renters, mortgage holders often unaware of federal aid packages

“An automatic forbearance would allow homeowners who do not reach out to their servicers a needed pause so they can have the opportunity to limit their

Read More Read more